Oriole Systems To Acquire Controlling Interest in E-Commerce Software
Company:
businesswire.com
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BW0200 MAR 11,1999 13:18 PACIFIC 16:18 EASTERN
( BW)(ORIOLE-SYSTEMS-INC)(OOL.) Oriole Systems To
Acquire Controlling Interest in E-Commerce Software
Company
Business Editors
TORONTO--(BUSINESS WIRE)--March 11, 1999--Oriole Systems Inc.
(VSE:OOL) is pleased to announce that it has agreed to acquire a
controlling interest (51%) in Interactive Trading Network Inc. The
purchase will be for $100,000 cash and common shares of Oriole
Systems at $0.50 per share. Interactive Trading Network Inc. has a
deemed acquisition value of $1,000,000 CAD.
Interactive Trading Network Inc., based in Dartmouth, Nova Scotia,
specializes in "Digital Marketing." The company has established an
Interactive Auto Network and has implemented hardware and software
at many of the auto dealers in the Maritimes (including dealers for
Acura, Honda, Chrysler, Volkswagen, Hyundai and Nissan) that enables
customers and dealers to peruse vehicle inventories in digital
showrooms. Interactive Trading Network also does Web development
and sets up digital kiosks for online sales.
Tim Adams, President of Interactive Trading Network Inc. (ITN),
states, "I am pleased with the proposed union with Oriole Systems, as it
advances the company's opportunity to expand marketing and sales of
its automated image management (AIM) system on a National and
International scale...AIM, currently installed throughout Atlantic Canada
in auto dealerships, is now installed in the largest used car superstore in
South Western Ontario, establishing the company's entry into Ontario,
representing 42% of the automotive dealer market in Canada." The AIM
release of July 98 was well received. The Canadian market potential in
new car dealerships is 3,500 stores plus 22,000 used car dealers, with
the potential for $100 million in software sales and $ 120 million in
annual recurring support and Internet service revenues.
The acquisition of Interactive Trading Network fits in very well with
Oriole Systems' strategy to have exceptionally competitive software
solutions for enterprise-wide, Web-enabled technologies. Oriole's
alliances and/or business partnerships with IBM, NCompass Labs and
Magic Software Enterprises Inc. further enhance Oriole's competitiveness
in targeting mid-sized and large organizations, as well as public sectors
and boards, for mission critical applications for financial management.
These alliances allow Oriole to incorporate all of the latest proven
technologies, such as Internet, e-commerce and Java.
For more information on either company, please visit Oriole's Web
site at www.oriolesystems.com or Interactive Trading Network Inc.'s
Web site at www.itnweb.com.
The above agreement is subject to the approval of the directors of
both companies and the regulatory authorities.
Oriole Systems Inc. provides internet software solutions focused on
e-commerce which makes it possible for all computers to communicate
and transact business seamlessly worldwide through the internet.
The company provides high performance multiprocessing systems,
network integration services, realtime process systems and specialty
commerce applications for Fortune 500 companies and all levels of
governments.
For investor information, please contact Marie Antoinette Shields
(Market/Finance Development) at 800/419-6019 or local 604/608-2892 or
Robert A. Young and Associates (corporate development) at
800/433-8381 or local 604/682-5123.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the accuracy of this news release.
This news release may contain forward-looking statements considered
genuine by the author and are based upon the author's experience and
knowledge. However, the outcome will ultimately be determined by
forces of which the author may have little or no ability to affect. Any
forward-looking statements should not be considered guarantees of
results.
--30--na/da*
CONTACT: Oriole Systems Inc., Toronto
Marie Antoinette Shields, 800/419-6019 or 604/608-2892
or
Robert A. Young, 800/433-8381 or 604/682-5123
KEYWORD: NEW YORK
INDUSTRY KEYWORD: AUTOMOTIVE COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET MERGERS/ACQ |
