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FOR IMMEDIATE RELEASE Ref. #NRE2005-06
MONTREAL, February 28, 2005 — TECSYS Inc. (TSX: TCS), an industry-leading Supply Chain Management (SCM) software company, announced today that it completed the acquisition of all of the outstanding shares of Application Solutions Inc. pursuant to a definitive share purchase agreement. In connection with the acquisition, the Company granted to certain of the selling shareholders a total of 25,000 warrants to purchase common shares of the Company at an exercise price of $1.64 per share. These warrants will vest as to 33.3% on each anniversary of the date of grant over a three-year period and will expire 4 years from the date of grant.
After accounting for the transaction, TECSYS Inc. expects its cash position to be approximately US$7M on April 30, 2005.
ASI is a full service integrator of barcode-based solutions, warehouse management systems, managed network and wireless services for manufacturing, warehousing and distribution operations. For further info, please visit www.asiwms.com.
TECSYS is a leading Supply Chain Management software company that provides powerful enterprise distribution and transportation logistics software solutions through three divisions: EliteSeries, PointForce, and TECSYS Transportation Systems.
Solutions and general info: info@tecsys.com
Investor relations: investor@tecsys.com
(514) 866-0001 or (800) 922-8649
The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
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