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August 10, 2004 - CrossOff Incorporated Completes Acquisition of triOS Corporate IT Training |
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(Halifax, Canada) CrossOff Incorporated (TSX:OFF) announced today that it has completed the acquisition of the corporate IT training business of triOS Training Centres Limited, a wholly-owned subsidiary of triOS Corporation of Mississauga, Ontario. triOS provides corporate technical training in the Greater Toronto Area and Kitchener. Upon completion of the transaction, the operations of triOS Training Centres will be merged with CrossOff’s IT training division, Polar Bear Corporate Education Solutions, to create a strong presence in the GTA and Southwestern Ontario.
Under the terms of the proposed agreement CrossOff issued 1.5 million shares from treasury, provide a cash payment of $1,870,000 and issued one million share purchase warrants entitling the holder to acquire additional shares in CrossOff. at $0.22 per share. Through this acquisition CrossOff has gained additional locations in the Greater Toronto Area, as well as existing contracts and customer information.
“This acquisition is an important part of our growth plan for Polar Bear” said Donnie Snow, President & CEO of CrossOff Incorporated. “triOS adds considerable strength to our organization in terms of new products, resources and expertise. We are extremely pleased with the synergies in our customer base and the energy with which our employees are approaching this new opportunity”. |
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| About triOS Training Centres |
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| As a top-ranked technical education centre with locations in Mississauga, Toronto, Richmond Hill and Kitchener, triOS Training Centres Limited is authorized as a Microsoft Gold Certified Partner for Learning Solutions. As winner of the Microsoft Canada Training Centre of the Year in 2001, 2002 and 2003, triOS has opened the door for thousands of companies and individuals to pursue training in leading-edge information technology. triOS was established in 1992 and had reported revenues of approximately $6 million in 2003. |
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| About triOS Corporation |
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| triOS Corporation is a Canadian-based services company operating in the areas of corporate training (triOS Training Centres), career college training (triOS College Business Technology Healthcare) and corporate IT support and consulting (triOS Support Services). More information is available on the company’s website at www.trios.com. |
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| About CrossOff |
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| CrossOff Incorporated is a Canadian based services company operating in the areas of corporate training and consulting and anti-counterfeiting and brand protection. CrossOff is traded on the Toronto Stock Exchange as OFF. More information is available on the company’s website at www.crossoff.com. |
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| About Polar Bear Corporate Education Solutions |
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| Polar Bear Corporate Education Solutions, a CrossOff company, is one of Canada's largest corporate IT training providers with more than 20 facilities coast to coast. With more than 20 years experience in the design and delivery of technology and management training, Polar Bear offers integrated learning methodologies designed to meet the needs of Canadian businesses. More information is available on the company's website at www.polarbear.com. |
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| Forward Looking Statements |
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| This press release may contain forward-looking statements regarding, among other things, anticipated revenues, earnings and profitability for 2006 and beyond. Such statements involve known and unknown risks, uncertainties, and other factors outside management’s control that could cause actual results to differ materially from those expressed in the forward-looking statements. The statements are not a guarantee of future performance and readers are cautioned not to place undue reliance on forward-looking statements. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements. |
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For further information, please contact:
Murray Ryan, CMA
Chief Financial Officer
902.567.1146
mryan@crossoff.com |
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