NHancement Technologies Completes Acquisition of Advantis Network & System.
Addition of Advantis Meets Key Strategic Objective to Build
Global Presence and Expand Communications Capabilities
NHancement Technologies Inc. (NASDAQ:NHAN) today announced completion of its acquisition of Advantis Network & System Sdn. Bhd., a fast growing voice and data communications and networking systems integrator located in Malaysia.
The acquisition followed completion of due diligence and approval by Malaysian authorities. The acquisition is treated as a purchase for a maximum of an aggregate of 530,000 shares of NHancement common stock, of which 230,000 shares are escrowed subject to meeting profit targets over the next two fiscal years. NHancement intends to operate Advantis as a wholly owned subsidiary under the NHancement name.
"As we've said previously, we are strategically acquiring companies which will provide us with expanded service and product solutions designed to meet the communications needs of multinational companies, particularly those with operations in the U.S. and Asia Pacific markets. This acquisition of Advantis is an important milestone for us as it represents a major step towards this objective. We expect to make similar strategic acquisitions in the future, as we fill-in our strategy and product portfolio," said Esmond Goei, chairman, president and chief executive officer.
Advantis Network & System Sdn. Bhd. is a telecommunications systems integrator incorporated in 1993 to address the growing telecommunications infrastructure needs of Malaysia. Advantis is focused on both the manufacturing and public telecommunications sectors, which enjoy high rates of growth as a consequence of explicit support from governmental economic policies.
Advantis is located within Malaysia's newly declared Multimedia Super Corridor (MSC), an economic development region designated to harbor and cultivate telecommunications business and users of advanced multimedia and information technology. MSC is also the designated future site of the Malaysian Government and focus of its initiative for a paperless administration.
About NHancement Technologies Inc.
NHancement Technologies Inc. is a leading multimedia communications systems integrator. Through its subsidiaries, the company sells a diverse mix of communications centric products and services, including voice messaging, facsimile messaging, voice response systems and electronic messaging, that allow organizations to improve employee productivity. NHancement completed its IPO in February 1997.
Except for historical information contained herein, the matters set forth in this announcement, including the comments regarding the benefits of the Advantis and other planned acquisitions, are forward-looking statements that are dependent on certain risks and uncertainties, which may include such factors as: market demand, product performance, the effect of the company's accounting policies, the timing of acquisitions, finding suitable acquisition targets, risks in integrating the acquired companies, competition, and other risk factors detailed in the company's SEC fillings, including its Prospectus dated Jan. 30, 1997.
CONTACT: NHancement Technologies Inc.
Esmond T. Goei/Douglas S. Zorn, 510/744-3333
Financial Relations Board
Lisa Horn Chainey/Lynn Chaffier, 415/986-1591
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 4, 1997|
|Previous Article:||Catherines Stores Corporation Reports November Sales Results.|
|Next Article:||AccelGraphics' AccelPRO MX and AccelSTAR II Chosen for Hitachi's Personal Workstations.|
|W.P. Carey reports record year in 2002.|
|Sterling American completes aquisition.|