Talware Networx Inc. Press Release.TORONTO -- Talware Networx Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)
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TSX True Space Extension VENTURE:JBS JBS John Birch Society
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Joint Venture in Peoples' Republic of China
Talware is pleased to announce that it has opened an office in Beijing and hired three employees for this office. The Company has also executed a revised version Revised Version
A British and American revision of the King James Version of the Bible, completed in 1885.
Noun of its joint venture agreement (the "agreement") with the China International Talent Development Centre (CITDC), originally announced in its Press Release of July 12, 2004.
CITDC is China's premier professional HR service organization and provides personnel services for both domestic and foreign companies operating in China. Pursuant to the terms of the agreement, which has no defined term, the CITDC and Talware are incorporating a company to be known as the China Talent Network Co ("CTN ctn
cotangent ") for the purpose of distributing Talware's workforce management Workforce Management (WFM) encompasses all the responsibilities for maintaining a productive and happy workforce. Sometimes referred to as HRMS systems, or even the larger ERP systems (Oracle, PeopleSoft, SAP). There are many software vendors within this space. software to government ministries, state-owned enterprises, private industry and post-secondary institutions.
Talware and CITDC will subscribe for 49% and 51% of the shares of CTN respectively. The initial investment by the parties will be an aggregate of US$300,000. The parties will be jointly responsible for raising additional capital up to a total of US$10,000,000. Commencing in the second year, the joint venture will pay to Talware a royalty of 12% on the joint venture's annual revenue in excess of US$2,000,000.
The venture continues to be subject to final approval by regulatory authorities in the Peoples Republic of China to license Talware's human resource management technology and create The China Talent Network. Final regulatory approval is anticipated early in 2006. Talware intends to disclose further details as same become available.
Letter of Intent with CINCOM
On October 28, 2005, Talware executed a letter of intent with Cincom Systems (Cincom Systems, Inc., Cincinnati, OH, www.cincom.com) One of the largest and most experienced software companies in the world. Founded in 1968 by Thomas Nies, who has the distinction of being the longest-serving company chief in the industry, Cincom sells manufacturing, financial and International S.A. of Brussels, Belgium, (hereinafter here·in·af·ter
In a following part of this document, statement, or book.
Formal or law from this point on in this document, matter, or case
Adv. 1. referred to as "CINCOM") providing that the parties will enter into a licensing agreement for the implementation of Talware's workforce management software in CINCOM's European operations. The letter of intent provides that the licensing agreement will commence November 1, 2005, for an initial term of one year. It further provides that Talware's workforce management software will be accessible by CINCOM's employees functioning in the English, French, German, Spanish or Italian languages. CINCOM is a global consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee
business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a with approximately 1000 employees worldwide and provides IT solutions for data management, marketing, sales and customer service, application development, manufacturing, outsourcing and hosting. Talware will disclose further details as same become available.
The Company is pleased to announce that Moore Stephens Cooper Molyneux LLP LLP - Lower Layer Protocol has been appointed and has agreed to act as Auditors of the Company. For further information see the Company's Information posted on Sedar. The Company's former auditors Bennett Gold Chartered Accountants advised that they have chosen to withdraw as a participant with the Canadian Public Accountability Board and as a result is no longer permitted to conduct audits of the financial statements of reporting issuers.
Joint Venture in The Defense Talent Network
The Company currently owns 50.5% of the issued and outstanding shares of The Defense Talent Network Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. . The remaining shares are owned by David Germond. The Defense Talent Network Inc. utilizes Talware's software application for the purpose of operating a series of job boards known as The Defense Talent Network ("DTN See disruption-tolerant network and delay-tolerant network. ") for 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. defence contracting industry.
There is currently a dispute between the shareholders respecting the terms of ownership of the DTN job board. The dispute arose out of a disagreement over the responsibilities of each shareholder with respect to the operations of the DTN. Although Talware has not received any revenue from its interest in the DTN, the Company is nevertheless in the process of considering its options with respect to its continuing interest in the venture.
About Talware Networx Inc.
Talware Networx Inc. provides human capital retention and workforce management solutions. The Company's suite of products allows users to source and manage human capital resources on a local, national and global basis. They include solutions for skill and experience identification, applicant marketing, private label job boards and employee communication.
Forward Looking Statements
This press release contains 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 involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this press release, the words "anticipate", "believe", "could," "estimate," "expect," "intend," "may," "plan," "will, "and" "would" and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made including those factors detailed from time to time in filings made by the Company with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. The Company does not intend and does not assume any obligation to update these forward-looking statements.
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Talware Networx Inc. (TSX VENTURE:JBS)