D4T4.L Regulatory News (D4T4)

23 Mar 2006 07:01

IS Solutions PLC23 March 2006 IS Solutions plc Acquisition The Board of IS Solutions ('ISL') is pleased to announce the acquisition ofCandric Limited ('Candric') for a total consideration of £200,000, to besatisfied by the transfer of 373,692 ordinary shares in IS Solutions (currentlyheld as Treasury shares) at a price of 13.38 pence per ordinary share and cashof £150,000 Candric is an IT services business based in Windsor undertaking both onsite andoffsite support contracts. At acquisition, the founders / vendors of thebusiness will retire and the remaining 12 employees will relocate to the ISSolutions offices in Sunbury on Thames. In the year ended 31 August 2005,Candric had revenues of £681,000, reported a pre-tax loss of £11,000 and hadgross assets of £137,000. The Board of ISL believes that the acquisition will be earnings enhancing in theyear to 31 December 2006 following the cost savings which are expected to arisefrom the relocation of staff and retirement of the vendors. Following the transfer of Treasury shares as part of the consideration for thetransaction, a further 426,308 Treasury shares remain in issue alongside24,366,882 ordinary shares of 2 pence each. This information is provided by RNS The company news service from the London Stock Exchange