Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Newsys Solutions Inc A. NSS -- Ignore unavailable to you. Want to Upgrade?

To: reg who wrote (100)	2/29/2000 9:33:00 AM
From: BM	Read Replies (1) \| Respond to of 111

Newsys Completes Acquisition Of Inbusiness.Com Ottawa, Ontario-- February 29, 2000 Acquires B2B Internet Portal and Media Channel NewSys Solutions Inc. ("NewSys") (CDNX: NSS), an IT services company headquartered in Ottawa, Canada announced today that it has completed its acquisition of Inbusiness.com Inc. ("inbusiness.com") and The Business Media Network Inc. ("BMN"). BMN, based in Ottawa, is a diversified business-to-business ("B2B") media company. It has been the incubator for the business portal services of inbusiness.com, which include business news, on-line services, e-tools, data services, and e-commerce applications. BMN and inbusiness.com have been growing at an annual compound rate of 50% since start-up four years ago, with revenue in 1999 of $4.3 million and EBITDA of over $500k. The transaction was announced after a letter of intent was signed on December 22, 1999. The terms of the agreement provide for an "all stock" transaction of up to 1.9 million NewSys common shares plus 500,000 common share purchase warrants, for a total transaction value of approximately $7.5 million. "E-solutions comprise a rapidly expanding part of NewSys' revenue base" said Mark Quigg, President and CEO of NewSys, "and this acquisition provides NewSys with a B2B e-channel through which to offer and deliver its e-business solutions. Combining e-solutions with an e-channel is strategic to the NewSys vision going forward. Inbusiness.com has a strong model for attracting and servicing business clients, and the business media operations of BMN along with its industry relationships will add marketing leverage to the mix." David Luxton, the former majority owner of BMN will act as President of inbusiness.com and BMN, and will join the NewSys Board of Directors. Mr. Luxton commented, "BMN was founded for the express purpose of developing an audience for on-line business services and in a short time has been very successful at growing a loyal business following and introducing practical business services over the Internet. By combining forces with NewSys we will now be able to accelerate the build-out of the inbusiness.com channel and incorporate a much wider range of e-services, all with a high level of technical confidence." NewSys is an established IT-services company that delivers forward-looking solutions in business intelligence, systems integration and application management -and complements those solutions with a variety of customized software products. With a team of over 170 IT professionals, NewSys' clients include Fortune 500 corporations and government departments located in both Canada and the United States. The Company has recorded 26 consecutive quarters of growth and profitability and was acknowledged by Profit Magazine, for the third consecutive year, as one of the fastest growing companies in Canada. For more information on NewSys' software and services, please contact the company's web site at www.newsys.com or telephone (877) 761-9436. All logos, trade names, and product names and trademarks or registered trademarks are property of their respective owners. The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -30- FOR FURTHER INFORMATION PLEASE CONTACT: For investor relations, please contact Linear Capital Corp. Tony Croll tel (416) 364-2266 tony@linearcapital.com www.linearcapital.com or For NewSys Solutions Inc., please contact Sara Piracha (877) 761-9436 sara.piracha@newsys.com www.newsys.com