20-20 Technologies Announces Intention to Acquire Virtual Systems International.LAVAL, Quebec -- 20-20 Technologies Inc. (TSX:TWT TWT - Tactical Warfare Training TWT - Teaching with Technology TWT - Technical Walk-Through TWT - The Technical Writing Teacher (journal) TWT - The Washington Times TWT - The Wildlife Trusts (UK) TWT - The World Tonight (television news program) TWT - The Wrong Trousers (Wallace & Grommit film; band) TWT - Third World Traveler TWT - Time Will Tell (Robert Cray song) TWT - Tiny Windows Terminal TWT - Total Wait Time TWT - Totally Without Thought) - Transaction Highlights - VSI VSI - Stalling Speed in a Specified Flight Configuration VSI - Vascular Society of India VSI - Vehicle State Interface VSI - Velocity and Steering Indicator VSI - Vendor Single Interest VSI - Verify Supplier Invoice VSI - Vertical Scale Indicator VSI - Vertical Scanning Interferometry VSI - Vertical Shaft Impactor (industrial rock crushing machine type) VSI - Vertical Situation Indicator VSI - Vertical Speed Indicator VSI - Very Seriously Ill 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, 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 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 ("VSI"). The transaction is subject to certain conditions, including satisfactory due diligence 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 and the former COO of MBI 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 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 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 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, 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 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 (TWT) on the Toronto Stock Exchange (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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