Divestco Inc.

Divestco Inc.

November 01, 2005 09:30 ET

Divestco Inc. Announces Acquisition of Laser Software Limited

CALGARY, ALBERTA--(CCNMatthews - Nov. 01, 2005) - Divestco Inc. ("Divestco" or the "Company") (TSX VENTURE:DVT) is pleased to announce it has completed the acquisition of Laser Software Limited ("Laser").

Laser was founded as a private company in 1979 and has become a proactive innovator in land administration software for the oil and gas market place. In 1994, Laser developed its flagship application, LandRite, a comprehensive land management software system. Based on standard land administration practices and feedback from clients, LandRite has evolved into a technologically leading product. In addition, Laser has a financial accounting package that allows its smaller oil and gas clients to connect remotely via the Internet to access and maintain their data. For more information, please visit the Laser website at: www.lasersoftware.com.

Mr. Stephen Popadynetz, Chief Executive Officer of Divestco commented: "This acquisition adds recognized and respected applications and services to our products and services suite. We will continue to build on Laser's innovations as we integrate their technology and experience into the Divestco fold."

Mr. Tim Steeves and Mr. Ken Gray, Co-Owners of Laser who will join the Divestco team commented: "Since its inception Laser has strived for excellence in everything we endeavor to accomplish. We have grown through the support and referral of our loyal customers and our ability to listen and provide the services they need. We are proud of our reputation and that of Divestco's, and are eager to leverage our combined skills and technology to further enhance our current and soon to be expanded customer base."

Divestco was formed on September 23, 2003 as a result of the amalgamation of International Datashare Corporation and Divestco.com Inc. Divestco is actively involved in the North American oil and gas software and services industry, and markets over 20 separate software applications that are widely used in both North America and International marketplaces. Divestco also operates a significant database containing information relevant to oil and gas exploration. Additionally, Divestco has an expanding seismic data library and is the largest broker of seismic data in Canada.

This press release contains forward-looking statements based upon current expectations that involve a number of business risks and uncertainties. The use of forward-looking words such as, "may," "will," "expect" or similar variations generally identify such statements. Although management believes that expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties. Such factors include fluctuations in the market for oil and gas and related products and services, competition and the demand for services provided by the Company.

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6463
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450