TSX Venture Exchange Trading Symbol - NIT
42,783,829 shares outstanding
MARKHAM, ON, Nov. 27 /CNW/ - Neotel International Inc. ("Neotel")
announces that it has received the necessary regulatory approvals and
completed the acquisition of a 100% interest in Tenth Power Technologies Inc.
("Tenth Power") previously announced on October 12, 2007.
Tenth Power is a leading provider of application development services and
products. The total price for the acquisition is $900,000 payable by the
issuance of 7,200,000 common shares of Neotel stock at a value of $0.125 per
Neotel is very pleased with the acquisition and is looking forward to
working with the 10th Power team. The acquisition brings to Neotel an
excellent team of software developers and support and service providers. This
will be of tremendous importance as Neotel moves forward in developing new
applications for its SignHere(TM) biometric signature validation product. In
addition there is a great deal of synergy to combining the SignHere(TM)
product with Tenth Power's "Fundamentals" product and several potential
customers have expressed interest in this combined product.
As part of the acquisition, principals and associates of Tenth Power have
subscribed to a private placement of 3,125,000 Units at a price of $0.08 for a
total investment of $250,000. The Units are comprised of one share and one
warrant to purchase a share at $0.13 for a period of two years. An initial
payment of $150,000 was received on completion of the acquisition with the
balance of $100,000 due in thirty days.
Dennis Bernhard, CEO of Tenth Power, will join the Board of Directors of
Neotel. He will also continue as an addition to the Tenth Power subsidiary
where he will assist with strategic development and sales.
ABOUT NEOTEL INTERNATIONAL INC.
Neotel is a provider of secure fax, dynamic signature authentication and
other secure solutions to enterprise and government. Neotel offers clients a
portfolio of secure solutions to protect assets, reduce costs, increase
revenues and comply with government and industry regulations. Neotel's
biometric signature identification solution SignHere allows for electronic
signature capture that is uniquely personal and impossible to forge. Neotel,
through its subsidiary, SecureIT Investigations & Consulting Inc., is a
leading provider of consulting solutions for security, privacy, risk
management and compliance designed to protect and enhance both enterprise and
government security and privacy requirements. Neotel, through its subsidiary,
Admiral Secure Products Ltd., is a leading provider of secure fax devices
designed to protect sensitive facsimile communications from inadvertent or
Additional information about Neotel is available at www.neotel.ca.
ABOUT TENTH POWER TECHNOLOGIES INC.:
Tenth Power Technologies Inc. is an innovative information technology
company focused on design, development and implementation of complete IT
solutions. It is a strategic supplier to companies like Lexmark and Novell
globally. As a Novell "Gold Partner" specializing in LINUX and open source
technologies, Tenth Power has developed very deep skills and expertise. This
focus on LINUX and open source applications has led to the development of
LANUX(TM). The LANUX(TM) Framework allows "Command and Control" of multiple
Linux servers from a Central point. Tenth Power has partnered with Seneca
College on the promotion of LANUX(TM) as a new open source project and
incorporated it into its course curriculum. Tenth Power has developed a second
product which streamlines and enhances "initiative management," called
Fundamentals(TM). Fundamentals(TM) simplifies the processes of aligning, and
managing multiple people and parties for projects and complex multi-party
tasks. Core to Fundamentals(TM) is the ease with which initiates and projects
can be reported on in real time through customizable dashboards which can
reflect each individual's priorities and business measures.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Neotel, Maureen Espin, (905) 948-9229 x28;
Tenth Power Technologies, Dennis Bernhard, (416) 920-2010