IVRNET INC. TO MAKE BID TO ACQUIRE ITSPORTSNET


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 15, 2011. 

About ITSportsNet

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

About Ivrnet

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
Ivrnet Inc.
President and CEO
(403) 538-4540
Email: d.snell@ivrnet.com

Profil de l'entreprise

IVRnet Inc.

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