MONTREAL, Jun 27, 2008. Isacsoft Inc. (TSX-V: ISF) ("Isacsoft") announced today that its shareholders have approved the amalgamation announced on May 27, 2008 with 4468783 Canada Inc. ("BriseboisCo"), a company controlled by Ronald Brisebois, the President, Chief Executive Officer and Chairman of the Board of Directors of Isacsoft (the "Board") (the "Amalgamation"). Under the Amalgamation, the shareholders of Isacsoft (the "Shareholders") will receive for each common share of Isacsoft (the "Share") they hold, an amount of $0.33 per Share (the "Offer Price"). The Amalgamation values Isacsoft's equity at approximately $4.2 million on a fully diluted basis.
The Amalgamation resolution was approved by 91,26% of the votes cast by holders of Isacsoft shares and by 87,85% of the votes cast by minority Shareholders.
Closing of the Amalgamation is expected to occur on July 1, 2008. Upon the Amalgamation becoming effective, Isacsoft will deliver to the depositary sufficient funds to enable the depositary to make the payments of the offer price.
Following the transaction, Isacsoft will continue to be headquartered in Montreal under the Isacsoft name. Ronald Brisebois will be the sole director and officer of the amalgamated corporation.
Isacsoft is a provider of software business solutions, information technology-training and systems integration consulting to its national and international customers. The revenue model is based on software licences, recurring revenues and strategic projects targeting key customers. Isacsoft is headquartered in Montr�al, Canada with offices in Paris, London, Cologne and The Hague.