ANN ARBOR, Mich., January 31, 2002 - ProQuest Company's (NYSE: PQE) Information and Learning unit announced today that it has acquired Micromedia Limited, Canada's largest developer, publisher, and distributor of value-added reference information for academic, government, and corporate markets. Founded in 1972 and headquartered in Toronto, Micromedia licenses information from media, government, and other sources, creates abstracts, and delivers the information via the Internet, CD-ROM, microform, and print media.
"Micromedia is an ideal complement to ProQuest, and we are pleased to bring together our content and resources," said Joe Reynolds, president and chief executive officer of ProQuest Information and Learning. "Micromedia's strong relationships with publishers and customers, its quality products, and its distribution network are valuable assets. Its proprietary databases offer 25 years of content, which complements the depth of our existing ProQuest databases. The combination of resources offers new possibilities for innovative products and services.
"This new relationship also allows possibilities for greater distribution. Through Micromedia's strong presence in and knowledge of the Canadian marketplace, we anticipate becoming the premier information source for libraries in Canada. And ProQuest's strong sales network offers greater potential for distribution of Canadian content into the U.S. and abroad."
Stephen Abram, vice president of corporate development for Micromedia, commented, "We are pleased to join the ProQuest family. ProQuest has a unique understanding of the library market and the products we create and distribute. This pairing is an ideal combination for customers, publishers, and employees."
According to Rod Gauvin, senior vice president and general manager of the ProQuest online business, "Micromedia is known as ‘Canada's Information People.' We expect to maintain and build on that reputation by adding valuable content to existing products. We are committed to maintaining the quality of Micromedia's product line, including its flagship product, Canadian Almanac & Directory (now in its 155th year of publication), and its renowned CBCA (Canadian Business and Current Affairs) database.
"The Canadian character of its products will remain, and content additions will expand coverage."
Micromedia products include: reference materials—news, periodicals, and government information appearing in such databases as CBCA and CRI/Microlog; corporate information—financial and securities information, including such products as CanCorp Financials; and directories—comprehensive listings of targeted topical and market segments for corporate, education, libraries, and government users.
Terms of the agreement were not disclosed.
Safe Harbor Statement
Except for the historical information and discussions contained herein, statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors, including without limitation, the cost and availability of intellectual property from third parties, decreases in the ability to attract and retain employees for the existing ProQuest Company, obtain capital, including interest rate risks, decreases in funding for Internet access as well as overall acceptance and usage of the Internet in the education and library markets, including effects of and rate of acceptance of Internet-based solutions, including the automotive business, changes in the business services market, changes in the automotive industry, and general economic conditions, all of which could cause actual results to differ materially, and such other risks as discussed in the Company's filings with the Securities and Exchange Commission.
ProQuest creates specialized information resources and technologies that propel successful research, discovery, and lifelong learning. A global leader in serving libraries of all types, ProQuest offers the expertise of such respected brands as Chadwyck-Healey, UMI, SIRS, and eLibrary. With Serials Solutions, Ulrich's, RefWorks, COS, Dialog and now Bowker part of the ProQuest brand family, the company supports the breadth of the information community with innovative discovery solutions that power the business of books and the best in research experience.
More than a content provider or aggregator, ProQuest is an information partner, creating indispensable research solutions that connect people and information. Through innovative, user-centered discovery technology, ProQuest offers billions of pages of global content that includes historical newspapers, dissertations, and uniquely relevant resources for researchers of any age and sophistication—including content not likely to be digitized by others. Inspired by its customers and their end users, ProQuest is working toward a future that blends information accessibility with community to further enhance learning and encourage lifelong enrichment.
For more information, visit www.proquest.com or the ProQuest parent company website, www.cig.com.