Date Posted: 12/4/2002
PowerCerv Corporation Completes Sale of Assets to ASA International Ltd.
TAMPA, Fla.--(BUSINESS WIRE)--Dec. 3, 2002--PowerCerv Corporation (OTCBB:PCRV - News), a Tampa-based provider of enterprise software solutions, announced today that it has completed the sale of substantially all of its assets to a subsidiary of ASA International Ltd. (Nasdaq:ASAA - News), a holding company of vertical enterprise software solutions based in Framingham, Mass.
Under terms of the agreement, in addition to ASA assuming certain PowerCerv liabilities, ASA paid PowerCerv $500,000 cash ($100,000 of which had been advanced to PowerCerv as a loan) and issued a $90,000 note due in six months. The purchase price may be subject to certain post-closing adjustments. Following the closing, PowerCerv will use its best efforts to settle its remaining liabilities and buy another operating business.
"PowerCerv's long-tenured employees, their loyal customer base, and their breadth of intellectual property provide a great foundation on which to build," said Alfred Angelone, chairman and CEO of ASA International. "By becoming an ASA company, PowerCerv can focus on their core competencies and vertical successes knowing they have a stable parent behind them."
The newly created division of ASA International will be named Verticent, Inc. and will operate out of the old PowerCerv offices in Tampa, Fla. PowerCerv will continue as a separate public entity, will seek to buy another operating business, and will not compete with Verticent.
Statements contained in this press release that are not historical fact are "forward looking statements" and/or statements of opinion. There can be no guarantees as to how this matter will eventually be resolved or affect it may have on the future performance of the company. Performance is subject to certain risks uncertainties and assumptions that are difficult to predict.
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Contact:
PowerCerv Corporation, Tampa
Marc Fratello, 813/226-2600 ext. 1002
marc.fratello@powercerv.com
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Source: PowerCerv Corporation
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