QUEBEC CITY, July 9 /CNW Telbec/ - Amadeus International inc. ("Amadeus
or the Company ") today announced that it has concluded on July 8, 2008 with
Décimal Technologies inc. ("DECIMAL"), an asset sale agreement (the
"Agreement") on the majority of its operating assets. The two wholly owned
subsidiaries of Amadeus, Amadeus Recherche et Développement inc. and Amadeus
Solutions inc. (the "Subsidiaries") have also intervened to the Agreement.
Sale of operating assets
On May 30, 2008, the Company announced that it had engaged into
discussions with several companies to evaluate one or multiple business
combinations, the sale of the Company or its assets. Amadeus and its
subsidiaries have concluded yesterday, with an effective date of June 30,
2008, an Agreement with DECIMAL for the sale of the majority of tangible and
intangible assets used in operating the enterprise, including, without
limitation, all software and their source code, the intellectual property
including trade marks and patents, all rights in contracts, permits, licenses,
certificates and other authorizations required or useful to operate the
enterprise, including the rights in the lease on premises located at 400,
boulevard Jean-Lesage, Quebec (Quebec) G1K 8W1, and all rights to client
contracts, with the exception of accumulated cash and Amadeus' and
Subsidiaries' accounts receivable, including the amounts receivable in
refundable income tax credits related to the "Centre national des nouvelles
technologies de Québec (CNNTQ)". The sale of assets was concluded for an
amount of seven hundred and sixty nine thousand nine hundred and eighty two
dollars ($ 769 982). An amount of four hundred and ten thousand dollars
($ 410 000) has been paid cash on closing day and the balance, three hundred
and fifty nine thousand nine hundred and eighty two dollars ($ 359 982) is the
result of DECIMAL hiring the majority of the employees of Amadeus, assuming
their accrued vacation pay, and assuming the execution of maintenance
contracts previously invoiced by Amadeus. Amadeus retains the collection of
its accounts receivable, including its client receivable and the refundable
CNNTQ income tax credit for a total amount of three hundred and eighty
thousand dollars ($380 000).
The Agreement is the result of an elaborate process of solicitation of
offers initiated by Amadeus with the aim of maximising the value of the assets
for the benefit of its shareholders. No external determination of the value of
the underlying assets has been obtained in the course of this transaction. The
approval of the majority of the Amadeus' shareholders has been obtained for
this transaction. The transaction is subject to final approval by the Toronto
Venture Exchange TSX Inc.
The transaction has been concluded between independent parties and no
intermediary fee will be paid for the transaction.
Following the transaction, Amadeus has no more operations, has only a few
employees and is not holding any assets, to the exception of its accumulated
cash and accounts receivable. Over the coming months, the Board of Directors
of the Company will undertake an evaluation of the options for the future of
the Company. Amadeus stocks will be transacted on the NEX Market.
About Amadeus International
Amadeus International is a pioneer and leading provider of Enterprise
Quality and Compliance Management software solutions. For over 14 years,
customers in the Life Sciences, Manufacturing, Financial Services and other
industries have automated their compliance and quality processes using Amadeus
software platforms. Its flagship product, eQCM(R), offers an integrated and
very cost effective solution for enterprise governance, risk management,
quality and compliance management. More information on Amadeus and eQCM(R) can
be found at www.amadeussolutions.com.
Certain statements set forth in this press release are forward-looking.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Amadeus disclaims any intention or obligation to update or revise any forward-
looking statement in order to account for any new information or any other
event, unless required by law. The reader is warned against the risk of
attributing excessive credibility to these forward- looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
DECIMAL is engaged in the design of specialized solutions in the area of
corporate performance management. Most notably, the company operates in the
areas of budget planning, strategic cost management, profitability analysis,
governance and business intelligence.
DECIMAL offers a vast array of consulting services and a Research &
Development team that has developed a world class software solution in the
activity based management and budgeting area (ABM).
For further information:
For further information: Amadeus International: Isabelle Rivoal,
Marketing and Communications Director, (418) 525-0606, ext. 2231,
firstname.lastname@example.org; DECIMAL: Mr. Stéphane Gaouette,
Executive vice-president, (450) 640-1222, ext. 30, email@example.com