Manuweb Software Systems Inc.
CNSX : AIV

Advantive Information Management Inc.

Advantive Information Management Inc.

May 19, 2011 20:31 ET

Manuweb Software Systems Inc. (CNSX-AIV) Acquires Interest in Advantive Information Management Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION TO US NEWSWIRE SERVICES OR FOR DISCLOSURE IN THE UNITED STATES

The Board's of Directors of Manuweb Software Systems Inc. (Manuweb) (CNSX:AIV) and Advantive Information Management Inc. (AIM) are pleased to announce that effective May 16, 2011, Manuweb's common shares were listed for trading on the Canadian National Stock Exchange (CNSX:AIV). Concurrently, Manuweb acquired 10% of AIM, a Phoenix based IT services provider in consideration of 8,958,000 common shares of Manuweb in an arm's length transaction, based upon audited financial statements in accordance with the requirements of a significant business acquisition. Manuweb raised a total of $147,000 by way of private placement issuing 2,940,000 units at a price of $.05 per share each unit consisting of one share and two share purchase warrants. If all the Warrants are exercised pursuant to this financing at the exercise price of $.225 per share, Manuweb will raise a further $1,323,000.00. Manuweb currently has a total of 17,736,667 common shares issued and outstanding. Details of the acquisition can be found on the CNSX website (www.cnsx.ca) in the Listings Disclosure Hall tab and on SEDAR. The two companies plan to unify their Board of Directors and work together to eventually complete the acquisition of the remaining shares of AIM. Upon completing the full acquisition, AIM will be a wholly owned subsidiary of Manuweb Software Systems Inc. (Manuweb) headquartered in Phoenix Arizona and whose shares will continue to trade on the CNSX.

AIM was founded in 2010 through the purchase of the assets of R2 Software A/S, a Danish company which was owned by Greater Arizona Investments, a division of the Symington Group, of which former Governor Hon. J. Fife Symington was the founding partner. "We are excited about achieving this milestone in the building of our business for several reasons," said former Governor Symington. He added, "Manuweb and its CNSX listing have facilitated unique capital formation opportunities for our company and I believe will create additional opportunities for other Arizona corporations."

John Ragan, Managing Partner of Greater Arizona Investments and a Partner in the Symington Group commented, "This acquisition will give our business several strategic options going forward and we are pleased with the achievement of this milestone."

Van Potter, AIM's President and CEO commented,"Our strategy is to leverage our initial strength in the large information data protection and recovery market through both organic growth and by aggregating smaller companies into a fast growing specialty IT services company. We believe there is a huge opportunity for both delivery of unique and valuable services to our customers and creation of significant shareholder value with this strategy."

Brian Cameron, CNSX Business Development Representative, Southwest Markets and CFO of AIM and Manuweb said, "CNSX is unique medium for U.S. issuers to secure capital and liquidity for their shareholders in what is now a defined process and model that can be replicated."

ON BEHALF OF THE BOARD of MANUWEB SOFTWARE SYSTEMS INC.

Donald Gordon, Director

ON BEHALF OF THE BOARD OF ADVANTIVE INFORMATION MANAGEMENT INC.

Van Potter, Director, CEO

The forward-looking information contained in this press release is made as of the date of this press release and except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.

CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Manuweb Software Systems Inc.
    Brian Cameron
    CFO
    602-865-9356