Enghouse signs long-term agreement with IBM Japan
TORONTO, Nov. 30 /CNW/ - Pinetree Capital Corp. (CDNX: PNP - news), a leading strategic investment company, today announced that Enghouse Systems Limited ("Enghouse"), a corporation in which Pinetree holds an approximate 6.08% equity interest, yesterday issued the following press release:
"Markham, Ontario - (November 29, 2000) - Enghouse Systems Limited (TSE:ESL - news) today announced that it has signed a multi-year maintenance support agreement, until March 31, 2005, with IBM Japan valued at over $24 Million CDN. The agreement reinforces both parties ongoing relationship based upon Enghouse products.
The agreement covers enhancement and support for Enghouse's GeoNet GIS engine, which forms part of an operations support system (OSS) jointly developed by Enghouse, IBM Japan, and NTT Comware for Tokyo based NTT, one of the world's largest telecommunications companies.
Andrew Nellestyn, President of Enghouse's Asset Management Division, said, "We are very pleased with this agreement, as it strongly emphasizes the ongoing relationship IBM and NTT have made with us. We look forward to further business from these premier clients."
Steve Sadler, Chairman & CEO of Enghouse added, "We're happy that IBM Japan has made this long-term agreement with Enghouse. It will enable us to effectively plan our resources in order to provide superior service to this important customer."
Enghouse Systems Limited is a world leading software engineering company that develops GIS based solutions for telecommunications companies, utilities, and government. Enghouse is a publicly traded company with its shares listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the company website at www.enghouse.com."
About Pinetree
Pinetree Capital Corp. identifies emerging growth businesses with innovative proprietary products and provides strategic financing in their early stages of development. Pinetree's investment targets are primarily in the e-business sector, with a special emphasis on those companies with Internet enabling technologies, application software, fibre-optics and photonics. The Company cultivates these business relationships, taking leadership positions in the companies in which it invests, and provides them with financial and personnel resources as well as strategic counsel.
To obtain more information about Pinetree, please visit www.pinetreecapital.com.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
The Canadian Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
For further information
Investor Relations Contacts for Pinetree Capital Corp: Warren Weeks, GPC Communications, Phone : (416) 598-0055 (ext. 308), Fax: (416) 598-3811, Email: ir@pinetreecapital.com
Michael Hamilton, GPC Communications, Phone : (416) 598-0055 (ext. 302), Fax: (416) 598-3811, Web Site: www.pinetreecapital.com
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