AVL Information Systems Ltd. Completes Acquisition of Phoenix Group (1994) Inc.SARNIA, ONTARIO--(BUSINESS WIRE)--Jan. 5, 1998--AVL Information Syst(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :AVLL.) AVL (Automatic Vehicle Location) See mobile positioning. Information Systems Ltd. (AVLIS AVLIS Atomic Vapor Laser Isotope Separation ) today announces that it has completed its acquisition of Phoenix Group (1994) Inc. (PGI PGI Protected Geographical Indication PGI Progiciel de Gestion Intégré (French: Enterprise Resource Planning) PGI Phosphoglucose Isomerase PGI Polish Geological Institute (Warsaw, Poland) ). AVLIS acquired PGI in exchange for the issuance to Parsh Patel, the sole shareholder and President of PGI, 2,250,000 common shares of AVLIS. PGI is a Michigan based privately held consulting and software design company. Currently PGI provides consulting services to Fortune 500 companies in Information Technology re-engineering, emerging technology integration and software engineering. PGI has experienced 100 percent growth every year since inception resulting in revenues in excess of $2 million for 1997. This growth trend is expected to continue for the next several years. JODE, a Java based RAD with an integrated IDE (to be released 1Q98) is expected to contribute to revenues for fiscal 1998. JODE is the first RAD tool of its kind written in 100 percent Java. SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. , visualization, database connectivity, RMI (Remote Method Invocation) A standard from Sun for distributed objects written in Java. RMI is a remote procedure call (RPC), which allows Java objects (software components) stored in the network to be run remotely. , Cobol wrapper for legacy access, 2D/3D charting, network messaging, e-mail with drag and drop A graphical user interface (GUI) capability that lets you perform operations by moving the icon of an object with the mouse into another window or onto another icon. For example, files can be copied or moved by dragging them from one folder to another. programming makes a JODE unique RAD poised to help tackle the millennium bug (Y2K). Currently JODE is under beta testing and evaluation by Fortune 500 clients. PGI has an overseas R&D facility in India for software development and currently supports both US and EU community with development and support services. The proposed acquisition of PGI was originally announced in June 1997. Due to delays in completing its due diligence and re-negotiation of the purchase price, AVLIS was forced to delay the completion of this acquisition until now. Upon completion of this transaction and the issuance of the new treasury shares, AVLIS will have issued and outstanding a total of 18,535,960 common shares. The common shares of AVLIS trade through the facilities of the Canadian Dealing Network Inc. in Toronto under the symbol "AVLL". CONTACT: AVL Information Systems Ltd. Peter Fisher, 519/869-2677 519/869-6646 (FAX) Mr. Parsh Patel, 810/469-3500 |
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