Omnitech Consultant Group inc.

Omnitech Consultant Group inc.

June 02, 2006 15:52 ET

Closing of the Acquisition of SET Technologie and of a $500,000 Financing with Innovatech Quebec

QUEBEC CITY, QUEBEC--(CCNMatthews - June 2, 2006) - Omnitech Consultant Group Inc. ("GCO") (TSX VENTURE:GCO) is pleased to announce the acquisition of all the issued and outstanding shares of SET Technologie Inc. ("SET") and the closing of a $500,000 financing with Societe Innovatech Quebec et Chaudiere Appalaches ("Innovatech").

With this transaction, GCO acquires a manufacturing and logistic constraints optimization software. According to the terms and conditions of the closing agreement, the price for this acquisition is $1,050,000, payable by the issuance of 800,000 common shares of GCO at a presumed price of $1.00 per share and through the payment of a loan of $250,000 owed by SET to Innovatech. The shares will be subject to the four month holding period prescribed by the TSX Venture Exchange.

SET finalized a proposal with its creditors which was recently approved. This will allow GCO to benefit from the accumulated loss of the company. As of August 31, 2005, the assets of SET were $281,793, the accumulated loss amounted to $5,031,116 and shareholders' equity was ($317,055). Its revenues were of $569,311 for the period ending on August 31st, 2005.

At the same time, Innovatech, a shareholder of SET, subscribed to 1,851,852 common shares of GCO at a price of $0.27 for a total investment of $500,000. This amount will be used to pay some debts, including the loan mentioned above, and as working capital for GCO.

"Several million of dollars were invested in the development of SET's optimization software", declared Mr. Claude Belley, GCO's Chief Executive Officer. "With this acquisition, our business unit adds three experienced programmers and project managers to its team. We are also very pleased to continue to serve SET's clientele of multinational and SMEs", concluded Mr. Jean Beaudoin, General Manager, Supply Chain Optimization unit.

About Omnitech Consultant Group Inc. ("GCO")

GCO is a Canadian leader in performance engineering. GCO offers solutions as a one-stop-shop in engineering, information technology and systems maintenance. GCO is capable of intervening in all aspects of industrial engineering and information technology, thus combining a major and distinctive niche compared with the competition. GCO integrates new technologies or optimizes existing systems by applying cutting-edge expertise currently used in the best practices.

About SET Technologie inc.

Founded in 1991, SET provides to the manufacturing and logistics industries, optimization solutions that have a direct impact on the enterprise profitability. It develops, sells and implement optimization agents which can quickly be personalized to reflect the business environment of its clients.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

Contact Information

  • Omnitech Consultant Group inc.
    Claude Belley, Chief Executive Officer
    Omnitech Consultant Group
    Philippe R. Bertrand, Vice President
    (514) 378-7445