Here it is
FOR: JORDEX RESOURCES INC.
TSE SYMBOL: JDX
NOVEMBER 22, 1999
Jordex Signs Letter of Intent to Acquire Enviromation
TORONTO, ONTARIO--Jordex Resources Inc. (Jordex) announced today
that it has entered into a letter of intent to acquire 100% of
Enviromation, Inc. ("Enviromation"). Enviromation is a private
company based in Syracuse, New York which is in the business of
designing, manufacturing, installing and servicing control systems
for water treatment facilities for commercial, industrial, state
and municipal customers. Enviromation generates conventional and
computer aided engineering drawings and manuals for customers in
accordance with specified design criteria.
Enviromation was founded in 1992 in order to meet the increasing
demand for monitoring and processing control information for water
systems in municipal and industrial sectors in throughout the
country. Based on the unaudited results for the nine month period
ended September 30, 1999, Enviromation reported revenue and net
income before taxes of US$2.2 million and US$280,000,
respectively. Revenue for the year ended December 31, 1999 is
projected to be approximately US$3.3 million.
Enviromation is in a growth industry that is highly fragmented.
Jordex believes that the acquisition of Enviromation will serve as
a base from which additional growth can be achieved, both in the
United States as well as the Canadian markets. Jordex intends to
expand Enviromation's markets by expanding it distribution
channels, including utilizing the power of marketing over the
Internet. In addition, Jordex intends to develop on-going revenue
streams by selling off-site monitoring services and providing
connections and communications over the Internet.
Brian Hinchcliffe, Chairman, stated, "We are pleased that we were
able to reach an agreement to acquire Enviromation. It offers us
the opportunity to grow the business through its existing channels
of trade and to utilize our knowledge of Internet marketing to
expand its marketing initiatives."
The acquisition of Enviromation is subject to Jordex being
satisfied with its due diligence review and receipt of all
requisite approvals, including the approval of the Toronto Stock
Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & CEO
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