Acquision of Choreo Systems
Burnt Sand Solutions Inc. Announces Acquisition of Choreo Systems Inc. To Extend Its Leadership in Internet Services
VANCOUVER, Feb. 18 /CNW/ - Burnt Sand Solutions Inc. (TSE:BRT) (''Burnt Sand'') is pleased to announce that it has signed a Letter of Intent to acquire all of the outstanding securities of Choreo Systems Inc. (''Choreo''), an Ottawa, Ontario based Internet security and systems integrator.
Under the terms of the Letter of Intent, in exchange for all of the outstanding securities of Choreo, Burnt Sand will pay on closing $1,000,000 cash and 800,000 Common Shares of Burnt Sand. Burnt Sand has also agreed to issue up to an additional 800,000 Common Shares of Burnt Sand structured as an earn-out based upon the financial performance, specifically the revenues and net income before tax of Choreo, for the six-month period ended September 30, 1999. The transaction is subject to a number of items including regulatory approval, satisfactory due diligence, and the parties entering into a definitive purchase agreement. The transaction is expected to close during the month of April, 1999, subject to satisfaction of all conditions.
''We are very pleased to be aligning ourselves with Burnt Sand,'' stated Blair Baxter, President of Choreo Systems Inc. ''The joint marketing, sales and professional services delivery of the two organizations will significantly extend our capabilities with our customers. We believe that this alignment will give us the foundation to further expand our service offerings, not only within our customer base, but also within the present Burnt Sand base.''
''Choreo brings to Burnt Sand an excellent team focussed on the security and connectivity segments of the Internet Professional Services market. Their experience and expertise will allow us to leverage the anticipated dynamic growth requirements of these segments,'' stated Jim Yeates, Chairman & CEO of Burnt Sand. ''Choreo fits very well with our Solutions Integration Practices, and we see this being very synergistic for the year 2000+.''
About Choreo Systems Inc.
Choreo Systems is a leader in systems integration, providing business and technology solutions in three highly specialized areas of information management for enterprises: IT Security, Directory Services and Messaging Infrastructure.
Choreo's Enterprise IT Security Solutions ensure the protection and integrity of information exchanged electronically and is delivered by professionals with considerable expertise in Policy and Planning, Public Key Infrastructure (PKI), Threat-Risk Assessments (TRA), Security Awareness Programs, Single Sign-On (SSO), Virtual Private Networks (VPN) and Firewalls. As a compliment to IT Security Solutions, Enterprise Directory Solutions feature LDAP and X.500 schema design, ''meta-directory'' synchronization services, and directory implementation. Enterprise Messaging Solutions provide messaging requirements definition, architectural design, implementation and support of secure electronic mail systems. Choreo augments its services with industry leading software products to create secure, robust electronic business solutions. The company partners with leading organizations such as Entrust Technologies, Siemens Nixdorf, Axent Technologies, ISOCOR, Trend Micro, Finjan and Security Dynamics. With offices in Ottawa, Montreal, Toronto, Calgary and Vancouver and approximately 40 employees, Choreo provides solutions to many of North America's largest organizations. For more information about Choreo Systems visit our Web site at www.choreosystems.com.
About Burnt Sand Solutions Inc.
Burnt Sand Solutions Inc. is a leading new breed of management consulting and systems integration firm. The company helps its clients achieve their competitive advantage through the delivery of high quality professional services and the deployment of technology enabled strategic business solutions such as Customer Relationship Management, E-Commerce, Knowledge Management Solutions, Energy Trading, Data Warehousing, and Business Intelligence Solutions. These integrated solutions utilize leading technologies that are generally WEB based or enabled. Burnt Sand partners with clients in three core disciplines: Burnt Sand Strategies helps clients develop breakthrough business models and processes through business strategy consulting and needs
analysis. Burnt Sand Professional Services provides expert application design, development and project implementation services to help build and deploy solutions that create competitive advantage. Burnt Sand Solutions Integration delivers complete solutions in the practices of enterprise-wide Customer Relationship Management Solutions and Net Solutions including network architecting, security and systems engineering services for complex network applications. Burnt Sand has five offices and approximately 120 employees throughout Canada and the United States. For more information visit our Web site at www.burntsand.com.
For further information: Jim Yeates, Chairman and CEO, Burnt Sand
Solutions Inc., (604) 608-6407, jyeates@burntsand.com |
