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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Risky Business who wrote (10427)	3/25/1998 11:21:00 PM
From: Nathan Hansen	Respond to of 13949

gotta post this news release: GPW INTENT TO ACQUIRE AASKI TECHNOLOGIES LTD. 1998-03-25 BURNABY, B.C. Bill Ste. Marie, President and CEO, is pleased to announce the signing of a letter of intent to acquire 100% of the issued and outstanding shares of AASKI Technologies Ltd. AASKI, a private company based in Ontario established in 1996, is a uniquely competent Year 2000 Conversion Services provider with a fully tooled and staffed Conversion Factory in Ontario. The Conversion Factory uses a combination of advanced software tools, multiple mainframe and PC platforms, experienced personnel and dedicated testing platforms. The factory has 25 employees and has the technical capacity to support the analysis/testing of in excess of 300 million lines of code per year. The maximum purchase price for the AASKI shares is $3,383,200 payable in cash and shares of Group West. At the closing of the transaction, Group West will pay the current shareholders of AASKI $250,000 in cash and will issue 33,613 common shares of Group West at a deemed purchase price of $5.95 per share. The balance will be paid in common shares of Group West on an earn-out basis over 3 years at a deemed price of $5.95 per share. This amounts to a potential earn-out of 492,975 shares on the basis of 1 share for every $5.95 in net income before tax of AASKI Technologies Ltd. This acquisition is subject to the execution of a formal purchase agreement and the receipt of regulatory approval Group West provides information technology ("IT") services to business primarily located throughout Canada and the western United States. Founded in 1978, Group West is one of the premier IT companies in western Canada. Group West Systems Ltd. is focusing on the midrange market with offices located in Markham, Ontario; Winnipeg; Manitoba; Saskatoon, Saskatchewan; Calgary, Alberta and Burnaby, British Columbia; and in Bellevue, Washington; Los Angeles, California; and Reno, Nevada. The Company also provides a comprehensive range of services to the rapidly evolving IT services industry including such leaders as Rogers Sugar, Pharmasave, BC Rail, Toronto Dominion Bank and Microsoft Corporation. ____________________________ Bill Ste. Marie President and CEO For Investor Relations Information contact: Frank Port, Director of Corporate Development Phone: (604) 473-2132 Fax: (604) 299-2878 Email: fport@groupwest.ca Or Seaport Communications Inc. Phone: (604) 541-4188 Fax: (604) 541-9966 Email: seaport@usa.net The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.