Prosys-Tech Corporation

October 04, 2007 11:40 ET

Prosys Announces a Business Partnership With Peak Positioning Corporation

Capital investment to accelerate development and launch of wireless security and recovery services for laptop computers

MONTREAL, QUEBEC--(Marketwire - Oct. 4, 2007) - Prosys-Tech Corporation (TSX VENTURE:POZ) ("Prosys"), is pleased to announce that it has entered into an agreement to invest up to $750,000 in cash, goods and services with Peak Positioning Corporation ("Peak") and disbursed a non refundable amount of fifty thousand dollars ($50,000); Prosys intends to raise the extra funds through a private placement. In exchange for this cash infusion, Peak will issue 1,500,000 voting and participating class "A" common shares to Prosys at a price of $0.50 per share, representing 45.8% of all the voting and fully diluted participating shares of Peak. The agreement also provides that Prosys shall be entitled to appoint 3 out of 6 members to Peak's current Board of Directors. The Prosys investment will enable Peak to pursue the development and commercialization of its wireless laptop computer security modules and asset recovery services.

Prosys recently announced the acquisition of CDMS, and the new partnership with Peak will enable it to use the CDMS Monitoring Center and Service Desk as the vehicle for remote recovery and support of Peak enabled laptop computers. "The present transaction will allow Prosys to offer efficient wireless laptop computer security and asset recovery services to its clients" declared Mr. Georges Hébert, President and Chief Executive Officer of Prosys. The present transaction is conditioned upon obtaining from the necessary approvals from the regulatory authorities.

About Peak

Peak, a Montreal based start-up company, has partnered with global leaders in the field of wireless communications to develop a portfolio of wireless security and asset recovery services for the laptop computer industry. The services will include using wireless communications to disable and retrieve lost or stolen laptop computers.

About Prosys

Prosys is a computer manufacturer and distributor of information technology products having offices in Montreal, Québec, Ottawa, St-John's and Vancouver. The vast customer base of Prosys is divided among various market niches. Prosys' main clients are the Governments of Canada and Quebec, crown corporations, universities, school boards and CEGEPs throughout the province of Quebec. The investment in Peak is in the scope of the Corporation's steps to diversify the global offer of services to its current customers and to improve Prosys' positioning for the development of the SMB market.

FORWARD-LOOKING INFORMATION -- This press release contains forward-looking statements reflecting Prosys objectives, estimates, expectations and impact of the acquisition on Prosys' financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Prosys' projections or expectations.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release

Contact Information

  • Prosys Tech Corporation
    Mr. Georges Hebert
    President and Chief Executive Officer
    514-255-3454, extension 270