Combines BI services with IT solutions in fast-growing economy
TSX VENTURE: ODS
MONTREAL and QUERETARO, MEXICO, Dec. 3 /CNW Telbec/ - Odesia Group Inc.
("ODESIA") (TSX VENTURE:ODS) has completed the closing of the transaction
announced on November 1, 2007 under which ODESIA has acquired a group of
companies comprised of Resource IT de Mexico, Resource IT Software de Mexico,
and Global Business Integration de Mexico (collectively, "Resource IT"), for a
total purchase price of $2 million Canadian dollars.
Resource IT now becomes a wholly-owned subsidiary of ODESIA. Current
management remains in place and will play a key role in expanding ODESIA's
activities in Mexico. This transaction adds 70 new consultants to the existing
group, now providing Business Intelligence solutions and IT services in
France, Canada, and Mexico.
"We are excited about the opportunities the combined companies will
create in this fast-growing Mexican economy. We plan to take advantage of a
number of revenue synergies by expanding market opportunities, and believe we
can gain a larger share of the rapidly growing BI segment while generating
increased margins" said Nicolas Bonnafous, President and CEO of ODESIA.
"ODESIA shares our passion and complements our strengths: technology
leadership and customer focused innovation. Bringing both companies together
will allow us to transcend what we have accomplished as individual businesses
and expand the Business Intelligence solutions in Latin America" added Alfredo
Pina of Resource IT.
The acquisition of Resource IT is summarized as follows:
- $1,000,000 in cash, of which $125,000 paid on closing and the balance
payable in quarterly instalments from March 31, 2008 to December 31,
2010, bearing 12% interest rate;
- Issuance of 2,222,222 common shares of ODESIA at a price of $0.45 per
share. The issued shares will be held in escrow and released
semi-annually until November 29, 2009. The issuance of shares has been
conditionally approved by the TSX-V;
- The vendors can also be entitled to earn-out payments of approximately
$672,000 over the next two years if they deliver annual revenues of
more than 36,842,105 Mxn Pesos, (approximately $3,500,000).
About ODESIA Group
ODESIA Group is a Canadian-based international corporation specialized in
BI solutions, decision processes, and data warehousing for large corporations.
The management team at ODESIA has extensive knowledge and experience in
leading the execution of BI processes in large enterprises. The team of some
220 professionals offers a high level of service and specialization. The
partnerships that ODESIA has formed with diverse BI service providers
constitute a further important feature of its offering. The Company's goal is
to provide customers a complete solution, no matter the technical challenge.
For more information, see www.odesia.com
About Resource IT
Resource IT is a Mexican-based company providing ORACLE consulting
services since 2002. The professional team of Resource IT caters the Financial
and Technology sectors in Queretaro, Monterrey and Mexico City, as well as
customers in Panama and London, UK.
Forward looking statements
This press release may contain forward-looking statements. Various
factors could cause actual results to differ materially from those projected
in forward-looking statements. Although ODESIA believes that the
forward-looking statements contained herein are reasonable, it can give no
assurance that the ODESIA's expectations are correct. All forward-looking
statements are expressly qualified in their entirety by this cautionary
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE
INFORMATION CONTAINED HEREIN.
For further information:
For further information: Nicolas Bonnafous, President and CEO, Odesia
Group Inc., (514) 876-1155 x 102, email@example.com; www.odesia.com;
Nicole Blanchard, Managing Partner, Sun International Communications, (450)