EDMONTON, Nov. 11 /CNW/ - Matrikon Inc. (TSX:MTK) announced that it purchased the remaining 51% of Matrikon-SoftDEL India Private Limited from joint venture partner SoftDEL Systems Pvt. Ltd. on November 11, 2009 for CAN$575,000.
The company, with approximately 30 full time staff, will be operating as Matrikon India going forward.
"We initiated this joint venture in July 2008, at the peak of the resource markets," stated Ian Brown, Matrikon's vice president of Europe, Middle East & Africa. "Due to the changing global economic situation since then, we have not been able to expand the operation as we originally intended, by providing access to qualified engineers in the event of labour shortages outside of India. Where we have succeeded is in leveraging the talented resources in India to supplement our global research and development teams. Moving forward, Matrikon India will continue to expedite our R&D efforts while building the skill set to support our growth in the Middle East, where we anticipate growing demand for our products and services.
"We anticipate that the economy will recover over the next year, and as it does, Matrikon India will be prepared to meet our global resourcing needs."
Anand Vishnubhotla, a Matrikon employee of over 11 years, has been managing the operation since the joint venture was formed and will continue as General Manager. Matrikon India will be integrated into our Europe, Middle East & Africa (EMEA) business.
Ian continued: "I'd like to take this opportunity to welcome the employees of Matrikon India. We look forward to growing together in the coming years."
Forward Looking Statements
In order to provide our investors with an understanding of our current results and future prospects, our communications often include written or oral forward-looking statements. This news release contains statements that are forward-looking. These statements are made pursuant to the "safe harbor" provisions of applicable Canadian securities legislation. These statements represent Matrikon's intentions, plans, expectations and beliefs and are based on our experience and our assessment of historical and future trends and the application of key assumptions relating to future events and circumstances. These statements may include, but are not limited to, comments about: our objectives and priorities for 2009 and beyond, our strategies, expectations for our financial condition, the outlook for our operations, and external factors that may impact results, including global economies and industry trends.
Forward-looking statements require assumptions and involve risks and uncertainties related to our business and the general economic environment, many beyond our control. There is significant risk that the predictions, forecasts, conclusions or projections we make will not prove to be accurate and that our actual results will be materially different from the targets, expectations, estimates or intentions expressed in the forward-looking statements. We caution readers of this news release not to place undue reliance on our forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic conditions in the countries in which we operate; currency fluctuations; market demand for our products and services; our ability to execute projects and deliver solutions; our ability to execute our strategic plans and to complete and integrate acquisitions; the degree of competition in the geographic and business areas in which we operate; our ability to attract and retain qualified employees and contain payroll costs; our ability to contain expenses; technological changes and research and development; the length of the sales cycle required to close larger solution contracts; availability of financial resources to carry out our strategy; our ability to protect our intellectual and intangible properties; legal claims; critical accounting estimates; the possible effects on our business of war or terrorist activities; disease or illness that affects local, national or international economies; and disruptions to public infrastructure, such as transportation, communications, power or water supply. We caution that this list is not exhaustive of all possible factors.
Other factors could adversely affect our results. For more information, please see the discussion on the principal risks that could affect our results, beginning on page 45 of Matrikon's 2009 Annual Report.
The assumptions in this news release pertaining to: our positive outlook for 2010, our belief that business opportunities remain strong and that opportunities in our pipeline will materialize as contracts, global economic and political stability will remain at current levels, that our clients will continue to invest in initiatives that support efficiency and reduce costs, foreign exchange rates do not fluctuate excessively, and that we will continue to be able to inspire, motivate and maintain our employee base at a sufficient level to deliver on our objectives.
When relying on forward-looking statements to make decisions with respect to Matrikon, investors should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Unless required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the company or on its behalf.
Matrikon (www.matrikon.com) is a provider of industrial intelligence solutions that transform production data into the knowledge needed to anticipate problems and optimize operations - empowering and sustaining the achievement of operational excellence. With offices throughout North America, Australia, Europe and the Middle East, and clients who are industry leaders in the process industries, power generation and mining, Matrikon's reach is global. Matrikon has been empowering excellence since 1988, and is traded on the Toronto Stock Exchange under the symbol MTK.
SOURCE MATRIKON INC.
For further information: For further information: Investor/Media Information: Nicole Sayler, (780) 945-4010, email@example.com