Calnex Solutio. Regulatory News (CLX)

20 Oct 2005 16:08

Calyx Group PLC20 October 2005 FOR IMMEDIATE RELEASE 20 October 2005 Calyx Group plc ("Calyx") Expanding the Irish network with a €1.28m acquisition Calyx, the largest single-source providers of information and communicationtechnology ("ICT") network solutions throughout Ireland, today announces theacquisition of QCL Technologies Ltd ("QCL"), the Cork based IT product andservices company for a total consideration of €1.283 million (£871,000) throughcash and shares. The initial consideration comprises 213,140 ordinary shares of€0.10 each (valued at €200,000 (£136,000) based on yesterday's closing price of64p) and €933,000 (£634,500) in cash. Further deferred consideration of up to€150,000 (£102,000) is payable in cash upon the achievement of specificperformance criteria. Established in 1988, QCL has grown steadily to become a leading Irish computerservices company focused on providing a broad range of services from initialdefinition of IT requirements through planning, implementation, sourcing,commissioning, training, system support and maintenance. For each customer QCLprovide complete hardware solutions as well as off-the-shelf business softwareand customised software. QCL also have a Field Service Department supportingtheir customers' IT systems and networks. QCL's customer base covers all industry sectors including: retail,pharmaceutical, engineering, transport and local authority, and include TheA.S.A. Marketing Group; and QUMAS - the Global leader in the development anddelivery of software solutions. QCL also has strong supplier relationships withleading computer hardware and software suppliers including Hewlett Packard;Cisco Systems and 3Com. For the year ended August 2005 QCL had audited revenues of €3.95 million (£2.68million) with a loss before tax of €782 (£532) and net asserts of €215,000(£146,000). Under the terms of the acquisition all QCL operations will be movedinto Calyx's new state-of-the-art offices in Airport East Business Park. GeneralManager Jack Casey will join Calyx in a senior management role and there are noanticipated job losses with the acquisition. The acquisition is expected to beearnings enhancing for the year ending 31 December 2006. Maurice Healy, Chief Executive of Calyx, commenting on the acquisition said; "QCL brings a strong 17 year track record as well as good long-term clientrelationships within the industry which fits well with the established Calyxbusiness brand. They also have a broad range of clients which will now be servedby the expanding Calyx group. The businesses are very similar and so integrationwill be swift and remains in line with the strategic objectives we set out inMarch when we floated on AIM." -ENDS- For further details please contact: Calyx Group plc Tel: +353 1 676 3363Maurice Healy, Chief Executive Buchanan Communications Tel: +44 (0)20 7466 5000Tim Thompson / James Strong This information is provided by RNS The company news service from the London Stock Exchange