Calian Acquires JetForm Corporation Subsidiary Why Interactive Inc. - John Kelly to Join Larry O'Brien on Conference Call to Discuss Details.
CALIAN(TSE:CTY.) Calian Technology Ltd. (TSE:CTY) is pleased to announce that it has acquired Why Interactive Inc. from JetForm Corporation (Nasdaq:FORM) (TSE:JFM) for $6.4 million (CDN) in cash and convertible debt.
Why Interactive is a pioneer and leader in the field of technology assisted learning, with more than 30 employees and annual revenues of more than $5 million (CDN). The Company specializes in interactive multimedia, web-based training and learning solutions for commercial and government organizations that provide faster, cost-effective, and more time-efficient methods for employees, partners, and customers to learn.
Why Interactive solutions range from leading web-based corporate learning centres, interactive courseware, and internal "knowledge-management" systems that facilitate employee self-service and business-to-business learning solutions for competitive advantage.
"This acquisition is an important step in the transformation of Calian into the leader in human resource capital management," commented Larry O'Brien, President and CEO for Calian Technology Ltd. "Calian has recently announced a strategy to develop and deliver employee facing e-business solutions and this acquisition is part of that strategy implementation. Today in government and industry, business objectives are characterized by increased efficiency and sustainable growth. Sustainable growth comes from having a sustainable competitive advantage. The only true sustainable competitive advantage in the new economy that a company has is the skills of its people."
O'Brien continued "Why Interactive leverages technology and creative innovative learning systems to enhance the performance of these people and thus delivers that required competitive advantage. I invite everyone to visit Why's web site at www.whyinteractive.com to get a real feeling for the creative energy that this company has and to fully understand its value in the context of a greater human resource management strategy that Calian is embarking on."
"We are pleased to complete this agreement with Calian," said John Kelly, President & CEO for JetForm. "The unique value of Why Interactive's technologies are an ideal match for the strategic direction of Calian. The terms of the deal are also positive for JetForm as the transaction enables the Company to increase its cash reserves to approximately $50 million, as well as share in the upside potential of Calian through our convertible debenture."
"I am pleased that this acquisition provides us with an opportunity to establish a strategic and mutually beneficial relationship with JetForm," said O'Brien. "I am also pleased to announce that John Kelly, President & CEO will be joining me on our conference call at 9:10 am to discuss the details of this transaction."
Interested participants from the financial & media community should call 1-800-550-7368 at approximately 9:00 a.m. EST identifying themselves and quoting reservation no. 1398366. Following the presentation, interested parties will be invited to participate in a question and answer session. The conference call will be available for a period of 24 hours for playback and is accessible by dialing 1-800-558-5253 and entering access code 1398366. The playback will begin 1 hour following the end of the call.
Calian Technology (TSE:CTY) sells technology services including management consulting, information technology consulting, technical staffing, and systems integration. Calian's strength is responsiveness to our customers' needs. Calian has recently announced a strategy to develop employee facing e-business solutions and services that will further enhance the process of human resource capital management for industry and government.
JetForm Corporation (Nasdaq:FORM) (TSE:JFM) makes Web-based software solutions that automate business processes and transform them into "e-processes." JetForm enables companies and government to operate efficiently and effectively, to grow revenues, lower operating costs and reduce cycle times. The company's strength is in intelligent XML forms, process automation and customer-focussed document creation. With operations in 11 countries, and a global network of partners, JetForm is uniquely positioned to address the needs of international business. For more information, check out www.jetform.com.
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|Date:||May 20, 1999|
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