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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: paulnewitt who wrote (3914)	2/2/2000 9:45:00 AM
From: Merlin1968	Read Replies (1) \| Respond to of 5053

FEBRUARY 2, 2000 Jordex Resources Inc. Announces iTech Capital Corp. Completes Purchase of Enviromation VANCOUVER, BRITISH COLUMBIA--iTech Capital Corp. (iTech) announced today that it has completed the purchase of Enviromation, Inc., a private company based in Syracuse, NY. The Company is a leading firm in its field of engineering software process solutions for municipal water and industrial companies in New York State. Enviromation's product lines are designed to be open-platform solutions that support seamless interconnection of components for either new process control systems or the retrofitting of existing systems. The Company has earned an outstanding reputation for meeting the need for improved productivity in the municipal and industrial markets. The purchase price for 100% of the Company was US$1.6 million, of which $800,000 was paid at the closing, while the remaining $800,000 is to be paid in five equal annual installments. In 1999, Enviromation had revenues of approximately $3.5 million and earned a pre-tax profit of approximately $500,000. "The challenge for municipal and industrial water processing companies to improve productivity often means integrating existing devices, components and systems." said Brian Hincliffe, Chairman of iTech. "Enviromation has shown that it can empower operators facing the need for more productivity at a time when customers need solutions that are increasingly software intensive. Enviromation's SCADA (supervisor control and data acquisition) product line is highly regarded for its ability to work with the sophisticated telecommunications solutions now in demand, which use the Internet for compliance, data acquisition and remote monitoring." The founders of Enviromation will remain with the Company. Bill Ballway will be Vice Chairman. Don Chalanick, VP of Sales, and Fred Wilson, VP of Engineering, will remain in their current positions. Dave Graham, who is new with the Company, will be President. Mr. Graham has senior operating experience in the water process control business both domestically and internationally. John Fairchild, iTech Capital's CFO, has been appointed CFO at Enviromation. "We are thrilled to have the management of Enviromation join iTech Capital." added Brian Hinchcliffe. "We are looking forward to supporting Enviromation's efforts to develop next generation solutions for its customers, particularly with the exciting new advances in the Internet and telecommunications sectors." "We are pleased to join the iTech team", said Bill Ballway. "This will begin a new phase for Enviromation where we will have more resources to build incremental sales channels and supplement Enviromation's product development. The process and controls industry is now beginning to embrace the Internet and we are seeking to become a leading firm in using these tools to empower our customers." ON BEHALF OF THE BOARD OF DIRECTORS Brian A. Hinchcliffe, Chairman & co-CEO