COGNICASE Completes Acquisition of Ezenet.Business Editors MONTREAL & TORONTO--(BUSINESS WIRE)--Sept. 25, 2001 COGNICASE Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COGI COGI Coalition on Government Information (also known as the Minnesota Coalition on Government Information, or MNCOGI; promotes open access to public records) ) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :COG.) a provider of advanced transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. solutions and Internet-based applications, announced today the closing of the deal to acquire all the issued and outstanding shares of Ezenet Corp. (TSE:EZE EZE Eazy-E (rapper) EZE Buenos Aires, Buenos Aires, Argentina - Eze - Ezeiza International Airport (Airport Code) EZE Evangelische Zentralstelle für Entwicklungshilfe eV ). The transaction is valued at approximately $54 million. Ezenet is a Toronto-based software developer that provides next-generation wealth management transaction processing and Web-based utilities for financial institutions. Under the transaction, each common share of Ezenet will be exchanged, at the option of each holder of Ezenet for (a) redeemable preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of COGNICASE Acquisition Corp., a wholly-owned subsidiary of COGNICASE, which will be redeemed two business days following the effective date of the transaction for a price payable in cash of $3.16 per share subject to the maximum aggregate cash consideration of $20 million or (b) 0.570 common share of COGNICASE. Ezenet shareholders who elected to receive only redeemable preferred shares will, as a result of the maximum aggregate cash consideration of $20 million, receive approximately 50% of their elected amount in preferred shares and approximately 50% in COGNICASE common shares. The transaction has been approved by the Boards of Directors of COGNICASE and Ezenet as well as by 99.5% of Ezenet shareholders voting at a special meeting held today in Toronto. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. COGNICASE Chairman of the Board, President and 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. Ronald Brisebois, "This amalgamation adds critical mass to our existing banking systems expertise, adds to our list of blue-chip clients, and enhances our positioning in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector by increasing our presence and capabilities in the Toronto market." Jay Cashmore, President and Chief Executive Officer of Ezenet Corp. stated, "We are extremely pleased to join our forces with those of COGNICASE." The combination of our resources strengthens our ability to provide financial institutions with new products and services to complement our wealth management offering and to continually provide our clients with better service." About COGNICASE COGNICASE (TSE:"COG", Nasdaq:"COGI") is an IT products and services provider specializing in advanced transaction processing and Internet-based applications. Relying on its results-driven approach, its software and technology and its international Internet engineering and hosting centre, COGNICASE offers secure and scalable solutions that contribute to its customers' economic success in the age of the new economy. The Company is active in several countries, including Canada, the United States, France, Spain, Belgium, and the Netherlands. About Ezenet Ezenet (TSE:EZE) develops customer-centric technologies for financial institutions to expand their wealth management business. Ezenet's software is the first to manage and aggregate customer account information, provide personal financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against tools and enable straight-through transaction processing. Accessible through any medium - Web, wireless, branch or agent - Ezenet technology enables financial institution customers to access current and comprehensive information about their finances and be proactive in managing their financial affairs. Ezenet's proven technologies and industry expertise have helped major financial institutions brand their image in a Web-based environment, increasing sales and building long-term customer loyalty. For more information on the company or its products, please visit www.ezenet.com. |
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