MDSI ACQUIRES ASSETS OF TTI TECHNOLOGIES, INC.
VANCOUVER, Jan. 10 /PRNewswire/ -- TelSoft Mobile Data Inc. (the "Company") announced today that on Dec. 30, 1993, its subsidiary, MDSI Mobile Data Solutions Inc. (MDSI), acquired the assets of TTI Technologies, Inc. (TTI), from AGS, a division of NYNEX. Under the terms of the agreement, TTI has sold to MDSI all of its assets relating to its computer-aided dispatch software business. In addition, MDSI has engaged the services of TTI's key employees. The assets acquired by MDSI included all software, including source code and related technology, all trademarks, all customer warranty, support, maintenance and development agreements and sundry computer and office equipment. MDSI will continue the operations of TTI out of the Tampa, Florida office under the name Mobile Data Solutions, Inc. MDSI will continue to support and service TTI's former customers, representing six installed utilities. The company has granted an interest free loan of $350,000 to MDSI. The loan will be used by MDSI to fund a portion of the purchase price of the acquisition and to fund a portion of the working capital requirements for the office in Tampa, Florida. The loan is repayable in four equal annual installments commencing on Dec. 30, 1994, and will rank equally with the company's existing MDSI debenture. "The acquisition of the assets of TTI will increase our utility industry market share to over 80 percent, consolidating MDSI's leadership position in this industry", said MDSI's President and CEO, Erik Dysthe. "MDSI's corporate goal is to remain the leading supplier of mobile data dispatch systems to the North American utility industry by aggressively marketing our application software products and related services, continuing internal development of new dispatch system products, and actively pursuing acquisition opportunities in related technologies and mobile data markets. TTI's installed base of six systems when added to MDSI's existing installed based of seventeen North American utilities reinforces our industry dominance and gives MDSI a direct presence in the U.S. marketplace". TTI is an application software provider and integrator with the capability to deliver an entire automated dispatching and mobile data solution. As a systems integrator, the company has the expertise and resources to assume the prime contractor responsibility for a dispatching project. TTI has developed a computer-aided dispatching and mobile data system called Mobile Digital Exchange that has been installed at multiple sites. The company's information management services are strategically focused on information systems consulting, application software, hardware/software conversions, training and support. TTI focuses on gas and electric utility information products and services and was MDSI's prime competitor in North America. MDSI is an application software provider and systems integrator in the data-communications-over-radio business. MDSI owns, develops, markets, installs and services Utility Computer-Aided Dispatch System (U-CAD) software for mobile service fleets in the electric and gas utilities and cable T.V. industries. MDSI personnel represent some of the original developers and innovators of mobile data technology, and constitute one of the most highly experienced and proficient teams in the industry. MDSI is headquartered in Richmond, British Columbia. TelSoft's principal business is the design, development, installation and service of proprietary application software and products that facilitate the transmission of wireless data for gas and electric utilities, cable television and field service, repair and maintenance industries. -0- 1/10/94 /CONTACT: Doug G. Hooper, president, or Ms. Rooky Driver, executive assistant to Peter Bradshaw, CEO, all of MDSI, 604-682-1400/
CO: TelSoft Mobile Data Inc.; TTI Technologies, Inc. ST: British Columbia; Florida IN: TLS SU: TNM
TM -- NY008 -- 0437 01/10/94 09:07 EST
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|Date:||Jan 10, 1994|
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