ZED newsZedi Inc. Announces the Acquisition of ENRAKConsulting
17:38 EDT Tuesday, June 14, 2011
CALGARY, ALBERTA--(Marketwire - June 14, 2011) - Zedi Inc.(the "Company" or "Zedi") (TSX VENTURE:ZED)today announces that it has acquired 803145 Alberta Ltd., operating as ENRAKConsulting ("ENRAK Consulting"), for the total sum of$1,200,000 that is comprised of an upfront cash payment of $400,000 and anearnout of $800,000 based on the achievement of certain revenue targets over athree year period. ENRAK Consulting, led by Bob Keller, has established itselfas a leader in oil and gas facility measurement and reporting, production audit,regulatory compliance and pipeline measurement. The addition of the ENRAKexpertise expands and strengthens the consulting services currently offered byZedi and contributes to the strategy of expanding the Company's capabilitieswith accretive acquisitions.
Zedi is continuing to execute on its strategy of revenue diversification anddelivery of complete production solutions to its customers. This acquisitionbuilds on the Company's dominant position in the Canadian market with aconsulting service primarily built around its Measurement Assurance Program.Zedi intends to maintain a level of independence within the consulting group; tocontinue offering regulatory audit services that, at the customer's option, cantransition to provide assistance to our customers' measurement groups. ENRAKConsulting extends the capabilities of the Zedi consulting team, the customerbase and the geographical reach, with a number of long term contracts and astable of highly respected measurement experts. This will not only result in theacquisition being immediately accretive but will contribute to continuedsubstantial growth in consulting revenues for Zedi.
"We are excited to have Bob Keller and the rest of the ENRAK team join Zedi.Their reputation, as the industry's strongest measurement consulting group, hasbeen earned through their extensive expertise and the quality of their service –both of which align completely with the Zedi commitment to customers. With theexperience we have already gained through working with the ENRAK team in ourexisting customer base, we are confident the combination of the twoorganizations will immediately deliver value," says Larry Spagnolo, Senior VPCustomer Solutions of Zedi.
"Over the years, ENRAK has prided itself on building solid relationships withcustomers and industry in general, based on trust. Preserving and enhancing thattrust was front of mind when we explored putting our two consulting teamstogether with access to the unique suite of technology solutions offered byZedi. I have no doubt we will not only preserve the trust we have built but alsostrengthen Zedi's position as a thought leader in the area of measurementpractices internationally," says Bob Keller, founder of ENRAK Consulting.