Science & Technology
Science and Technology
Science and Technology
Fri, September 24, 2010
Thu, September 23, 2010
MONTREAL, Sept. 23 /CNW Telbec/ - Today, ODESIA Group Inc. ("ODESIA") (TSX-V:ODS), an international corporation specializing in business-intelligence solutions (BI), announced that it has entered, through a letter of intent (LOI), into a non-binding agreement with FGT to acquire 100% interest of FGT contingent upon a satisfactory due-diligence process and meeting certain conditions.
FGT has developed services in the strategic areas of management and technology consulting and training. FGT was founded in 1987 by Jean-Marie Fahmy, President, whose background in technology, telecommunications and management has guided the firm's choice of sectors on which to focus and to develop expertise.
Nicolas Bonnafous, CEO of Odesia, stated: "We are excited about the opportunity to strengthen Odesia's management through the integration of FGT's team, while adding new business lines in Canada, France and Mexico. We can also expand FGT's training catalogue by offering BI courses." Mr. Bonnafous added: "This acquisition blends FGT's successful track record in consulting and training with Odesia's BI expertise and solutions. Odesia and FGT consulted extensively with existing and future clients for feedback on the acquisition. The positive responses from clients have encouraged us that this new synergy will benefit both companies, their customers and, ultimately shareholders."
Jean-Marie Fahmy of FGT added, "Since 1987, FGT's mission has been to help our clients achieve their objectives. For the last 23 years, I have surrounded myself with many intelligent and efficient people who shared this vision, but also taken pride in refining methods to improve our customer's productivity. Odesia's complementary business culture and broader solutions offering, combined with its dynamic and knowledgeable management, constitute a natural vehicle for the continued growth of FGT's solutions and its people."
Under certain non-binding terms of the LOI, the companies aim toward entering into a definitive agreement by October 25, 2010. At the closing of the transaction, FGT will become a wholly-owned subsidiary of ODESIA. The LOI further provides that the definitive agreement would contain customary representations and warranties, covenants and a number of conditions to closing.
Under the terms of the agreement, ODESIA is expected to acquire exclusive marketing and distribution rights, ownership of all trademarks, patents and patents pending, future products and share in profits of the operation of FGT. The complete financial and legal terms of this transaction will be disclosed in the near future.
About ODESIA Group Inc.
ODESIA is an international corporation specialized in business-intelligence (BI) solutions, decision processes and data warehousing for large corporations. The company's goal is to provide customers with a complete solution, regardless of the technical challenges involved. For more information, visit us at [ www.odesia.com ]
About FGT
FGT, consultants in management, education and technology, was founded in 1987 by Jean-Marie Fahmy, President, whose background in technology, telecommunications and management has guided the firm's choice of sectors on which to focus and develop expertise. FGT has developed its services in the strategic areas of management and technology consulting and training. Today, FGT's team of experienced instructors and consultants services several large organizations with the help of a dynamic support team. For more information, visit us at [ www.fgt.com ]
Disclaimer in regards to forward-looking statements
This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events. These forward-looking statements involve risk and uncertainties. Actual results could differ materially from those projected herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
