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Gold/Mining/Energy : GPW Group West Systems Ltd. (Year 2000 Software Company) -- Ignore unavailable to you. Want to Upgrade?

To: RBMac who wrote (1368)	6/7/1999 4:30:00 PM
From: RBMac	Read Replies (1) \| Respond to of 1443

Group West Systems Ltd - News Release Group West Systems to acquire Wescom Computer Services Group West Systems Ltd GPW Shares issued 6,210,229 Jun 4 close $1.65 Mon 7 Jun 99 News Release Mr. Jag Sandhu reports Group West Systems has signed a letter of intent to acquire 100 per cent of the issued and outstanding shares of Wescom Computer Services Ltd., a private company based in Victoria, B.C., and established in 1978. Wescom specializes in supplying solutions to the public sector at provincial and local levels. Its public sector clients include prominent municipalities and other public sector organizations in British Columbia. The maximum purchase price for the Wescom shares is $1-million payable in cash and/or shares of Group West. At the closing of the transaction, Group West will pay the current shareholders of Wescom $200,000 in cash. The balance will be paid in common shares of Group West on an earn-out basis over four years at a deemed price of $1.70 per share. This amounts to a potential earn-out of 470,588 shares on the basis of one share for every $1.70 in net income before tax of Wescom Computer Services Ltd. This acquisition is subject to normal due diligence, the execution of a formal purchase agreement, and receipt of regulatory approval. Ray Elford, president of Wescom, stated: "We are seeing strong demand for public sector software. As a member of the Group West organization, we will be in a position to take advantage of this demand much sooner than we could through internal growth." Bill Ste. Marie, president and chief executive officer of Group West, stated: "The acquisition of Wescom gives us a real presence in the public sector in B.C. It also provides us with software for the public sector that can be delivered through our outsourcing infrastructure." (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com