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BSG Basicgov Systems Inc.

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Share Name Share Symbol Market Type
Basicgov Systems Inc. TSXV:BSG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

BasicGov Systems, Inc. Reports Settlement with Harris Corporation

08/03/2010 5:40pm

Marketwired Canada


BasicGov Systems, Inc. (TSX VENTURE:BSG) ("BasicGov" or the "Company") today
announced that it has reached agreement with Harris Computer Corporation on the
amount of the holdbacks under the Acquisition Agreement and that net proceeds
totaling $494,697 has been received by the Company. The Acquisition Agreement
and holdbacks relate to the disposition of assets in 2008 and will result in an
additional $119,258 write-down of the holdbacks receivable in 2009. 


Certain former shareholders of the Company who hold Subscription Receipts are
entitled to a total of 15% of the holdback sums received which equals $74,205.
This amount will be distributed shortly to holders of Subscription Receipts and
represents $0.0173 per Subscription Receipt less an adjustment for SBVCA tax
credits if applicable. 


About BasicGov Systems, Inc.

BasicGov Systems, Inc. (TSX VENTURE:BSG) develops, sells and supports BasicGov
web-based software for cities and local governments that streamlines permitting
and inspections, code enforcement and planning. BasicGov is a reliable, secure
solution delivered for an affordable price and the only web-based software for
local governments built on the Force.com, the cloud computing platform from
SalesForce.com used by more than 55,000 organizations worldwide. Unlike
enterprise software that is expensive to acquire and difficult to implement,
BasicGov requires no capital investment and is simple to set up. Users pay a
monthly subscription fee per module and no capital investment is required.
www.basicgov.com


Forward-Looking Statements

This news release contains forward-looking statements. Actual events or results
may differ materially from those described in the forward-looking statements due
to a number of risks and uncertainties, including changes in market and
competition, technological and competitive developments, cooperation and
performance of strategic partners and potential downturns in economic conditions
generally. Forward-looking statements are based upon management's estimates,
beliefs and opinions. The Company assumes no obligation to update
forward-looking statements, other than as required by applicable law.


1 Year Basicgov Systems Inc. Chart

1 Year Basicgov Systems Inc. Chart

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1 Month Basicgov Systems Inc. Chart