VANCOUVER, June 12 /CNW/ - Nicer Canada Corp. (TSXV: NC) ("Nicer", or the
"Company") today announced it has reached an agreement with the principal of
Jmars Information Technology Co. Ltd. ("JMIT"), a fully private foreign
investment high technology enterprise in China, to purchase 66.67% of JMIT's
shares with a purchase price of C$5,500,000, payable in a combination of cash
and the Company's shares (the "Acquisition").
JMIT develops, markets and sells RFID and Business Intelligence computer
software, services and products in China. Currently, JMIT's roster of clients
consists of more than 20 enterprises including some 500 chain stores as well
as Lingang Group, Bailan Group and Fujitsu (China). A partnership in
technology research with Fudan University of Shanghai has helped to propel
JMIT's reputation and developments to the ranks of the top software developers
of its kind. A profitable operator, JMIT has forecast at least C$575,000
(RMB$4,025,000) in net earnings for the fiscal year ending December 31st 2008,
a target on which the Acquisition is based and contingent upon.
"It is very satisfying to come to this agreement with JMIT which has
taken eight months since signing the letter of intent," commented Paul Chen,
President and CEO of Nicer. "When completed, we believe this investment and
acquisition will likely drive up Nicer Canada's annualized revenues
considerably and achieve profitability for the Company."
The acquisition of JMIT is subject to acceptance and approval by the TSX
Venture Exchange and majority shareholder approval pursuant to policies of the
TSX Venture Exchange. Upon receipt of conditional acceptance of the
Acquisition from the Exchange, the Company will proceed with an equity private
placement to finance the Acquisition.
Closing has been set for 90 days after the conditional acceptance date at
which point C$1,600,000 will be due and payable.
The remaining C$3,900,000 shall be made payable in a combination of cash
and shares of the Company in accordance with a payment schedule set out in the
share purchase agreement.
About Nicer Canada
Since the Company's founding in 1994, Nicer Canada has developed
industry-leading expertise in delivering wired and wireless Internet Protocol
(IP) voice and data solutions to customers worldwide. The Company's technical
foundations were laid by a RFID (Radio Frequency Identification) technology
company in China. Nicer Canada Corp. expanded into integration information
systems based on global positioning and patented RFID technologies.
Headquartered in Burnaby, British Columbia, Canada, Nicer Canada Corp. became
a publicly-traded company in 2003, listing on the TSX Venture Exchange under
the symbol "NC".
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For further information:
For further information: visit the website at www.nicertech.com; or
contact: Nicer Canada Corporation, Anne H. Chen, COO and CFO, Tel: (604)
299-2385 ext. 118, Email: email@example.com; CHF Investors Relations, Barry
Leung, Director of Business Development, China, Tel: (416) 868-1079 ext. 247,
Email: firstname.lastname@example.org; Jeanny So, Director of Operations, Tel: (416) 868-1079
ext. 225, Email: email@example.com