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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Millennium Silver Corp | TSXV:MSC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.005 | 0.005 | 0.005 | 1 | 01:00:00 |
Meridex Software Corporation ("Meridex") (TSX VENTURE:MSC), a provider of IP security and facilities management software solutions, today announced that it has signed a non-binding letter of intent for the sale of its IT network services division to TimeSearch Inc. Matt Dion, CEO and President of Meridex, is also a director of TimeSearch Inc. "The IT services is a healthy and profitable division," said Mr. Dion. "We have used the profits generated from this division as the backbone to fund investment into our security software division. As we move from a primary focus on research and development toward commercialization, we now intend to sell the IT division in order to strategically focus our resources into this division which holds the greatest potential for future shareholder value." In accordance with the terms and provisions of the LOI, Meridex is proposing to sell its IT services for the aggregate consideration of approximately $405, 000, payable as to $5,000 on the completion of the disposition and the balance to be paid in monthly installments of $45,000 per month commencing on June 30, 2008 on an interest-free basis. The proposed transaction is subject to financial and legal due diligence, execution of a definitive asset purchase agreement and TSX Venture Exchange approval. No finder's fees will be payable in connection with this transaction. The parties intend to negotiate a definitive asset purchase agreement within the next 30 days. ABOUT MERIDEX Meridex Software Corporation is a leading provider of IP security and facilities management software solutions. Meridex enables educational institutions, government, hospitals, retail and corporate enterprises to manage, monitor, and optimize security and facilities management systems. Specializing in highly-integrated building security, camera monitoring, HVAC and lighting controls that operate based on industry standards, Meridex is developing intelligent IP surveillance and business optimization solutions to enable real-time monitoring systems through wireless networks. (c) 2008 Meridex Software Corporation. Meridex and the Meridex logo are trademarks or registered trademarks of Meridex Software Corporation. All other trademarks are the property of their respective owners. Forward Looking Statements This discussion may contain certain forward-looking statements reflecting the Company's current expectations and estimates about the markets in which the Company operates and management's beliefs and assumptions regarding these markets. Investors are cautioned that all forward -looking statements involve risks and uncertainties, including, without limitation, changes in market and competition, technological and competitive developments, potential downturns in general economic conditions and the potential impact of any mergers, acquisitions or other business combinations or divestitures that may be announced or completed after such statements are made. Additional information on these and other potential factors that could affect the Company's financial results are included in this discussion and in documents filed from time to time with the provincial securities commissions in Canada.
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