COGNICASE to Bolster Presence in Energy Vertical, to Acquire CYME International Inc.Business Editors & Technology Writers MONTREAL--(BUSINESS WIRE)--Feb. 7, 2002 COGNICASE Inc. (Nasdaq: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), an innovative IT solutions provider specializing in the development and integration of transactional solutions, today announced that it has entered into a letter agreement for the acquisition of CYME Cyme (sī`mē), ancient Greek city of W Asia Minor, on the Ionian Sea and N of the present Smyrna in W Asian Turkey. It was the largest and most important of the 12 cities of Aeolis. In the late 5th cent. B.C. International Inc. The transaction is conditional upon the approval of the Board of Directors of COGNICASE, other usual 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. , as well as the absence of material adverse change in the business and financial conditions of CYME. CYME is a world-wide supplier of high-quality PC-based power engineering software applications. Its client base includes electric utilities, industrial organizations, consultants and research or teaching institutions in some 100 countries. The company is also a licensee and partner in software development with a number of other organizations including Hydro-Quebec. Its products meet strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. needs for both transmission and distribution networks. They also enable network operators to proactively manage networks via real-time simulations aimed at reducing network downtime. With its global reach, CYME will further allow COGNICASE to position itself as a leading player in the energy and public sector markets. Pursuing the significant world-wide potential of this industry vertical is a key element in reaching targeted business objectives for 2002. COGNICASE's 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 explained, "CYME will constitute an important building block for adding software solutions and expertise to our new energy and telecommunications vertical aimed at developing and marketing IT products and services for the energy and telecom industries. Along with the recent acquisition of M3i Systems, the acquisition of CYME will also complement existing energy offerings and provide additional cross-selling opportunities in the energy sector." Yvan Robichaud, President and Chief Executive Officer of CYME International stated, "By becoming part of COGNICASE, CYME will benefit from considerable resources to offer its clients integrated solutions and maintain its international leadership position. We will be better equipped to face the competition because the market is increasingly requiring suppliers able to offer a range of solutions." About COGNICASE COGNICASE (TSE: "COG", Nasdaq: "COGI") is an IT products and services provider specializing in 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. and Internet-based applications. Relying on its results-driven approach, its software and technology and its Application Services See ASP and Web services. Technology 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 Canada, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and Europe. About CYME International CYME International is a major supplier of Electric Power Engineering Software with clients in some 100 countries. |
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