Québec, December 1, 2006 – Fortsum Business Solutions Inc. (Fortsum Business Solutions) (TSX Venture Exchange: FRT) announces today that it has closed a transaction to acquire Implanciel Inc. (Implanciel), a Québec-based company specialized in the integration of computerized business solutions, for an approximate amount of $2M. Implanciel is both a “Premier” Accpac as well as an SAP Canada partner. The company generated some $2.3M in revenues over the last ten months.
“We are very pleased to welcome the expert Implanciel team to our corporate family, notably its director Denis Carrier, CA, CATI. Implanciel’s expertise and high reputation will certainly add to our business and prove to be a plus for our distinguished clientele. This acquisition strengthens our expertise in the integration of Sage Accpac solutions and adds SAP Business One to our portfolio of products and services,” said Fortsum Chief Executive Officer, François Taschereau.
Conditions
As announced on October 4th, the cost of this transaction represents some 10% of Fortsum Business Solutions’ total assets to be paid as follows: $1M in cash paid upon closing, $200 000 in corporate shares, which is equivalent to 277,778 shares at $0.72 per share as fixed according to the policies of TSX Venture Exchange Inc., and the balance of $800,000 paid over three years either in cash or in shares, at the issuer’s discretion.
About Implanciel
Founded in December 1988, Implanciel is specialized in the deployment and integration of computerized management solutions for companies in all industries. Located in Laval, Implanciel has some twenty employees serving over 300 customers. For more information: www.implanciel.com
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 current management expectations involve inherent risks and uncertainties, both known and unknown. Actual results may vary from forecasts. The reader is advised not to place undue faith in forward-looking information.
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For Information:
FORTSUM BUSINESS SOLUTIONS INC.
François Taschereau
Chief Executive Officer
ftaschereau@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
Frédéric Tremblay
HKDP Communications and Public Affairs
Tel.: (514) 395-0375, ext. 234
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the release.