TSX Venture Exchange Trading Symbol - NIT
33,154,829 shares outstanding
MARKHAM, ON, March 1 /CNW/ - Neotel International Inc. ("Neotel")
announces it has completed the acquisition of a 75% beneficial interest in
Admiral Secure Products Ltd (Admiral). Admiral is a leading provider of secure
fax devices, protecting sensitive facsimile communications from inadvertent or
Neotel has acquired 100% of a company that owns 75% of Admiral Secure
Products Ltd. The total purchase price is $2,200,000 with an initial down
payment of 2,856,000 common shares of Neotel valued at $400,000 that has been
delivered. The balance of the purchase price is by way of a debenture in the
amount of $1,800,000. Admiral will change its fiscal year end to match
Neotel's at January 31. The Debenture will require annual payments equal to
20% of gross sales of the previous fiscal year, payable 90 days after year end
until the debenture is repaid in full. Neotel paid finders fees of 800,000
shares of common stock in connection with this transaction.
Admiral's family of secure fax products ensures facsimile transmissions
are delivered to their intended recipient every time. The contents of the
transmissions are never disclosed to unauthorized parties. The sender and
receiver of the facsimile are actually who they say they are, and that the
message is always kept private and unaltered. The SC5000 family of products
provides a standalone hardware module that easily installs between a fax
machine and both the public switched telephone network and IP networks.
Senders decide which fax transmissions are sent in secure mode, based on the
unique security policies of each organization. The SC5000 adheres to stringent
international security standards utilizing leading industry based
cryptographic technology. Admiral's customers include leading government
agencies and financial services organizations.
Mark Edwards will take over as President with Alex Chartier remaining as
Vice-President of Admiral Secure Products Ltd. Mr. Steve Skinner will not be
joining Admiral as had been previously announced.
ABOUT NEOTEL INTERNATIONAL INC.
Neotel is a provider of enterprise information technology, security and
biometrics identification solutions to organizations, government and
healthcare agencies. Neotel offers clients a portfolio of secure solutions to
protect assets, reduce costs, increase revenues and comply with government and
industry regulatory frameworks. Additional information about Neotel is
available at www.neotel.ca.
ABOUT ADMIRAL SECURE PRODUCTS LTD:
Admiral Secure Products Ltd is a leading provider of secure fax devices,
protecting sensitive facsimile communications from inadvertent or intentional
disclosure. Admiral's products are utilized by organizations with very high
information confidentiality and privacy requirements such as government
departments and financial services organizations. Additional information about
Admiral Secure products is available at www.admiralsecure.com
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Neotel, Maureen Espin, (905) 948-9229 x 28