Ivrnet acquires ITSportsNet, a leading online sports administration company
Complementary technologies, strengthened HR and cost reductions cited as keys to deal
Calgary, Alberta (April 14, 2011) -- Ivrnet Inc. ("Ivrnet") (TSX-V: IVI) is pleased to announce that it has successfully acquired Calgary-based ITSportsNet ("ITSportsNet"), a recognized international leader in online sports administration. The transaction involved 12,344,467 common shares of ITSportsNet representing approximately 97% of ITSportsNet’s issued and outstanding common shares. ITSportsNet shareholders receive 0.72188 of a common share of Ivrnet for each ITSportsNet common share and option tendered. Accordingly, Ivrnet will issue approximately 8,911,226 common shares in respect to the offer.
“This is an exciting time in our growth,” says David Snell, Ivrnet’s President and CEO. “Integrating ITSportsNet with Ivrnet will realize significant administrative cost savings within our first year of operating together. Our technologies are very complementary. Integrating our talented work force will enable us to bring new and more robust products to market faster for both Ivrnet and ITSportsNet brands.” ITSportsNet staff and equipment have already moved into Ivrnet’s corporate headquarters in NE Calgary.
Ivrnet is a software as a service company that develops and operates intelligent software applications, delivered through traditional phone networks and over the Internet. These applications facilitate automated interaction; personalized communication between people; mass communication for disseminating information to thousands of people concurrently; and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at anytime from anywhere in North America via voice, phone, fax, email, texting and the Internet. One of its brands, ITSportsNet is a recognized international leader in online sports administration, providing sporting teams and organizations with a comprehensive suite of web-based software products that simplify and manage processes including registration, scheduling and website content.
For more information, interviews or hi-rez visuals, please contact:
Mr. David L. Snell, Ivrnet Inc. President and CEO (403) 538-4540 email@example.com
Forward Looking Information
This news release contains certain forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to the anticipated benefits of the ITSportsNet acquisition. Ivrnet believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to Ivrnet.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Ivrnet's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward- looking information. Except as required by law, Ivrnet assumes no obligation to publicly update or revise any forward-looking information made as of the date hereof with new information, subsequent or otherwise.
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