ODESIA Group Inc.

ODESIA Group Inc.

November 01, 2007 07:30 ET

ODESIA Expands into Mexico: Announces Proposed Acquisition of Resource IT

MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2007) - ODESIA Group Inc. ("ODESIA") (TSX VENTURE:ODS) has signed a share purchase agreement to acquire Queretaro-based Resource IT Mexico (Resource IT) - a Business Intelligence organization with good strategic fit - for a total payment of $2 million CAD, $1 million in cash, of which $125, 000 will be paid at the closing, and the balance in 2,222,222 ODS shares priced at $0.45 per share. The transaction is expected to close on or about November 29, 2007, subject to customary approval by applicable securities regulatory authorities, including the TSX Venture Exchange.

About Resource IT

Resource IT Mexico serves the Financial Services and Technology sectors in Queretaro, in Monterrey and Mexico City, as well as clients in Panama and London, UK. Resource IT shares an expertise with ODESIA, offering Business Solutions. The firm has 64 employees including 50 ORACLE Consultants who service a sizeable customer base, including major players in finance (HSBC), technology (Televisa) and service and distribution (PEMEX).

The Strategy

Since going public in December 2005, management at ODESIA has expanded aggressively through acquisition and through organic growth. Last year ODESIA entered the European market by acquiring 70% of BI-Expert in Paris. Now, with Resource IT, ODESIA gains access to established clients in Mexico, Panama and the U.K.

"ODESIA will offer global solutions and multi-point services from offices in Canada, Europe and Mexico. This acquisition opens the door to growing our business in Latin America," said Nicolas Bonnafous, CEO of ODESIA. "We created a model of our thriving business in Canada to implement in our expansion strategy. We've successfully replicated this 'footprint' in France and Switzerland and have no doubt significant synergies and improved operational margins will be exploited by this acquisition as well."

The consolidated pro-forma financial results will represent an improvement in terms of revenues and earnings before interest, tax and amortization. For the first six months of 2007, consolidated pro-forma revenues would be $ 7.8 million compared with $10.2 million for the complete 2006 fiscal year. Earnings before interest, tax and amortization would be $ 617 880 for the first six months of 2007, compared with $ 803 082 for the full fiscal year of 2006.

About ODESIA Group

ODESIA Group is a Canadian-based international corporation specializing in BI solutions, decision processes, and data warehousing for large corporations. The management team at ODESIA has extensive knowledge and experience in leading the execution of BI processes in large enterprises. The team of nearly 150 professionals offers a high level of service and specialization. The partnerships that ODESIA has formed with diverse BI service providers constitute a further important feature of its offering. The Company's goal is to provide customers a complete solution, no matter the technical challenge. For more information, see www.odesia.com .

This release may contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in forward-looking statements. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company's expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein

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