With the acquisition of mCite Business Systems Inc, the Corporation will
become one of the major SAP Business One partners in Canada.
QUEBEC, Feb. 4 /CNW Telbec/ - Fortsum Business Solutions Inc.
(Fortsum Business Solutions) (TSX-V: FRT) announces the signature of a letter
of intent to acquire all issued and outstanding shares of mCite Business
Systems Inc. (mCite), a Canadian consulting firm specialized in the
implementation of SAP Business One and Sage ACCPAC management solutions.
"Should the acquisition be realized, Fortsum Business Solutions will be
positioned for a significant expansion outside Québec. This fits perfectly
into our growth by acquisition strategy and may well be a turning point. It
supports our efforts over the last 24 months to consolidate our expertise and
solidify our exemplary reputation for deploying and integrating high-end
business solutions within Québec,'' stated Fortsum Business Solutions'
President and CEO, André Thompson.
Denis Carrier, CA, CA-IT, Fortsum Business Solutions' Senior
Vice-president, Integration Segment, expressed his enthusiasm regarding the
possibilities this acquisition would bring: "In addition to a greater presence
outside Québec, the mCite team's experience and excellent reputation in the
industry, notably that of its president, Blake Barkhouse, CMA, adds to the
distinctive value of this transaction. This is a great opportunity that should
be beneficial for our clients and business partners alike," added Carrier.
The projected transaction is subject to a due diligence evaluation and
approval from the appropriate authorities, notably that of the TSX Venture
Exchange. The purchase price is currently estimated at approximately 3% of
Fortsum Business Solutions' total assets as at September 30, 2007. Upon
closing the transaction, the Corporation plans to pay 75% of the acquisition
price in cash and the remaining 25% in corporate shares, at a minimum price of
$0.50 per share. Fortsum Business Solutions and mCite hope to sign a final
agreement by April 30, 2008.
Founded in 2006, mCite, which operates from two Canadian offices-Toronto
and Halifax-counts on the services of a team of specialists composed of
six consultants including its president, Blake Barkhouse. For more
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development,
integration, marketing and support of accounting, commercial and banking data
management software. For more information: www.fortsum.com.
This press release may contain forward-looking information. Statements
based on current management expectations involve inherent risks and
uncertainties, both known and unknown. Actual results may vary from forecasts.
The reader should not place undue faith in forward-looking information.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the release.
For further information:
For further information: André Thompson, President and Chief Executive
Officer, firstname.lastname@example.org; Dany Beaudet, Shareholder Communications
Coordinator, (418) 877-0088 Ext. 2272, Toll-free: 1-888-268-0088, Fax: (418)