Jordex Resources Inc -
Jordex's iTech acquires Enviromation
Jordex Resources Inc
JDX
Shares issued 30,374,357
2000-02-01 close $1.45
Wednesday Feb 2 2000
Mr. Brian Hinchcliffe reports
iTech Capital has completed the purchase of Enviromation, Inc., a private
company based in Syracuse, N.Y. The company is a leading firm in its field of
engineering software process solutions for municipal water and industrial
companies in New York. 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 per cent of the company was $1.6-million (U.S.), of
which $800,000 was paid at the closing, while the remaining $800,000 is to be
paid in five equal annual instalments. In 1999, Enviromation had revenues of
approximately $3.5-million and earned a pretax 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, vice-president of sales, and Fred Wilson,
vice-president 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 chief financial officer, has been
appointed CFO at Enviromation.
"We are thrilled to have the management of Enviromation join iTech Capital,"
added Mr. 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."
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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