MONTREAL, CANADA– ISACSOFT Inc. (TSX:ISF), - ISACSOFT today announced that it has completed the acquisition of BiblioMondo Inc. previously announced on September 8, 2004.
Under the final terms of the agreement to acquire BiblioMondo Inc., ISACSOFT has completed the transaction by issuing 33,304,611 shares at a price of $0.40 per share and cash of $32,193 for a total value of $13,354,038. In addition, ISACSOFT has issued 862,700 Class “A” share warrants, exercisable on a one for one basis into Class “A” shares at any time on or before October 1, 2009 at price of $0.40 per share. The securities issued to complete this transaction are subject to a four month hold period expiring on February 2, 2005.
“The completion of this acquisition represents a significant forward in the development of ISACSOFT,” saidMr. Ronald Brisebois, President and Chief Executive Officer. “as we add a significant customer base and additional management expertise.”
Mr. Ian Ferguson, currently President and Chief Executive Officer of BiblioMondo has been named to the position of Chief Operating Officer at ISACSOFT, and Mr. Michel Beland, currently Chief Financial Officer and Secretary of BiblioMondo has been named an Executive Vice President of ISACSOFT.
BiblioMondo has been innovating library technology for more than 20 years. A leading international provider of enterprise automation solutions to public, academic, special libraries and consortia, BiblioMondo delivers comprehensive consulting services and post sales support to hundreds of prestigious library clients.
Based in Montreal and established in 1986, the company produced one of the first full-scale library automation systems. With a legacy as an early adopter of what were to become watershed technologies in the library world, BiblioMondo was one of the first companies in the industry to move away from earlier text-based systems to a Web-centric architecture managed through 100% Java graphic interfaces.
Today, BiblioMondo has one of the largest networks of libraries in the world, providing comprehensive solutions and services to hundred of clients in over a thousand libraries, serving nearly 20 million users in 9 countries worldwide. Major customers include the National Library of Quebec; Lyon, France, the largest network of municipal libraries in France; Hamburg, the largest library in Germany; and, commercial customers including Hydro-Quebec.
BiblioMondo had revenues of $11,900,000 and net income of $202,000 for the year ended December 31, 2003.
ISACSOFT is a provider of content-based software solutions to its international customers. The revenue model is based on software licences, copyrighted content development, recurring revenues and services. The solutions of ISACSOFT include knowledge management, e-Learning management and document management. ISACSOFT is headquartered in Montreal, Canada with sales offices in New York and Quebec City, as well as an international network of distributors.