FEBRUARY 2, 2000
Jordex Resources Inc. Announces iTech Capital Corp.
Completes Purchase of Enviromation
VANCOUVER, BRITISH COLUMBIA--iTech Capital Corp. (iTech) announced
today that it has completed the purchase of Enviromation, Inc., a
private company based in Syracuse, NY. The Company is a leading
firm in its field of engineering software process solutions for
municipal water and industrial companies in New York State.
Enviromation's product lines are designed to be open-platform
solutions that support seamless interconnection of components for
either new process control systems or the retrofitting of existing
systems. The Company has earned an outstanding reputation for
meeting the need for improved productivity in the municipal and
industrial markets.
The purchase price for 100% of the Company was US$1.6 million, of
which $800,000 was paid at the closing, while the remaining
$800,000 is to be paid in five equal annual installments. In
1999, Enviromation had revenues of approximately $3.5 million and
earned a pre-tax profit of approximately $500,000.
"The challenge for municipal and industrial water processing
companies to improve productivity often means integrating existing
devices, components and systems." said Brian Hincliffe, Chairman
of iTech. "Enviromation has shown that it can empower operators
facing the need for more productivity at a time when customers
need solutions that are increasingly software intensive.
Enviromation's SCADA (supervisor control and data acquisition)
product line is highly regarded for its ability to work with the
sophisticated telecommunications solutions now in demand, which
use the Internet for compliance, data acquisition and remote
monitoring."
The founders of Enviromation will remain with the Company. Bill
Ballway will be Vice Chairman. Don Chalanick, VP of Sales, and
Fred Wilson, VP of Engineering, will remain in their current
positions. Dave Graham, who is new with the Company, will be
President. Mr. Graham has senior operating experience in the
water process control business both domestically and
internationally. John Fairchild, iTech Capital's CFO, has been
appointed CFO at Enviromation.
"We are thrilled to have the management of Enviromation join
iTech Capital." added Brian Hinchcliffe. "We are looking forward
to supporting Enviromation's efforts to develop next generation
solutions for its customers, particularly with the exciting new
advances in the Internet and telecommunications sectors."
"We are pleased to join the iTech team", said Bill Ballway. "This
will begin a new phase for Enviromation where we will have more
resources to build incremental sales channels and supplement
Enviromation's product development. The process and controls
industry is now beginning to embrace the Internet and we are
seeking to become a leading firm in using these tools to empower
our customers."
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & co-CEO |
