By the same token, Fortsum becomes one of SAP Business One’s main partners in Canada
Québec, May 1, 2008 – Fortsum Business Solutions Inc. (Fortsum Business Solutions) (TSX-V: FRT) announces the closing of the acquisition of all issued and outstanding shares of mCite Business Systems Inc. (mCite), a Canadian consulting firm specialized in the implementation of SAP Business One and Sage ACCPAC management solutions that generated revenues of $1,100,000 as at December 31, 2007.
“Our shareholders should be very pleased with the closing of this transaction, which should open the door to Fortsum Business Solutions’ expansion outside of Québec. Management is hard at work to develop the Corporation’s geographic positioning as well as partnerships with major industry players. We foresee increased shareholder equity as a result of our balanced plan of action centred on a growth strategy including acquisitions, organic development and geographic expansion. The acquisition of mCite is a good example of our strategy in action,” said President and Chief Executive Officer, André Thompson.
Denis Carrier, CA, CA-IT, Senior Vice-president, Integration for Fortsum Business Solutions added “I’m particularly pleased to welcome Blake Barkhouse and his team to the Corporation. I’ve had on many occasions the pleasure of witnessing the high degree of appreciation that clients, and SAP in particular, have for Blake Barkhouse and mCite. The professionalism of the mCite team is one of its highly regarded assets.”
“One of the goals of joining with a company of Fortsum Business Solutions’ calibre is to position ourselves to benefit from tools necessary to continue the growth already well underway due to our activities in Ontario and Atlantic Canada,” said Blake Barkhouse, CMA, who until today was president of mCite. “I see major opportunities for both our clients and business partners,” concluded Barkhouse.
Terms of Acquisition
Acquisition cost of $800,000 paid upon closure.
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development, integration, marketing and support of accounting, commercial and banking data management software. For more information: www.fortsum.com
Forward-looking Information
This press release may contain forward-looking information. Statements based on management’s current expectations involve inherent risks and uncertainties, both known and unknown. Actual results may vary from forecasts. The reader should not place undue faith in forward-looking information.
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For Information:
André Thompson
Chief Executive Officer
athompson@fortsum.com
Dany Beaudet
Shareholder Communications Coordinator
Tel.: (418) 877-0088 Ext. 2272
Toll-free: 1 888 268-0088
Fax: (418) 877-9994
dbeaudet@fortsum.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release.