April 17, 2009 11:08 ET

Industrial Alliance Securities Recommends TECSYS (TSX:TCS) With a STRONG BUY and a Target Price of $2.50/Share

MONTREAL, QUEBEC--(Marketwire - April 17, 2009) - Industrial Alliance Securities (TSX:IAG) has initiated coverage on TECSYS Inc. (TSX:TCS) with a STRONG BUY recommendation in a research report issued on April 13, 2009.

"TECSYS currently trades at a forward 4.6x EV/EBITDA and 0.3x EV/Sales multiple, a valuation level that represents a steep discount to its peers and the overall ERP space. We feel that this discount is not justified by its fundamentals, and can only be explained by the Company's lack of visibility among investors. Thus, we initiate TECSYS with a STRONG BUY recommendation and a target price of $2.50/share," stated Steve Li, Technology Analyst at Industrial Alliance Securities.

About Industrial Alliance Securities Inc.

Industrial Alliance Securities Inc., a wholly owned subsidiary of Industrial Alliance Insurance and Financial Services, is a full-service brokerage firm. It offers a full range of financial products and services designed to corporate and institutional clients in Canada.


TECSYS is a leading supply chain management software provider that delivers powerful enterprise distribution, warehouse and transportation logistics software solutions. The company's customers include over 500 mid-size and Fortune 1000 corporations in healthcare, heavy equipment, third-party logistics, and general wholesale high-volume distribution industries. TECSYS' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS.

The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that TECSYS Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of TECSYS Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with TECSYS Inc.'s business can be found in the MD&A section of the Company's annual report and annual information form for the fiscal year ended April 30th, 2008. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).

Copyright (C) TECSYS Inc. 2009. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.

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