MONTREAL, Nov. 30 /CNW Telbec/ - ISACSOFT Inc. (TSX-V: ISF) announces the
sale of its training division Versalys to Synesis Inc. In line with the review
of strategic alternatives that started in February of this year, the board of
directors approved the sale of the division, for a total consideration of
close to $800,000.
Synesis Inc. will pay $400,000 in cash and will take responsibility for
prepaid courses at the time of the closing while ISACSOFT will keep accounts
receivable and payable that remain at the signing of the contract.
"After a strategic review of the marketplace and of ISACSOFT'S
positioning, we have concluded that our focus would now be essentially on the
library data management software segment of our company. We have worked, since
the end of 2006, to make the appropriate changes in order to generate positive
Ebitda from our training division Versalys. This turnaround enabled us to
complete the sale. We will now concentrate all of our efforts on the library
software segment with the goal of strengthening shareholder value." said
Ronald Brisebois, chairman of the Board and President and chief operating
officer of ISACSOFT INC.
ISACSOFT is a provider of software business solutions, information
technology-training and systems integration consulting to its national and
international customers. The revenue model is based on software licences,
recurring revenues and strategic projects targeting key customers. ISACSOFT is
headquartered in Montréal, Canada with offices in Québec City, Paris, London,
Cologne and The Hague.
This news release may contain forward-looking statements relating to the
Company and/or the environment in which it operates that are based on the
Company's expectations, estimates and forecasts. These statements are not
guaranteed and involve risks and uncertainties that are difficult to predict
and/or are beyond the Company's control. A number of factors may cause actual
outcomes and results to differ materially from those expressed. These factors
include those set forth in other public filings of the Company. Therefore,
readers should not place undue reliance on these forward-looking statements.
In addition, these forward-looking statements speak only as of the date made
and the Company disavows any intention or obligation to update or revise any
such statements as a result of any event, circumstance or otherwise. Factors
which may influence the likelihood of completion of a transaction or other
alternative include, among other things: the ability of the Company to
successfully implement its strategic initiatives and whether such strategic
initiatives will yield the expected benefits; competitive conditions in the
businesses in which the Company participates; general economic conditions and
normal business uncertainty; fluctuations in foreign currency exchange rates;
changes in the Company's relationship with its suppliers; and changes in laws,
rules and regulations.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Ronald Brisebois, President and CEO, (514)