Sale Allows Logica To Focus On Its Core E-Commerce And Security Related
Interests And Results In A Debt-Free Balance Sheet
TORONTO, October 8 /CNW/ - Logica Holdings, Inc. (OTCBB: LGHL) today
announced that it has sold the Company's Australian subsidiaries under a
management buyout for the assumption of debt of US $1,246,927. The
subsidiaries are: Maximum Awards Pty, Ltd., an operator of consumer rewards
programs; Travel Easy Holidays Pty Ltd., a provider of travel agent services,
and Global Business Australia Pty Ltd., which markets consumer goods on-line
and through published catalogs.
"The sale of these un-related Australian subsidiaries allows Logica to
focus entirely on its core strategic initiatives in e-commerce and security
related technology, and provides for a debt-free balance sheet at a time when
we are gearing up for the launch later this month of Anne's Diary
(www.annesdiary.com), the world's first secure networking site for children,"
said Pino Baldassarre, President and Chief Executive Officer of Logica
The core companies under Logica Holdings, Inc. are:
Anne's World Ltd (www.annesdiary.com), the world's first secure social
networking site for children. Inspired by the stories of "Anne of Green
Gables", this subscription-based site offers a safe, fun and educational
environment where children can keep a private online diary and photo gallery.
Subscribers may also chat with their peers from around the world in a
protected chat room and forum, safe in the knowledge that they are
communicating only with verified members of the same age. Together with
Logica's technology partners (Fujitsu, Novell and 123ID), Anne's Diary employs
the latest biometric technology in the form of a personal fingerprint reader.
Partnerships are being formed with other children's websites as well as with
law enforcement and police and education authorities worldwide.
Plays On the Net, PLC, (POTN) (www.playsonthenet.com) began as an online
database for unpublished playwrights. A platform for writers to share their
work, to communicate with fellow dramatists and to explore new ideas, it has
since grown into an extensive retail site and all-round theatre information
resource. In addition to the database of plays, POTN now offers books, music
and movies from such content partners as BBC Audiobooks, BBC Live, Random
House and Little Brown. POTN plans to extend across all media and dramatic
arts to incorporate the worlds of theatre, literature, film and music in one
easy-to-navigate online venue.
Curtain Rising, Inc., (www.curtainrising.com) began as an online database
for theatres. Organized by city, the concept was a user-friendly search engine
which would enable theatergoers to locate productions, venues and information
with ease. It has since evolved and grown into an extensive worldwide
directory of plays and theatres and a tight-knit community created by, and
utilized by theatres, actors, producers and individuals with an interest in
performing arts. Curtain Rising has now licensed the rights to its database
and web site to POTN. The combination of the two companies has the potential
set to become an authoritative, single resource centre for theatergoers,
playwrights and advertisers. It's weekly online journal, Curtain Rising
Magazine. contains news and reviews from POTN along with feature articles,
original plays and more. The magazine is also available in a glossy print
ABOUT LOGICA HOLDINGS, INC. (www.logicaholdings.com)
Logica Holdings, Inc. is a company whose primary focus is in the
e-commerce and information technology sectors. The current configuration of
held companies reflects a common theme: the growing global market for social
networking and downloadable entertainment content. This is the essential idea
behind the entities that are currently part of Logica Holdings, which include
Plays On the Net, Anne's World and Curtain Rising.
Safe Harbor Statement
This press release may include forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, including
statements related to anticipated revenues, expenses, earnings, operating cash
flows, the outlook for Plays On the Net's markets and the demand for its
products. Forward-looking statements are not guarantees of future performance
and are inherently subject to uncertainties and other factors which could
cause actual results to differ materially from the forward-looking statement.
Such statements are based upon, among other things, assumptions made by, and
information currently available to, management, including management's own
knowledge and assessment of the Company's industry and competition. The
Company refers interested persons to its most recent Annual Report on Form
10-KSB and its other SEC filings for a description of additional uncertainties
and factors, which may affect forward-looking statements. The Company assumes
no duty to update its forward-looking statements.
For further information:
For further information: Logica Holdings, Inc. Pino G. Baldassarre,
416-929-5798 Chief Executive Officer or The Wall Street Group, Inc. Ron