Wednesday February 7, 8:57 am Eastern Time
Press Release
SOURCE: VITRIX, Inc.
VITRIX Announces Agreement to Acquire Time
America, Inc.
TEMPE, Ariz., Feb. 7 /PRNewswire/ -- VITRIX, Inc. (OTC Bulletin Board: VTTX - news) today announced it
has entered into a letter of intent to acquire all of the outstanding capital stock of Time America, Inc.
(``Time America''), a private Arizona-based Time and Attendance software development company. The
acquisition will be structured as an all stock transaction and will be subject to, among other things, board
approval, the satisfactory completion of due diligence and the execution of mutually agreeable definitive
agreements.
``Time America is a well established Time and Attendance company that delivers the majority of its
products through a strong network of dealers/resellers. We believe that the acquisition will provide
VITRIX with excellent marketplace synergies, as there is very little overlap between the product lines
and channel strategies of the two companies. We expect to complete the acquisition of Time America by no
later than April 30, 2001,'' said Thomas S. Bednarik, president and CEO of VITRIX, Inc.
``With thirteen years of software development based primarily on feedback from the dealer/reseller,
Time America has been an industry leader in setting standards for service and customer satisfaction. The
combined entity will have a strong market presence, excellent products and a cost effective structure,''
said Stephen C. Anderson, president of Time America, Inc.
About VITRIX, Inc.:
VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of workforce management solutions
for businesses of all sizes. VITRIX products improve productivity by automating collection of time and
attendance data, staff scheduling and management of labor resources. For more information please visit
the VITRIX Web site at vitrix.com.
About Time America, Inc.:
Time America, Inc., based in Phoenix, Arizona is a leading provider of automated time and attendance
solutions. For more than thirteen years, Time America has developed software and hardware that
automates the payroll process by collecting, processing and packaging payroll data for all types of
companies in a broad range of markets. For more information please visit the TIME AMERICA Web site at
timeamerica.com.
Certain information and comments contained in this press release may be forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal
year ended June 30, 2000, its subsequent Form 10-QSB filings together with other factors that appear in
this press release or in the Company's other Securities and Exchange Commission filings could affect the
Company's actual results and could cause the Company's actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.
For further information please contact, Craig Smith, CFO of VITRIX, Inc., 480-967-5800, ext. 502.
SOURCE: VITRIX, Inc.
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