20-20 Technologies Inc.
TSX : TWT

20-20 Technologies Inc.

December 22, 2006 17:00 ET

20-20 Technologies Announces Intention to Acquire the Assets of Pattern Systems International

LAVAL, QUEBEC--(CCNMatthews - Dec. 22, 2006) - 20-20 Technologies Inc. (TSX:TWT), a world leader in 3D design and sales software, computer-aided design and manufacturing solutions for the interior design industries, today announced its intention to acquire the assets of Pattern Systems International, Inc. of Mount Arlington, New Jersey ("PSI"). The transaction is expected to close within the next 30 days.

PSI develops computer software products for distribution through dealers and sales representatives, with some direct sales, mainly for the cabinetmaker, architectural millwork and woodworking industries. PSI, which currently employs 12 people, offers customer support and product maintenance on its products and also provides training and catalog development. PSI was founded by Robert A. Gowen in the early 1980s and produced optimization programs used to minimize waste in the cutting of sheet stock.

The management team of PSI, Mr. Gowen and Donald R. Imbimbo, who bring a wealth of North American and International experience in the woodworking / cabinetmaker industry, have agreed to employment contracts to continue working with 20-20. Mr. Gowen will remain as General Manager of 20-20 Pattern Systems International and will lead sales efforts for 20-20's entry into the cabinetmaker/woodworking market segment. Mr. Imbimbo will act as Development Manager for PSI applications.

In addition to the incremental market share obtained as a result of this transaction, 20-20 will be adding a complementary optimizer program to its current portfolio, with little overlap with existing products. "This is an important step in establishing 20-20's presence in the woodworking / cabinetmaker markets," said Jean Mignault, CEO of 20-20. "The combination of our expanding 20-20 DFM, 20-20 CAD and PSI product portfolio and sales teams strengthens our comprehensive offering to this very important market."

Jean-Francois Grou, President and COO of 20-20, added: "Following the acquisition, 20-20 will become one of the key providers of integrated cabinetmaker, architectural millwork and woodworking solutions in North America."

About 20-20 Technologies Inc.

20-20 Technologies is the world's leading provider of computer-aided design, sales software and manufacturing solutions tailored for the interior design industry. Dealers and retailers use its state-of-the-art design, specification, photo-realistic 3D rendering and management software for configurable and standalone products in the residential and commercial interior design markets. 20-20 also offers proprietary end-to-end solutions that include an integration platform between sales and manufacturing and world leading enterprise resource planning (ERP) systems, as well as computer-aided engineering and shop floor automation software. 20-20's software is sold in over 100 countries, used at over 35,000 points of sale worldwide. 20-20 now has catalog data for close to 1,000 manufacturers worldwide. The company is a publicly traded company (TWT) on the Toronto Stock Exchange (TSX) and celebrates its 20th anniversary in 2007. For more information, visit www.2020technologies.com.

Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws.

Implicit in this information, particularly in respect of future operating results and economic performance of the Company are assumptions regarding projected revenues and expenses. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.

For more exhaustive information on these risks and uncertainties you should refer to our most recently filed Annual Information Form which is available at www.sedar.com. Forward-looking information contained in this report is based on management's current estimates, expectations and projections, which Management believes are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time, unless required by applicable securities law.

Contact Information

  • 20-20 Technologies Inc.
    Jean Mignault
    Chief Executive Officer
    +1 (514) 332-4110
    or
    20-20 Technologies Inc.
    Steve Perrone
    Chief Financial Officer
    +1 (514) 332-4110
    Website: www.2020technologies.com