20-20 Technologies Announces Intention to Acquire Virtual Systems International.LAVAL, Quebec -- 20-20 Technologies Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TWT TWT The Washington Times TWT Traveling Wave Tube TWT Teaching with Technology TWT Time Will Tell (Robert Cray song) TWT Tri-Wizard Tournament (Harry Potter event) TWT Third Wave Technologies, Inc. ) - Transaction Highlights - VSI VSI Vinyl Siding Institute VSI Voltage Source Inverter VSI Virtual Switch Interface VSI Vertical Speed Indicator VSI Voluntary Separation Incentive VSI Virtual Socket Interface VSI Vision Systems International VSI Vertical Shaft Impactor develops, markets, sells and integrates advanced manufacturing software solutions for North America's cabinet, furniture and woodworking industries. - Following the acquisition, 20-20 will be the world leading vertically integrated ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , engineering and manufacturing software solutions provider for the kitchen, office and configurable furniture industries, with over 200 customer installations of vertical ERP manufacturing solutions in North America and Europe. - 20-20 thus achieves the last critical step in establishing the leading global end-to-end solution for its targeted industries. 20-20 Technologies Inc. (TSX:TWT), a world leader in 3D design and sales software, computer-aided design and manufacturing Computer-aided design and manufacturing The application of digital computers in engineering design and production. Computer-aided design (CAD) refers to the use of computers in converting the initial idea for a product into a detailed engineering design. solutions for the interior design product industries, today announced its intention to acquire 100% of the outstanding share capital of Virtual Systems International, Inc. of Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. ("VSI"). The transaction is subject to certain conditions, including satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on the part of 20-20, and is expected to close within the next 30 days. VSI develops, markets, sells and integrates manufacturing software solutions for a number of medium to large manufacturers in North America's woodworking industry. These industry specific solutions can be integrated with various horizontal ERP solutions, including JD Edwards, Mapics, Sage and Microsoft Great Plains. VSI was founded in 1993 by its current President, Klaus Gueniker, a cabinetmaker from Germany by trade who obtained a subsequent degree in furniture production in the U.S. The firm now employs 27 people and has developed a leadership position based on a deep understanding of industry-specific business processes. VSI staff includes both the former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and the former COO of MBI MBI Management Buy-In MBI Moody Bible Institute MBI Mathematical Biosciences Institute MBI Modular Building Institute MBI Mechanical Breakdown Insurance MBI Molecular Biology Institute MBI Maslach Burnout Inventory (psychometrics) North America, a unit of MBI Software Company, a vertical ERP provider based in Germany that was recently acquired by 20-20. In 2004, VSI's second-generation integrated manufacturing IT solution (InSight) was launched at a trade show in Atlanta. Since then, VSI's products, including its CAD and CAM solutions, have been implemented by major kitchen cabinet, office furniture and institutional casegoods providers and component suppliers throughout North America. The management team of VSI, which comes with a wealth of European and North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. experience in the manufacturing sector, is expected to remain with 20-20. Mr. Gueniker will, following the acquisition, continue to manage the VSI team and all related activities. In addition to the incremental market share obtained as a result of this transaction, 20-20 will be adding complementary products to its portfolio, with little overlap with existing products. 20-20 believes its ProdManager and VSI's InSight products can be easily integrated, as both products are built on the same development and database tools. "This is the last critical step in establishing our global presence and a solid platform for our end-to-end solution offering for 20-20's addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be vertical markets," said Jean Mignault, CEO of 20-20. "The combination of our expanding 20-20, MBI and VSI product portfolio and implementation teams completes our comprehensive end-to-end solution and assembles the most competent resources in manufacturing CAD, engineering, CAM integration and vertical ERP applications in North America and Europe. InSight's modern engineering automation and shop floor execution systems should also bring benefits to 20-20's MBI, ProdManager and CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. customers in Europe." Jean-Francois Grou, President and COO of 20-20, added: "Following the acquisition, 20-20 will be the largest provider of manufacturing vertical ERP solutions in North America, with over 35 manufacturer customers, and the clear leader worldwide, with over 200 manufacturer customers, for the kitchen, office, closet and configurable furniture industries." VSI recorded revenues of US$3.4 million for the twelve months ended September 30, 2005 and is profitable. About 20-20 Technologies Inc. 20-20 Technologies is the world's leading provider of computer-aided design computer-aided design (CAD) or computer-aided design and drafting (CADD), form of automation that helps designers prepare drawings, specifications, parts lists, and other design-related elements using special graphics- and calculations-intensive , sales software and manufacturing solutions tailored for the interior design industry. 20-20 offers proprietary end-to-end solutions, integrating the entire design, sales, supply chain and manufacturing processes. The Company offers dealers and retailers state-of-the-art design, specification, photo-realistic 3D rendering and management software for configurable and standalone products in the residential and commercial interior design markets. 20-20's solutions include an integration platform between sales and manufacturing and world leading enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. systems, as well as computer-aided engineering and shop floor automation software. 20-20's software is sold in more than 100 countries and used at over 30,000 points of sale worldwide. 20-20 now has catalog data for close to 1,000 manufacturers throughout the world. 20-20 is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (TWT) on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX). For more information, visit www.2020technologies.com. Forward-Looking Statements Certain statements made or incorporated by reference in this press release may constitute "forward-looking" statements, within the meaning of applicable securities laws, which involve known and unknown risks, uncertainties and other factors (including but not limited to, the factors discussed under "Risk Factors" in our Annual Information Form) which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. Although the forward-looking statements contained in this press release are based upon what we believe are reasonable assumptions, we cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements reflect current expectations regarding future events and speak only as of the date of this press release, and we assume no obligation to update or revise them to reflect new events or circumstances. 20-20 Technologies Inc. (TSX:TWT) |
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