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Technology Stocks : FirstWave Technologies (FSTW) -- Ignore unavailable to you. Want to Upgrade?

To: flushbusted who wrote (8142)	3/4/2003 9:00:22 AM
From: Oeconomicus	Read Replies (2) \| Respond to of 9677

Acquisition announced this AM and, one might hope, guidance.

To: flushbusted who wrote (8142)	3/4/2003 10:35:27 AM
From: Mike M	Read Replies (3) \| Respond to of 9677

Info on the acquisition which is expected to be accretive in the first quarter and will add a couple players to the management team: biz.yahoo.com Firstwave Announces Acquisition of Connect-Care Tuesday March 4, 7:02 am ET Acquisition is Expected to be Accretive to Firstwave's First Quarter Results ATLANTA, March 4 /PRNewswire-FirstCall/ -- Firstwave Technologies, Inc. (Nasdaq: FSTW - News), a leading web-based, CRM solutions provider, today announced the acquisition of Connect-Care, Inc., a CRM software developer for the software industry, through a merger with a subsidiary of Firstwave. According to the terms of the merger agreement, Firstwave will deliver 200,000 shares of common stock to the shareholders of Connect-Care, as well as an additional potential earn out payment of $300,000 in cash payable in 2004 if certain revenue goals are attained. "Our acquisition of Connect-Care marks the first acquisition in our focused growth strategy announced in November, 2002," said Richard Brock, President and CEO of Firstwave. "From an operational perspective, the acquisition of Connect-Care should be accretive to earnings and increase revenues in this first quarter." Brock continued, "We believe this acquisition presents tremendous operational and strategic synergies for the now combined customer and employee bases of Firstwave and Connect-Care. We expect that Connect-Care's strong, developed pipeline will afford Firstwave the opportunity to see tangible sales results in the short term. Firstwave is dedicated to the ongoing support of Connect-Care's products and, by supplementing Connect-Care's customer support team with Firstwave's resources, to continue and to improve existing customer relationships." Jeffrey Longoria, President and Co-Founder of Connect-Care added, "We are excited to have the opportunity to merge with an industry innovator like Firstwave. Their exceptional track record made this merger an extremely logical fit for our existing customers and pipeline prospects. Firstwave is a company built on a 'customer-first' foundation which will now include the loyal Connect-Care base." "Connect-Care is a great fit for Firstwave as we continue to extend our reach. Like Firstwave, Connect-Care has consistently offered its customers the highest level of customer service. I personally welcome those customers to the Firstwave family," said Brock. "While our software is functionally similar, we believe that our web-based .NET architecture and highly customizable product will be a major incentive for Connect-Care customers to consider upgrading over time to Firstwave products. Further, and perhaps most importantly, many of their customers may take advantage of private-labeling the Firstwave CORE Integrated Development Environment to develop their own vertical software packages. We could not add a better customer base than software houses. The opportunity to utilize our technology in partnerships and private labeling with Connect-Care customers is extremely exciting to Firstwave," Mr. Brock surmised. Firstwave also announced the addition of two key Connect-Care executives to its management team. Jeffrey Longoria will fill a major leadership role in Firstwave's U.S. sales organization in his capacity as Vice President of Sales. Additionally, Joe Longoria, as Vice President of Professional Services, will provide strong and experienced leadership to Firstwave's U.S. Professional Services organization. "Jeffrey's success in the CRM industry is expected to contribute significantly to Firstwave's U.S. software license sales," commented Brock. "And Joe has delivered excellent revenue and high customer satisfaction for Connect-Care, skills he will bring to his role at Firstwave."