Microforum Inc. (ticker: MCF.TO, exchange: Toronto Stock Exchange)
Microforum Enters into Letter of Intent to Acquire MCSP Partner Icom Alliance Inc.
Microforum Inc. (TSE:MCF) is pleased to announce that it has entered into a preliminary non-binding Letter of Intent to acquire Icom Alliance Inc. (Icom), an e-business development and solutions company. The terms of the transaction were not disclosed but the purchase price is expected to consist of cash and common shares. The Letter of Intent is subject to a number of conditions including completion of due diligence, receipt of audited financial statements, entering into definitive documentation, and receipt of regulatory and director approval.
Founded in 1997 and based in Halifax, Canada, Icom is a company of 12 software development specialists providing innovative e-business solutions in the Maritime Region and Eastern United States. Through its designation as a Microsoft Certified Solution Provider Partner, Icom joins the ranks of a select group of companies deploying strategic Microsoft solutions into major corporations. Key clients include: Clearwater Fine Foods (http://www.clearwater.ca/), Nova Scotia Power, Aliant, C1 Communications (http://www.c1communications.com/), IMP Group, Shaw Group, Vintopia (http://www.vintopia.com/), and Eldis (http://www.partselect.com/).
Icom provides a full range of e-business solutions and services, specializing in B2B and B2C e-commerce and knowledge management. Icom has developed strengths in their core areas due to: integrated quality assurance practices, specialized methodologies and project approach, and aggressive resource training programs. Icom possesses excellent capabilities in a variety of Microsoft technologies including MS BackOffice, MS Visual Studio, Site Server 3.0 Commerce Edition, SQL Server, COM and Active Server Pages. Icom’s web site is located at http://www.icomalliance.com/.
Icom has developed a comprehensive, scalable solution framework supporting rapid configuration and deployment of sophisticated business-to-business and business-to-consumer e-commerce solutions to both Application Service Providers and end user clients. The platform runs on Microsoft’s Site Service 3.0 Commerce Edition and is compatible with Windows 2000.
"The acquisition of Icom expands Microforum’s technical expertise and capacity by providing expanded resources and tactical depth in Eastern Canada," stated Mr. Howard A. Pearl, President and CEO of Microforum. "Microforum intends to significantly build upon this base of skilled programmers by creating a "Centre of Excellence" in Eastern Canada to satisfy its growing Eastern U.S. and regional client base. Icom’s technological expertise and successful track record will make it easier for Microforum to undertake larger and increasingly sophisticated e-business engagements."
"I am enthusiastic about the opportunity of Icom becoming part of one of North America’s leaders in e-business," stated John Peters, President of Icom. "I look forward to our mandate to significantly increase the size of our presence in Halifax by creating a regional Centre of Excellence. Icom is committed to remain on the cusp of technological innovation and development of robust applications, and will continue to support both local market an export clients to fully utilize the opportunities of the Internet."