Québec, February 27, 2006 - Fortsum Business Solutions Inc. (Fortsum Business Solutions) (TSX Venture Exchange: FRT) announces today that it has signed a letter of intent to acquire 100% of issued and outstanding shares of Groupe Conseil LVMB Inc. (Groupe Conseil LVMB), a Québec-based company specialized in the integration of accounting management software solutions for businesses of all sizes. As of September 30, 2005, annual sales totalled $5.7 million.
Considered the premier integrator of Microsoft Great Plains and Sage Accpac in Québec, over the last fifteen years, Groupe Conseil LVMB has successfully implemented accounting and management systems in thousands of businesses ranging from small private companies to large corporations employing over 1,000 people. The acquisition of this company will allow Fortsum Business Solutions to strengthen its line of services offered to large businesses by reinforcing its multi-platform positioning and confirm its dominance in the financial systems market within Québec.
“The management of Fortsum Business Solutions is very excited by the potential for growth before us. Should this acquisition come to pass, it will provide significant leverage for the development of new company activities, explained Fortsum Business Solutions CEO François Taschereau. We are very happy today to present such a high-calibre acquisition project to our shareholders. By adding these assets to our portfolio, we are positioning Fortsum Business Solutions as a major player in the integration of financial information within Québec,” added Taschereau.
Groupe conseil LVMB managers, Christian Van Moorhem and François Paré, are very enthusiastic about the possibility of joining the Fortsum Business Solutions team and thus benefiting from the support, expertise and visibility offered at the heart of Québec’s business community. Given project finalization, the current management team would continue to run the company and ensure continued development.
Conditions
The proposed transaction is subject to the approval of Fortsum Business Solutions’ Board of Directors and results of a due diligence study that completely satisfy company managers and directors as well as to pre-approval of the appropriate authorities governing the securities market. The purchase price is currently evaluated at 15% of Fortsum Business Solutions’ total assets. 60% of the sum will be paid in cash at closing and the balance paid over 36 months. Fortsum Business Solutions and Groupe Conseil LVMB hope to sign the agreement by April 30, 2006.
About Groupe conseil LVMB
Founded in 1991, Groupe Conseil LVMB specializes in the integration of accounting and management solutions for businesses of all types and sizes. It has head offices in Laval and a satellite office in Québec. The LVMB team counts some 50 employees and provides services to over 1,000 clients. For more information, visit www.lvmb.com.
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development, marketing and support of accounting, commercial and banking data management software. For more information, visit 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 warned not to place undue trust in any information of such a nature.
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For Information:
FORTSUM BUSNIESS SOLUTIONS INC.
François Taschereau
Chief Executive Officer
ftaschereau@fortsum.com
Dany Beaudet
Shareholder Communications Coordinator
dbeaudet@fortune1000.ca
Tel: (418) 877-0088 ext. 2272
Toll-free: 1 888 268-0088
Fax: (418) 877-9994
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