CALGARY, June 23 /CNW/ - CriticalControl Solutions Corp., (TSX-V:CCZ)
today announced that it has executed a definitive agreement to acquire a
web-based Supervisory Control and Data Acquisition (SCADA) business called
SCADANet from Matrikon Inc. (TSX:MTK). SCADANet is a competitor product to
CriticalControl's NetFlow, a proprietary, web-based measurement and control
application used by gas producers to track gas production and manage
electronic devices at gas wells that are monitored using electronic flow
"Integrating SCADANet with NetFlow will result in the combined control of
3,000 well sites in Western Canada and will generate cross-selling
opportunities as we will now be able to offer oil well monitoring
functionality," said Alykhan Mamdani, President and CEO of CriticalControl.
"The acquisition will be immediately accretive and the additional clients and
functionality associated with the SCADANet business will help fuel growth in
this business following an expected increase in oil and gas exploration
activity in 2008 and 2009."
The purchase price of $800,000 will be paid in cash at closing, which is
expected to occur on July 2, 2008. The purchase price will be financed through
a combination of cash on hand and CriticalControl's currently untapped
$3.5 million operating line of credit. As with Critical Control's other
products for gas producers, including NetFlow, production data from SCADANet
will be integrated into CriticalControl's ProStream database.
ProStream is a current development initiative by CriticalControl to
consolidate the various forms of data associated with gas production and to
reduce the significant time burden related to managing redundant and
conflicting production data. ProStream is built to answer the industry's need
to contain administrative costs, increase data integrity and leverage
essential production data to empower our clients to make informed decisions
related to their operations.
CriticalControl's proprietary applications and services will feed the
ProStream database, providing it with production and related data from over
100,000 distinct measurement points, creating Canada's largest source
repository of production data.
CriticalControl is a technology company that builds, implements and
manages critical business process solutions. Our proprietary products are data
management tools to operate the critical business operations of our government
and energy sector clients. In addition to our proprietary products, we
implement large scale document and records management solutions using our
strong domain expertise and in depth knowledge of our customer base. Where
critical processes require unconditional continuity, our clients look to us to
manage and perform certain operational functions on a short term or long term,
outsourced basis. For more information please visit www.criticalcontrol.com.
This media release may contain certain forward-looking statements that
reflect the current views and/or expectations of CriticalControl Solutions
Corp. with respect to their respective performance, business, and future
events. Such statements are subject to a number of risks, uncertainties, and
assumptions as outlined in the Company's filings with the Canadian securities
regulatory authorities. Actual results and events may vary.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
Matrikon (www.matrikon.com) is a leading provider of integrated
industrial intelligence solutions that enable manufacturing plants to achieve
operational excellence by transforming production data into knowledge to
predict and prevent problems and optimize operations. Matrikon's customers
achieve agile operations through the combination of external market and plant
data to make informed, intelligent decisions in real-time. With offices in
major cities throughout North America, Australia, Europe and the Middle East
and a global client base including industry leaders in a wide range of process
industries, Matrikon's reach is global.
Matrikon is a registered trademark of Matrikon Inc.
For further information:
For further information: Alykhan Mamdani, President & CEO, Tel (403)
705-7500; or David Feick, The Equicom Group, Tel (403) 538-4787,