Big Picture Technologies Inc. Announces Intention to Acquire Strategic Companies
CALGARY, Nov. 12 /CNW/ - Big Picture Technologies Inc. (ASE:BPI)
announced that on November 11, 1999 it completed a Memorandum of Understanding
to acquire 100% of the issued and outstanding shares of Morgan Media Inc. and
SALASAN Associates Inc. for a combination of cash and shares.
Morgan Media Inc. (``Morgan'), a private B.C. company, is a Sidney B.C.
based supplier of web-based tools and products for the education and corporate
markets. Morgan collaborated with Big Picture in the development of Big
Picture's flagship eMERCHANT pro product, which utilizes Morgan's web engine
technology.
SALASAN Associates Inc. (``Salasan'), also a private B.C. company, is a
Western consulting practice specializing in the development and implementation
of large scale projects. A reseller of Morgan Media product, SALASAN has
international project management experience in 25 countries.
``Joining forces with Morgan Media and SALASAN is a strategic initiative
for Big Picture', said Michael Anthony, Big Picture President and CEO. ``The
acquisitions, when completed, will bring key people, expanded management
depth, strategic technology and synergistic revenue streams to the newly
enlarged Company. These acquisitions will add a `dot com' infrastructure and
key consulting expertise supporting the Company's flagship products.'
``SALASAN is excited by the outstanding opportunities presented by our
business partnership with Big Picture and Morgan Media' and Jack Loughton,
President of SALASAN. ``We are confident that the combination of the
technical, marketing and consulting expertise of the three firms will result
in a full service corporate group that can effectively meet the increasingly
complex demands of the new knowledge economy.'
``I am optimistic that the business combination of Big Picture, SALASAN
and Morgan Media will enable the newly enlarged company to effectively address
the rapidly expanding web-based commerce and education markets.' said Gerry
Morgan, Chairman of the Board of Morgan Media Inc. ``Together we incorporate
great products, marketing and management. The capacity to move forward will be
greatly enhanced.'
The Memorandum of Understanding is subject to The Alberta Stock Exchange
approval, the completion of due diligence and the execution of final
documents. The parties have agreed to move to execution as expeditiously as
possible.
Big Picture Technologies Inc. (ASE:BPI) is a developer of award winning
Internet software and content, specializing in enabling business-to-business
online communication. Big Picture's software tools are used to develop and
manage world class Web sites. The Big Picture Web site is located at
www.bigpic.com.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
INFORMATION CONTAINED HEREIN. |
