Latest...Meridex Signs an Agreement in principle to Acquire the shares or Assets of AssistGlobal Inc.
3/22/2005
Trading Symbols: TSXV: MSC
NASD OTC: MSCLF
RICHMOND, BC, Mar 22, 2005 (Canada NewsWire via COMTEX) --
Meridex Software Corporation (the Company) announces that the company has signed an agreement in principle to acquire shares or assets of AssistGlobal Inc. (AGI). AGI is wholly owned operations subsidiary of AssistGlobal Technologies Corp (NASD OTC BB: AGBTF).
AGI has entered into this agreement in principle with the company whereby upon completion of the issuer (AGBTF) bid, Meridex is proposing to enter into an agreement to acquire the shares or assets of AGI. The acquisition of AGI is subject to a number of conditions, including completion of the issuer bid, board approvals, and entering into a definitive agreement with AGI.
The Company will issue shares to AGI and some of its employees over 18 months depending upon the results achieved from the performance of the new assets. The acquisition by Meridex will be made in accordance with the policies of the TSX Venture Exchange. Mrs. Catherine Staubar will assume the responsibility as a senior VP. "The addition of AGI business to Meridex's existing operations in Vancouver is a key to our growth in the SW division in order to reach the $10.0M CDN annual revenue with profit by the end of this year," said Dr. Ramley, Meridex President and CEO. "In addition to client base expansion we will realize savings from the elimination of duplicate infrastructure costs".
This agreement is non-binding, subject to the parties agreeing upon various matters including satisfactory due diligence and a definitive purchase agreement to be entered into no later than May 30th, 2005.
About AssistGlobal (https://www.assistglobal.com/):
With more than 700 clients in 15 countries, AssistGlobal is a leader in the Facilities, Infrastructure and Project Management industry and has been providing first-rate products and services since 2000.
Software Sales
MicroView Software for Facilities and Infrastructure Management provides reliable, robust mobile solutions to coordinate, simplify and enhance operational activities. Facilities data can be recorded and updated on-the-fly using MicroView software for handheld computers (PDAs) - a valuable timesaver when mobilizing for large-scale reorganizations, corporate moves or undertaking extensive maintenance activities. The Company's existing products include MicroView Parking Manager(TM), HVAC and Electrical Module(TM) and MicroView FM(TM).
Application Hosting
AssistGlobal provides turnkey hosted solutions for Project and Facility Management software applications. AssistGlobal hosts complex, robust vertical applications including products from Primavera Systems Inc. and Archibus Inc. AssistGlobal offers complete, end-to-end solutions that enable its customers to launch new and enhanced services within tight deadlines, improve application performance and system security, reduce overall cost of ownership, and retain profitable customers. Applications are securely delivered through the internet enabling global access to central data for Geographically dispersed companies.
Custom Solutions
AssistGlobal works with clients to provide custom solutions. Solutions include custom application development and deployment, and enterprise systems integration.
Key organizations using AssistGlobal technologies include:
- Blue Cross/Blue Shield - Cedar Sinai, Mount Sinai and Methodist Hospitals - Chase Manhattan Bank - Intrawest - Macromedia - MetLife - The CIA - The United States Army and Navy - The Universities of Texas, Colorado and Princeton - Unisys
Disclaimer
Dr. Ramley's statement regarding the revenue and profit in this news release contains statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Meridex's actual results, performance or achievements, or developments in its industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Meridex disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
On behalf of the Board of Directors of Meridex Software Corporation "Intesar F. Ramley" DR. INTESAR F. RAMLEY, DIRECTOR
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=97256