Attention Business Editors:
JAWS Technologies Announces Successful Completion of Acquisition of Offsite Data Services Ltd.
Data Vault product offerings to be launched throughout the world
CALGARY, Jan. 31 /CNW/ - JAWS Technologies Inc. (JAWZ: OTC-BB) is pleased
to announce that the proposed acquisition of Offsite Data Services by JAWS
Acquisition Corp. has successfully been completed.
A total of 14,325,839 common shares of Offsite Data Services,
representing approximately 96.1 percent of the total number of common shares
outstanding and 839,000 common share purchase B warrants, representing 92.7
percent of the total number, were tendered by Offsite shareholders in response
to the offer by JAWS Technologies, wholly-owned subsidiary, JAWS Acquisition
Corp.
``We are very pleased that this, our first major transaction involving
another publicly-traded company has been completed,' said Riaz Mamdani, Chief
Financial Officer. ``This acquisition provides excellent business and revenue
generating opportunities for JAWS to fully expand into the Internet data
storage, retrieval and recovery business.'
Robert Kubbernus, Chairman and CEO, JAWS Technologies stated, ``according
to IDC, the total market size of the remote data storage business exceeds $24
billion this year, and we believe that we offer the only truly secure Data
Service System -- setting JAWS technologically far beyond any other players in
this market. We believe there are considerable synergies for JAWS customers
with our new entry into the data vaulting market. Through the launch of our
data vaulting products, we are the first to provide complete end-to-end
security solutions for our customers.'
JAWS also announced that all of the conditions to the offer have been
satisfied and waived, and all of the common shares and common share purchase B
warrants deposited under the offer and not withdrawn, have been taken up and
paid for by JAWS Acquisition Corp. It is the intention of JAWS to acquire all
of the common shares and common share purchase B warrants of Offsite not
tendered to the offer, through the compulsory acquisition provisions available
under corporate legislation.
``The company will remain as a wholly-owned subsidiary of JAWS
Technologies, as JAWS Secure Network Storage division. However, we expect
that it will be truly an international operating division, with aggressive
growth plans throughout North America and Europe,' said Kubbernus.
About JAWS Technologies: ``Information is Power. Protect It.'
JAWS Technologies is a leader in secure information management solutions
including security software products, consulting services and secure Internet
and remote data storage services for key client groups including governments,
law enforcement, healthcare, legal and accounting, financial services, e-
commerce, internet service providers and application service providers. JAWS
is based in Calgary, Canada and has offices in Toronto, Canada, Fairfield, New
Jersey and Pasadena, California. JAWS has over one hundred employees, thirty
strategic partners, approximately 100 corporate clients, over 300 authorized
re-sellers and has distributed approximately 580,000 copies of JAWS XMAIL, a
secure messaging email software program. JAWS Technologies is traded on the
NASD-OTC BB, under the symbol JAWZ. For more information, visit the company's
website at www.jawstech.com or call 1-888-301-5297.
Forward-looking statements and comments in this press release are made
pursuant to safe harbor provisions of the Securities Exchange Act of 1934.
Such statements relating to, among other things, the prospects for the
companies to complete the transaction and enhance operating results, are
necessarily subject to risks and uncertainties, some of which are significant
in scope and nature. These risks may be further discussed in periodic reports
and registration statements to be filed by the Company from time to time with
the Securities and Exchange Commission in the future.
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For further information: Kerk Hilton, Director, Investor Relations and
Communications, JAWS Technologies Inc., Toll Free: 1.888.301.5297,
Khilton@jawstech.com; Trent Johnsen, President, JAWS Secure Network
Storage, JAWS Technologies, (403) 216-6300, tjohnsen@jawstech.com |
