Magic Software Strengthens Its Position As Leading Provider Of Technology And Solutions For Senior Living And Healthcare In The U.S.Business Editors/High-Tech Writers OR YEHUDA Or Yehuda (אור יהודה) is a city in the Tel Aviv District in Israel. According to the Israel Central Bureau of Statistics (CBS), at the end of 2004 the city had a total population of 30,100. , Israel--(BUSINESS WIRE)--April 29, 2004 Company Increases Holdings In Advanced Answers On Demand (AAOD AAOD Army Aviation Operating Detachment AAOD Army Air Operations Directorate (White Sands Missile Range, NM) ) To 84% Magic Software Enterprises (Nasdaq:MGIC MGIC Mortgage Guaranty Insurance Company MGIC Montana Geographic Information Council ), a leading provider of state-of-the-art business integration and development technology announced today the execution of a stock purchase agreement with existing shareholders to purchase twenty one percent of the outstanding and issued stock of Advanced Answers on Demand, Inc. (AAOD). This purchase increases Magic's holding in AAOD from 63% to 84%. Advanced Answers on Demand (www.advanced-answers.com) develops, markets and supports integrated software Separate software components or applications that have been combined into one package. See integrated software package. solutions designed to meet the challenges and ever-changing demands of the healthcare and senior living industries. AAOD continues to be an industry leader in the U.S. and provides a vast array of software solutions to over 500 facilities. AAOD's solutions are developed and deployed using Magic's eDeveloper application development technology. "AAOD is performing very well with continuous growth in annual revenue and profit from the time of our initial investment three years ago," said Menachem Hasfari, 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. of Magic Software. "Given the growing opportunities in the senior living industry in the U.S. and abroad, we expect the consolidation of the number of shareholders to provide us with the flexibility we need to develop the AAOD business more quickly and with stronger results in this growing industry." About Magic Software Enterprises Magic Software Enterprises, a subsidiary of Formula Systems (Nasdaq:FORTY), develops, markets and supports software development, deployment and integration technology that enables enterprises to accelerate the process of building and deploying applications that can be rapidly customized and integrated with existing systems. Magic technology, applications and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. are available through a global network of subsidiaries, distributors and Magic solutions partners in approximately 50 countries. Magic's EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. headquarters is located at Pelmolen 17 3994 XX Houten in the Netherlands, telephone: +31-30-656 6266, fax: +31-30-656 6277. Magic's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. subsidiary is located at 17310 Redhill Avenue #270, Irvine, CA 92614-5637, telephone: 949-250-1718, fax: 949-250-7404, http://www.magicsoftware.com/. Formula Systems is an international information technology company principally engaged, through its subsidiaries and affiliates, in providing software consulting services, developing proprietary software products and producing computer-based solutions. Except for the historical information contained herein, the matters discussed in this news release include 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. that may involve a number of risks and uncertainties. Actual results may vary significantly based upon a number of factors including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product conditions, both here and abroad, release and sales of new products by strategic resellers and customers, and other risk factors detailed in the Company's most recent annual report and other filings with the Securities and Exchange Commission. |
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