new acquisitionZedi Inc. Announces the Acquisition of ENRAK Consulting
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 ENRAK Consulting ("ENRAK Consulting"), for the total sum of $1,200,000 that is comprised of an upfront cash payment of $400,000 and an earnout of $800,000 based on the achievement of certain revenue targets over a three year period. ENRAK Consulting, led by Bob Keller, has established itself as a leader in oil and gas facility measurement and reporting, production audit, regulatory compliance and pipeline measurement. The addition of the ENRAK expertise expands and strengthens the consulting services currently offered by Zedi and contributes to the strategy of expanding the Company's capabilities with accretive acquisitions.
Zedi is continuing to execute on its strategy of revenue diversification and delivery of complete production solutions to its customers. This acquisition builds on the Company's dominant position in the Canadian market with a consulting service primarily built around its Measurement Assurance Program. Zedi intends to maintain a level of independence within the consulting group; to continue offering regulatory audit services that, at the customer's option, can transition to provide assistance to our customers' measurement groups. ENRAK Consulting extends the capabilities of the Zedi consulting team, the customer base and the geographical reach, with a number of long term contracts and a stable of highly respected measurement experts. This will not only result in the acquisition being immediately accretive but will contribute to continued substantial 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, has been earned through their extensive expertise and the quality of their service - both of which align completely with the Zedi commitment to customers. With the experience we have already gained through working with the ENRAK team in our existing customer base, we are confident the combination of the two organizations will immediately deliver value," says Larry Spagnolo, Senior VP Customer Solutions of Zedi.
"Over the years, ENRAK has prided itself on building solid relationships with customers and industry in general, based on trust. Preserving and enhancing that trust was front of mind when we explored putting our two consulting teams together with access to the unique suite of technology solutions offered by Zedi. I have no doubt we will not only preserve the trust we have built but also strengthen Zedi's position as a thought leader in the area of measurement practices internationally," says Bob Keller, founder of ENRAK Consulting.