Canterbury Completes Acquisition of Usertech; Pro Forma Revenues Increase By 50%.Business Editors/Hi-Tech Writers MEDFORD, N.J.--(BUSINESS WIRE)--Oct. 2, 2001 Canterbury Consulting Group, 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 :CITI CITI Columbia Institute for Tele-Information (Columbia University) CITI Center for Information Technology Integration (University of Michigan) CITI Collaborative IRB Training Initiative ) announced today that it had completed the acquisition on September 28, 2001 of 100% of the stock of User Technology Services, Inc. (Usertech), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Ceridian Corporation (NYSE NYSE See: New York Stock Exchange : CEN CEN - Conseil Européen pour la Normalisation. A body coordinating standardisation activities in the EEC and EFTA countries. ). The consideration for the acquisition was a combination of cash and promissory notes promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. . Canterbury has renamed its newest subsidiary Usertech/Canterbury Corp. Kevin J. McAndrew, Canterbury's President, was quoted as saying, "We are very pleased to welcome Usertech to the Canterbury family of companies. Their expertise will enhance our business plan and add a further dimension to what we can offer to our current customer base. Since its founding in 1979, Usertech has focused on business processes and user's needs and has established a solid reputation for dependability and results-oriented training and support solutions. Usertech has been on the leading edge of employee support offering database design and development, needs analysis, online learning, individually designed training and web-based training. Usertech focuses on people and how their jobs are affected by technology." "Usertech is a successful company with revenues for its last fiscal year of approximately $15,000,000. We believe we can help expand Usertech's profitability well beyond current levels. The addition of Usertech and its more than 80 talented employees goes a long way toward helping us achieve our corporate goal of building a profitable $100,000,000 company in the near future." Usertech's President, Mr. Paul Cooke Paul Cooke (born April 17, 1981 in east Hull) is a professional rugby league player with Hull Kingston Rovers in the English Super League, having transferred from cross city-rivals, Hull FC in April 2007. , added, "We are very pleased and excited to be part of Canterbury. By combining our capabilities with those of the Canterbury companies, we are expanding our ability to offer additional products and services to our current and future customers. In addition, the proximity of our facilities and the markets that Usertech and Canterbury serve are extremely compatible." The Canterbury Companies provide a wide variety of information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. services, products, staffing and training to Fortune 1000 companies and government organizations nationwide. -- USC/Canterbury Corp. provides enterprise solutions, network development and design and technical consulting, and is a premier value added reseller of hardware and software. -- CALC/Canterbury Corp. offers technical and applications computer training, technical services and consulting and portal development services. It is a Microsoft Solutions Provider and a Microsoft Certified Technical Education Center (CTEC), as well as a Lotus Authorized Education Center (LAEC). CALC Web University, an online training portal, developed and hosted by CALC/Canterbury, focuses on design and delivery of online training in both Internet and intranet environments. -- ATM/Canterbury Corp. is a software consulting and development company that specializes in document imaging, tracking and retrieval for records and asset management. -- DMI/Canterbury Corp. is a management and systems consulting company that provides technical staffing augmentation solutions and consulting services. -- MSI/Canterbury Corp. offers executive coaching, sales and management training. -- Usertech/Canterbury Corp. offers database design and development, needs analysis, online learning, individually designed training and web-based training. In addition to historical facts or statements of current condition, this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial, economic, regulatory and political conditions or additional factors unknown to the Company at this time, as well as more specific risks and uncertainties such as those set forth in documents filed by the Company with the SEC (including, but not limited to, its most recent reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , Form 10-Q Form 10-Q See 10-Q. and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , copies of which are available upon request or over the Internet at www.sec.gov). Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent, and disclaims any obligation, to update any such factors or forward-looking statements to reflect future events or developments. www.canterburyciti.com |
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