SOURCE: Cytiva Software Inc.

December 28, 2007 09:00 ET

Cytiva Software Inc Completes Acquisition of one45 Software Inc.

Mr. Moreau Reports:

VANCOUVER, BC--(Marketwire - December 28, 2007) - Cytiva Software Inc. (TSX-V: CRX), a leading provider of on-demand recruiting software solutions, has announced today that it has completed its acquisition of all outstanding shares of one45 Software Inc, developers of medical school education administration and performance management software.

Based in Vancouver B.C., One45 is a leading provider of software for managing curriculum and evaluating performance for undergraduate and post graduate medical education programs. In addition, One45 provides software for managing corporate employee performance and 360 degree evaluations.

"one45 plays a key role in the success of Cytiva going forward," said Jason Moreau, CEO of Cytiva Software Inc. "We are excited to welcome into the Cytiva family."

one45 principles Ric Arseneau, Derek Hemmes, John Simms, Brian Clare and all of One45's additional 10 employees will join Cytiva and continue to develop products and serve One45 clients. Plans are in place for the combined companies to move into new office space mid-year 2008.

About One45 Software Inc.

Founded in 2001 by Doctor Ric Arseneau, Derek Hemmes, and John Simms, One45 provides medical education administration software for most of the medical schools in Canada and many in the U.S., including University of Alberta, University of British Columbia, University of Western Ontario, Stanford University, University of Texas, Temple University and more. Their GME, UME and faculty suite is praised by clients as intuitive, flexible and backed by outstanding service. Their 360 degree employee tool is used by Mack Trucks and Radical Entertainment/Vivendi.

About Cytiva Software Inc.

Cytiva Software Inc. (TSX-V: CRX) provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking system improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. For more information, visit http://www.sonicrecruit.com.

The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva and One45, which Cytiva is proposing to acquire. These statements are based on current expectations and estimates about the human resources markets in which both Cytiva and One45 operate and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. In addition, the acquisition of One45 by Cytiva is subject to various conditions, including a due diligence review, the entering into of a formal share purchase agreement and regulatory approval. Some of these factors are largely beyond the control of Cytiva. Should any factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Contact Information

  • CONTACT:
    Ian Alexander
    Email Contact
    510-984-1986

    Cytiva Software Inc.
    4089 Emery Street
    Emeryville, CA 94608
    Press (510) 984-1986
    fax (707) 589-4442