Acquisition, as indicted at the AGM.
This should broaden the business base and provide cross-selling opportunities. Next, a TSE listing ...
NewSys Announces Intent to Acquire CDS Inc. and the Formation of an Oracle
Business Practice
November 11, 1999
OTTAWA, ONTARIO--NewSys Solutions Inc. ("NewSys" or the "Company")
(ASE: NSS) today announced that it has entered into a Letter of
Intent with Crystalline Data Structures Inc. ("CDS"), of Ottawa,
where NewSys would acquire the business of CDS. CDS, which has
revenues approaching $2 million annually, is a private company
providing development and systems integration solutions for
clients using Oracle applications. The CDS transaction is subject
to successful completion of due diligence and negotiation of a
definitive purchase agreement.
As part of the Company's ongoing strategy to become one of the top
business intelligence ("BI") practitioners in North America,
NewSys also announced the formation of an Oracle Business
Practice. The combined practices of CDS and NewSys' existing
Oracle contracts will result in an Oracle specialty practice
generating revenues in excess of $5.5 million annually, and a base
of over 40 specialists.
Mr. Peter Evans, current President of CDS, will lead the new
practice. Mr. Evans has over 10 years experience in designing,
building and delivering Oracle solutions. "Recognizing Oracle's
leading market presence as a corporate application vendor, NewSys
is now well positioned to leverage its extensive Oracle experience
into a specialty practice and strengthen its service offering,"
said Mr. Evans.
"The focus of the new Oracle Business Practice team will be the
development of customized BI and e-business solutions for Oracle
applications, as well as providing transition services for clients
migrating to Oracle Financials V11," said Mr. Dan Scharf, NewSys
Executive Vice President of Sales and Marketing. "We are
leveraging our extensive Oracle and BI experience with this
specialty practice to expand our market opportunities and deliver
superior customer solutions. We anticipate exciting growth in
this area."
NewSys is an established IT-services company that delivers
forward-looking solutions in business intelligence, systems
integration and application management -and complements those
solutions with a variety of proprietary and customized software
products. Employing over 160 IT professionals, NewSys' clients
include Fortune 500 corporations and government departments
located in both Canada and the United States. The Company has
recorded 25 consecutive quarters of growth and profitability and
was acknowledged by Profit Magazine, for the third consecutive
year, as one of the fastest growing companies in Canada. For more
information on NewSys' software and services, please contact the
company's web site at www.newsys.com or telephone at (877)
761-9436.
All logos, trade names, and product names and trademarks or
registered trademarks are property of their respective owners. The
Alberta Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Sahira (Sara) Piracha
Director of Corporate Marketing
(877) 761-9436
sara.piracha@newsys.com
or
Tony Croll
Linear Capital Corp.
(416) 364-2266.
tony@linearcapital.com
--
www.linearcapital.com. |
