ELI; This information maybe a little helpful it came from WALL STREET
Nemdaco, Inc., Agrees To Buy All Of The Assets Of West Group
Management Resources, Inc.
LOS ANGELES, Aug. 22 /PRNewswire/ -- Nemdaco Inc., (OTC BULLETIN BOARD:
NMDO) today announced that it has agreed to purchase all of the assets and liabilities of West
Group Management Resources, Inc., an Arizona corporation for 3,000,000 shares of Nemdaco
Westgroup Management Resources, Inc., a Nevada Corporation in formation. Nemdaco, Inc.,
will own 70% of the Company, the seller, West Group Management Resources, Inc., will own
30% of this Nemdaco Subsidiary. The Boards of both companies have approved the proposed
transaction.
Michael Smith, President and CEO of West Group Management Resources, Inc., stated that this
affiliation will provide the management support and capital to increase our customer base, gain
market share and meet our five year sales projection of $23.0 million in 2 years. Mr. Smith said
the Company's principal product, ACquire(R) Report Management and Data Warehouse System
is so efficient and cost effective that almost all users of the system recapture their cost within six
months of installation. He stated that the user base includes such companies as: Deloitte and
Touche, Scottsdale Insurance, Denova Bank, Good Samaritan Hospital, Earl M. Jorgensen and
Co., The Pacific Bank and Insurco for use by their employees and their customers, Bank of
America and Citicorp, among many others.
Jeff Bender, Nemdaco's Chairman said that this acquisition brings immediate positive cash flow to
the Company. It strengthens Attache Communications' operations by providing a product that
Attache can offer it's Internet subscribers when it goes on line next month. This coupled with
Westgroups' strategic alliances with Levi Ray and Shoup, Inc., PaperClip and ALLTEL
Information Services gives the Company access to a broader range of markets.
The ACquire(R) Report Management and Data Warehouse System is a Computer Output to
Laser Disk (COLD) software product that has three major competitive advantages over other
products in the over $2.0 billion per year COLD user market. These advantages are:
comprehensive security, powerful built-in data extraction and efficient report distribution. The
System is compatible with all operating systems and can print reports in any format designated by
the user. ACquire(R) can be used with Mainframe, or PC based data base systems.
Gary Larkin, Nemdaco's President, stated that the Company is obligated to provide $5.0 million
for the subsidiaries operations. These funds will be raised by a Private Placement of Shares in
Nemdaco Westgroup Management Resources, Inc. The Company has committed to Register
these shares for the investors when Nemdaco Westgroup Management Resources, Inc. is spun off
as a separate public company next year. This is in keeping with Nemdaco's policy of spinning off
its Subsidiaries to its shareholders.
/CONTACT: Jeff Bender, Chairman, 818-884-5969, Gary Larkin, President, 310-788-5798,
Stanley Schulman, 818-884-5969, all of Nemdaco; or Michael J. Smith, President and CEO of
Westgroup, 602-991-1585/
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