MONTREAL, April 16 /CNW Telbec/ - WANTED Technologies Corporation (TSX-V:
WAN), is pleased to announce that it has signed, on April 11, 2007, a letter
of intent to acquire all of the issued and outstanding shares of Corzen Inc.,
a New York-based company. Both companies are leaders in the field of online
classified market data and analysis, and support clients in the media,
financial and staffing services marketplaces.
"This strategic transaction is a significant development for WANTED,"
says David Tanguay, president & CEO of WANTED Technologies. "We believe the
combination of Corzen and WANTED will create a strong leader in the new media
intelligence market, which is an enviable position given the emerging nature
of the market. Together, we expect that WANTED will benefit from valuable
business synergies and will intensify its operational strength through the
combination of our respective R&D, product management, and service teams."
Corzen's Chief Executive Officer, Bruce Murray, is in accord. "WANTED and
Corzen share a common vision of providing quality data and relevant market
information. Our clients will benefit from expanded technology resources and
from the combined experience and knowledge base of both organizations. Most
importantly, clients of both companies will have access to a broader suite of
products and services, as well as a larger support network."
WANTED has entered into this letter of intent based on its understanding,
among other things, that Corzen generated annual business revenues of
US 1,446,000 and was profitable for its financial year ended December 31,
2006. The transaction should increase WANTED's revenues by approximately 50%
based on its second quarter results ended as of December 31, 2006.
Under the terms of the letter of intent, WANTED will pay US$2,000,000 in
cash and issue 1,750,000 common shares to Corzen's stockholders, subject to
certain conditions, representing 8.5% of WANTED's presently outstanding common
shares. The completion of the transaction between WANTED and Corzen is subject
to customary due diligence and approval by the TSX Venture Exchange. Final
terms of this transaction will be disclosed at the closing of the transaction,
which is expected to be on or before June 15, 2007. The company does not
expect to issue additional shares to complete the transaction.
Corzen (www.corzen.com) makes it simple for clients to track external
market conditions that affect important categories of revenue and expenses of
online advertising. The company focuses on marketplaces that are undergoing
fundamental changes and lack a source of relevant, timely information about
market conditions. Its clients include Monster, Careerbuilder, Yahoo/HotJobs,
Autotrader, and many other media and financial firms. Corzen is based in
New York City.
About WANTED Technologies Corporation
WANTED (www.wantedtech.com) is a leading supplier of real-time sales and
business intelligence solutions for the media classified and recruitment
industries. Using its proprietary On-Demand data mining, lead generation and
CRM (Customer Relationship Management) integrated technologies, WANTED
aggregates real-time data from thousands of online job boards, real estate and
newspaper sites, as well as corporate Web sites on a daily basis.
WANTED's data is used to optimize sales and to implement marketing
strategies within the classified ad departments of major media organizations,
as well as by staffing firms, advertising agencies and human resources
WANTED is the exclusive data provider for the United States Conference
Board's Help-Wanted Online Data Series(TM), a monthly economic indicator of
job availability in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. This release may contain forward-looking
statements that reflect WANTED's current expectation regarding future
events. These statements involve risks and uncertainties. Actual events
could differ materially and depend on a number of factors, including an
unproven and changing market, regulatory approval, establishment of
corporate alliances and other risks detailed from time to time in
WANTED's filings. These statements are also based on various assumptions,
including successful commercialization of services. While WANTED
anticipates that subsequent events and developments may cause its views
to change, WANTED specifically disclaims any obligation to update these
For further information:
For further information: Mr. David Tanguay, President and CEO, (418)
523-6663, ext. 222; Mr. Philippe Frenière, CA, Vice President Finance & CFO, 1
(800) 530-0818, ext. 232; Source: WANTED Technologies Corp.