Symbol: IVI (TSX-V)
CALGARY, Jan. 25 /CNW/ - Ivrnet Inc. ("Ivrnet") (TSX-V: IVI) is pleased to announce that it has entered into a letter agreement with
Itology.com Ltd. d/b/a/ ITSportsNet ("ITSportsNet"), whereby Ivrnet has
agreed to make an offer to acquire all of the issued and outstanding
shares of ITSportsNet (the "ITSportsNet Shares") by way of an exempt
take-over bid. ITSportsNet is a private company, which develops and sells software that provides registration, league management, website
and communication solutions for sports organizations.
Under the terms of the letter agreement, Ivrnet has agreed to make the
offer to acquire all of the issued and ITSportsNet Shares and options
on the basis of 0.72188 of a common share of Ivrnet for each
ITSportsNet Share and option held.
The acquisition of ITSportsNet is subject to the satisfaction, at or
prior to closing, of certain customary closing conditions, including
the approval of the TSX Venture Exchange. Assuming these conditions are
satisfied, Ivrnet expects the acquisition to close on or about March
ITSportsNet is a recognized leader in sports administration throughout
North America. Since 2000, we have served over 3,000 clients, at all
levels of sport, providing a hosted, fully integrated suite of
registration, league management and web-based communication software.
Our solutions eliminate unproductive effort and deliver dynamic new
services to sporting participants. By offering a complete turnkey
solution, ITSportsNet can help organizations streamline their existing
processes without the need for sophisticated computer experts or costly
equipment. ITSportsNet is an efficient answer the needs of the sporting
community, often reducing staff time by over 50%.
For more information on ITSportsnet, please visit www.itsportsnet.com
Ivrnet is a communications 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.
Forward Looking Information
This press 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 closing date of
the 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 and
ITSportsNet, including timelines for similar transactions of the nature
contemplated. You are cautioned that the preceding list of assumptions
is not exhaustive.
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 additional information please visit our website at www.ivrnet.com, or contact:|
David L. Snell
President and CEO