ODESIA Group Inc.
TSX VENTURE : ODS

ODESIA Group Inc.

December 03, 2007 08:00 ET

Odesia Acquires Resource IT

Combines BI services with IT solutions in fast-growing economy

MONTREAL, QUEBEC AND QUERETARO, MEXICO--(Marketwire - Dec. 3, 2007) - Odesia Group Inc. ("ODESIA") (TSX VENTURE:ODS) has completed the closing of the transaction announced on November 1, 2007 under which ODESIA has acquired a group of companies comprised of Resource IT de Mexico, Resource IT Software de Mexico, and Global Business Integration de Mexico (collectively, "Resource IT"), for a total purchase price of $2 million Canadian dollars.

Resource IT now becomes a wholly-owned subsidiary of ODESIA. Current management remains in place and will play a key role in expanding ODESIA's activities in Mexico. This transaction adds 70 new consultants to the existing group, now providing Business Intelligence solutions and IT services in France, Canada, and Mexico.

"We are excited about the opportunities the combined companies will create in this fast-growing Mexican economy. We plan to take advantage of a number of revenue synergies by expanding market opportunities, and believe we can gain a larger share of the rapidly growing BI segment while generating increased margins" said Nicolas Bonnafous, President and CEO of ODESIA.

"ODESIA shares our passion and complements our strengths: technology leadership and customer focused innovation. Bringing both companies together will allow us to transcend what we have accomplished as individual businesses and expand the Business Intelligence solutions in Latin America" added Alfredo Pina of Resource IT.

The acquisition of Resource IT is summarized as follows:

- $1,000,000 in cash, of which $125,000 paid on closing and the balance payable in quarterly instalments from March 31, 2008 to December 31, 2010, bearing 12% interest rate;

- Issuance of 2,222,222 common shares of ODESIA at a price of $0.45 per share. The issued shares will be held in escrow and released semi-annually until November 29, 2009. The issuance of shares has been conditionally approved by the TSX-V;

- The vendors can also be entitled to earn-out payments of approximately $672,000 over the next two years if they deliver annual revenues of more than 36,842,105 Mxn Pesos, (approximately $3,500,000).

About ODESIA Group

ODESIA Group is a Canadian-based international corporation specialized 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 some 220 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

About Resource IT

Resource IT is a Mexican-based company providing ORACLE consulting services since 2002. The professional team of Resource IT caters the Financial and Technology sectors in Queretaro, Monterrey and Mexico City, as well as customers in Panama and London, UK.

Forward looking statements

This press release may contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in forward-looking statements. Although ODESIA believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the ODESIA'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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