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Gold/Mining/Energy : BCE Emergis - global e-commerce -- Ignore unavailable to you. Want to Upgrade?

To: salva who wrote (934)	9/21/1999 12:06:00 PM
From: rocki	Read Replies (2) \| Respond to of 1341

Hi Salva Yes good news but still not the 'big' one. This is still a Canadian acquisition. We need the US acquisition to get that US listing! Looks like they are trying to get rid of TotalNet if I read the fine print, and in effect Joel. Wonder if Joel and Rory are still there? anyways good to here from you again.

To: salva who wrote (934)	9/22/1999 12:48:00 AM
From: rocki	Respond to of 1341

SNS/Assure and Assure Health same news released later today but with more details: Tuesday September 21, 6:35 pm Eastern Time BCE Emergis buys to expand health services market By Susan Taylor OTTAWA, Sept 21 (Reuters) - BCE Emergis Inc. (Toronto:IFM.TO - news) said on Tuesday it had struck agreements to purchase two firms for C$235 million, acquisitions that will expand its presence in the on-line health insurance services market. The electronic commerce arm of Montreal-based conglomerate BCE Inc. (Toronto:BCE.TO - news), BCE Emergis said it plans to buy Toronto-based firms SNS/Assure Corp. and Assure Health Inc. for a combination of cash and stock. SNS/Assure and Assure Health, which sell claims processing services mostly to the health insurance and financial services sector, posted combined fiscal 1998 sales of C$78 million. The acquisitions, made for 60 percent cash and 40 percent stock, are expected to close before the end of the current fiscal year. The purchase price includes a combined C$40 million in debt from the two firms. The cash portion of the deal will be funded in part by a C$125-million subscription of BCE Emergis shares by BCE Inc. Under the deal, BCE Emergis shareholders will expand to include SNS/Assure and Assure Health shareholders -- The Great-West Life Assurance Company, Clarica Life Insurance Co.(Toronto:CLI.TO - news), The Canadian Life Insurance Co., and Sun Life Assurance Company of Canada. Those firms, which have said they will remain as customers of SNS/Assure and Assure, must hold the BCE Emergis stock for at least one year under the deal. The announcement comes as BCE Emergis pares back to focus on four key markets: finance, health, telecommunications and retail and distribution. At present, the company offers such health-care services as workmen's compensation and drug claims processing to the public sector, including the government and hospitals. BCE Emergis also said it has put a for sale sign on a division that provides payment services to sports and leisure firms and a consumer Internet access business with about 60,000 subscribers, mainly in Ontario and Quebec. Negotiations are under way for those assets and announcements will likely come in the fourth quarter. Those divestitures balanced with the purchases are expected to add C$50 million to BCE Emergis sales in 2000 and contribute to earnings. The company said it will likely record revenue of C$330 million to C$350 million in its upcoming fiscal year. ''We're very excited about the deal,'' said Barry Engel, BCE Emergis senior vice-president of corporate affairs in a conference call. ''We feel it's a very important strategic fit, we feel that it really beefs up our revenue going forward.'' The market was not impressed. BCE Emergis shares fell 75 Canadian cents on Tuesday to C$28.40 after the news was announced on the Toronto Stock Exchange. ''It's a great Canadian acquisition. Probably one of the best that they could have done in Canada,'' said Mark Pavan, analyst at Yorkton Securities in Toronto. ''The reality is that there were a lot of market expectations already in that stock price thinking about perhaps a U.S. acquisition.'' Investors may have been expecting a larger purchase of a U.S. firm. There is ''no news to report to date, but stay tuned,'' Engel said of U.S. acquisitions.