GroveWare Technologies Ltd.

GroveWare Technologies Ltd.

August 06, 2012 07:33 ET

GroveWare Technologies Completes Its Business Combination and Launches an Aggressive Expansion Plan

Merger Transaction Provides GroveWare with Access to Growth Capital in the Public Market on OTCQB

TORONTO, ONTARIO--(Marketwire - Aug. 6, 2012) - On April 6, 2012, ePhoto Image, Inc., a Nevada corporation (the "Company"), entered into a Merger Agreement with GroveWare Technologies Ltd., a privately held Delaware corporation ("GroveWare"). The Company subsequently changed its name to GroveWare Technologies Ltd.

"Our company is pleased to have the merger process behind us and is now anxious to move ahead with its marketplace expansion," says Hrair Achkarian, its CEO. "We have spent the last three years developing, refining and testing our technology and establishing a host of channel partners including some of North America's largest wireless carriers and wireless device suppliers. As a public entity, we expect to be able to leverage the power of the market to properly capitalize our company and more effectively implement our growth plan."

GroveWare Technologies Ltd. is a leading provider of mobile solutions to enterprise and government, connecting workforces by mobile device to a wide selection of back-end systems and helping businesses, institutions and government departments and agencies to enhance productivity and reduce costs by mobilizing and automating business processes.

GroveWare's showcase software, MobiTask, is a wireless client application compatible with all smartphones and tablets including: iPhone®, iPad®, BlackBerry®, PlayBook™, and all devices using the Android™ or Windows Mobile® wireless platforms. MobiTask mobilizes employee tasks in the field and connects them directly to the organization's enterprise software systems. MobiTask allows organizations to rapidly and cost-effectively deploy mobile solutions for workers on the go. MobiTask provides the convenience of using dynamic electronic forms created using GroveWare's eXFORMA™ middleware to collect field data, manage workflow, HR and CRM tasks wirelessly, store documents locally and integrates quickly with most ERP systems and back-end databases on any application such as Oracle® e-Business Suite™, PeopleSoft™, SharePoint™, Kronos® Workforce Central™, MS Dynamics™ or SAP®. Users can remotely and wirelessly clock-in/out, approve and initiate workflow tasks, or use dynamic e-Forms for inspections, licensing and data collection all from their smartphones.

"We are confident that MobiTask is marketplace ready and the marketplace has certainly projected that it is ready for Mobitask. Our existing clients include the federal and several state governments and businesses of all sizes ranging from Fortune 1000 corporations to small and medium size companies and our pipeline of new opportunities grows larger every day, especially as a result of the constant stream of referrals received from our carrier partners. Our flagship product, MobiTask, is easily deployed into a virtually unlimited number of applications and into any organization that has employees working away from their offices."

GroveWare generates part of its income by charging a modest fee for the set up, integration and maintenance of the eXFORMA middleware, and occasionally from hosting the application on its own server network, but the bulk of its revenue is generated from monthly user license fees. This re-occurring revenue stream will assure the company a steady flow of cash to support its overhead and to produce the attractive returns typically available from technology-based companies. With dozens of agencies and companies already in the deployment and testing stage and hundreds of user licenses already in place, GroveWare intends to raise sufficient new capital to rapidly expand its sales, marketing and support staffing so as to be able to exploit the surging interest from new clients and the tens of thousands of potential users who have calculated the cost savings and productivity gains realizable from the use of MobiTask.

"The advent of smartphones and wireless tablets is dramatically changing how America does business; probably changes that will be as dramatic as those brought about by the introduction of PCs back in the 1980s," remarks Achkarian. "We intend to be in the forefront, and help to accelerate, that change. Our number of potential clients is enormous. Thousands of government departments and agencies at the federal, state and municipal level and millions of businesses across America have employees who work outside their offices. They could all benefit from the use of MobiTask and all are target customers for our company. We can mobilize business functions to all brands of smartphones and tablets for a fraction of the cost, and can have our customers up-and-running in weeks or days compared to the months typically required in the case of a custom-built solution. MobiTask offers our clients a highly-robust, extremely secure and cost-attractive way to use today's smartphone and tablet technology in an enterprise environment."

GroveWare is especially targeting the government, construction, healthcare, and law enforcement sectors and its successes to-date and rapidly growing interest from these and other quarters of business, provide exciting growth challenges and opportunities for the company.

FORWARD LOOKING STATEMENTS

This press release may include "forward looking statements" within the meaning of the "safe harbor" provisions of the United Stated Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the business of GroveWare Technologies Ltd. are based on current expectations that are subject to risks and uncertainties.

A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factor include, but are not limited to: 1) we have a limited operating history; 2) we have a limited history of revenues from operations; 3) our failure to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies could reduce our ability to compete successfully and adversely affect our results of operations; 4) the market for our technologies is highly competitive and although we believe our technologies offer unique features that are in high demand, we cannot guarantee that these unique features are enough to effectively capture a significant enough market share to successfully launch and sustain our current or future product line; 5) we plan to market and distribute our products, which are sophisticated technologies requiring regular upgrades and improvements to keep us in line with competitors, advancing technology, and public demands; 6) the development of a successful market for our technologies may be adversely affected by a number of factors, some of which are beyond our control; 7) our commercial success depends significantly on our ability to develop and commercialize our potential products without infringing the intellectual property rights of third parties; 8) our success depends on continuing to hire skilled and competent developers in a highly skill-based and competitive employment arena; 9) our officers, although very experienced executives, have limited experience in managing a public company; 10) government regulation of the Internet and e-commerce is evolving, and unfavorable changes or our failure to comply with regulations could harm our operating results; 11) we may not be successful in our partnerships and joint ventures with other companies and businesses, which may negatively affect our results of operations and financial condition; 12) if we are unable to manage our growth effectively, our business, financial condition and results of operations may be adversely affected; 13) our inability to protect our patents and proprietary rights in the United States and foreign countries could materially adversely affect our business prospects and competitive position; and 14) other risks and uncertainties indicated from time to time in proxy statements/prospectus, including those under "Risk Factors" therein, and other filings with the SEC by GroveWare Technologies Ltd.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and GroveWare Technologies Ltd. undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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