Complementary technologies, strengthened HR and cost reductions cited as
keys to deal
CALGARY, April 14 /CNW/ - Ivrnet Inc. ("Ivrnet") (TSXV: IVI) is pleased to announce that it has successfully acquired Calgary-based
ITSportsNet ("ITSportsNet"), a recognized international leader in
online sports administration. The transaction involved 12,344,467
common shares of ITSportsNet representing approximately 97% of
ITSportsNet's issued and outstanding common shares. ITSportsNet
shareholders receive 0.72188 of a common share of Ivrnet for each
ITSportsNet common share and option tendered. Accordingly, Ivrnet will
issue approximately 8,911,226 common shares in respect to the offer.
"This is an exciting time in our growth," says David Snell, Ivrnet's
President and CEO. "Integrating ITSportsNet with Ivrnet will realize
significant administrative cost savings within our first year of
operating together. Our technologies are very complementary.
Integrating our talented work force will enable us to bring new and
more robust products to market faster for both Ivrnet and ITSportsNet
brands." ITSportsNet staff and equipment have already moved into
Ivrnet's corporate headquarters in NE Calgary.
Ivrnet is a software as a service company that develops and operates
intelligent software applications, delivered through traditional phone
networks and over the Internet. These applications facilitate automated
interaction; personalized communication between people; mass
communication for disseminating information to thousands of people
concurrently; and personalized communication between people and
automated systems. Ivrnet's applications are accessible through nearly
any form of communication technology, at anytime from anywhere in North
America via voice, phone, fax, email, texting and the Internet. One of
its brands, ITSportsNet is a recognized international leader in online
sports administration, providing sporting teams and organizations with
a comprehensive suite of web-based software products that simplify and
manage processes including registration, scheduling and website
Forward Looking Information
This news release contains certain forward-looking information
("forward-looking information") within the meaning of applicable
Canadian securities laws. Forward-looking information is often, but not
always, identified by the use of words such as "anticipate", "believe",
"plan", "intend", "objective", "continuous", "ongoing", "estimate",
"expect", "may", "will", "project", "should" or similar words
suggesting future outcomes. In particular, this press release includes
forward-looking information relating to the anticipated benefits of the
ITSportsNet acquisition. Ivrnet believes the expectations reflected in
such forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those
assumptions are based on information currently available to Ivrnet.
Forward-looking information is not a guarantee of future performance and
involves a number of risks and uncertainties some of which are
described herein. Such forward-looking information necessarily involves
known and unknown risks and uncertainties, which may cause Ivrnet's
actual performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward- looking information. Except as
required by law, Ivrnet assumes no obligation to publicly update or
revise any forward-looking information made as of the date hereof with
new information, subsequent or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE IVRnet Inc.
For further information:
For more information, interviews or hi-rez visuals, please contact:
Mr. David L. Snell, Ivrnet Inc. President and CEO (403) 538-4540 email@example.com