For immediate Release: May 12, 2010
Armada Data Acquisition
Mississauga, Ontario, May 12, 2010, ‐ Armada Data Corporation (TSX.V: ARD) (the “Corporation”) announces that it is in advanced negotiations with Cybernetfinder Corporation (“Cybernet”) to acquire Cybernet’s information technology business.
The assets to be acquired include computer equipment, hardware and software as well as client and supplier contracts. It is contemplated that Armada will be paying $200,000 for the assets as follows: $20,000 cash payable on closing; $90,000 payable in equal monthly installments, without interest, over eighteen (18) months; and $90,000 worth of Armada common shares issued at closing. The shares issued will be subject to all applicable securities and regulatory hold periods.
The entering into of an Asset Purchase Agreement between Armada or an affiliate and Cybernet is a reviewable transaction in accordance with the policies of the TSX Venture Exchange since the spouse of Eli Oszlak (Mr. Oszlak is a director and officer of Armada) is also a director and officer of Cybernet.
“The acquisition of Cybernet’s assets is a strategic one for Armada. Cybernet has been an Armada technology partner since the company started. Their ability to deliver cost‐effective advanced IT, web design, web hosting, SEO, e‐commerce and e‐mail solutions for our businesses has been key to being able to deliver the latest technology to our clients while keeping our costs low.” said Paul Timoteo, President and CFO of Armada. Mr. Timoteo went on to say “Bringing this wealth of knowledge under the Armada umbrella will allow the company to diversify its product and service offerings and leverage our abilities to offer cost‐effective solutions to a greater number of clients.”
The final closing of the transaction is subject to the approval of the TSX Venture Exchange.
About Armada Data Corporation
Armada Data Corporation is a profitable web‐enabled Automobile Information Services Company providing accurate and real‐time pricing data, to institutional and retail customers on a fee‐for‐service basis, through developing, owning and operating automotive related websites and providing information services to its clients.
Armada Data Corporation shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada has 13,755,497 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
For further information, please contact:
- Armada Data Corporation
- Mr. Paul Timoteo, President & CFO
- Tel 1‐866‐453‐6995 ext 224
- Email: PT@ArmadaData.com
Or
Investor Relations; please contact Mr. Richard Buzbuzian at Integrated Investor Relations Inc. Tel 647‐501‐3290 or email: RBuzbuzian@IntegratedIR.com
Public Relations; please contact Mr. Nelson Hudes at Hudes Communications International Tel 905‐660‐9155 or email: Nelson@HudesCommunications.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward‐looking information within the meaning of Canadian securities laws, including statements relating to revenue, earnings, customer demand, penetration and increases to market share and anticipated growth. Forward‐looking statements are based on estimates and assumptions made by Armada in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors Armada believes are appropriate. Many factors could cause the actual results of Armada to differ materially from those expressed or implied by the forward‐looking statements, including, without limitation, reduced spending by customers and risks relating to general economic conditions. Readers should not place undue reliance on Armada’s forward‐looking statements. Armada undertakes no obligation to update or revise any forward‐looking information, except as required by law.