Manuweb Software Systems, Inc.
CNSX : AIV

November 21, 2011 09:35 ET

Manuweb Software Systems, Inc. (CNSX:AIV) Announces Key Operational Plans and Processes With Respect to the Acquisition of VisualVault™ Technologies Inc.

PHOENIX, ARIZONA--(Marketwire - Nov. 21, 2011) -

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

The Board of Directors of Manuweb Software Systems, Inc. (MWS) (CNSX:AIV) is pleased to announce material developments preceding closure of the acquisition of VisualVault Technologies, Inc. (VVT) and the related assumption of VVT's obligations to Auersoft LLC of Mesa, Arizona as previously reported. VVT's VisualVault service delivers secure document management and compliance solutions over the web across a wide range of compliance intensive industries.

Management recently committed to fund a highly proactive marketing and sales plan for VVT in advance of closing the acquisition. The special meeting of shareholders is scheduled for December 7, 2011 in Vancouver, British Columbia to approve the acquisition and management expects the acquisition to close no later than January 31, 2012.

In advance of the meeting, management of MWS took the initiative to hire a domain expert in the health care industry, who has over 15 years of experience in the sector. The initial results of the engagement have proven the rich environment within which VisualVault operates and the intensity with which adoption of its services will grow during the next twelve months. As one example, each and every target market within the health care vertical holds long term recurring revenue opportunities with life cycles exceeding 20 years. VisualVault currently serves several of these markets.

For MWS, it is clear that the VisualVault service is sound, the markets are multiple and well defined and the revenue model is one that will lead to long term recurring cycles of cash flow. This, combined with the scalability and enormous available market for software as a service (SaaS) business models, leads management to believe the enterprise valuation of the Company will mirror the double-digit multiples of revenue valuations common in the market today for SaaS companies.

Van Potter, CEO of MWS, states that; "We are excited to be in the final stages of completing this acquisition as the value and growth potential of this opportunity continues. As just one indicator of this potential, several current tier-one customers of the VisualVault services have confirmed their interest in expanding strategic business development initiatives coupled with strategic investments into MWS."

Compliance management is a major value proposition of the highly unique and proprietary VisualVault service. Before compliance however is the need to effectively manage workflow within any organization. Management is delighted to report that VisualVault's web-based service is so revolutionary that it will completely disrupt the means by which compliance is addressed in many verticals including and beyond health care. We believe that it will become the standard for workflow management in many compliant rich environments such as financial services, government, legal, manufacturing, and other highly regulated industries.

ABOUT MANUWEB SOFTWARE SYSTEMS, INC.

Manuweb Software Systems, Inc. is a Vancouver Canada based provider of software solutions. Manuweb currently owns a 10% minority interest in Advantive Information Management a Phoenix Arizona based company that provides IT services and solutions to select vertical markets. MWS plans on acquiring the remaining 90% of AIM in a subsequent transaction. AIM's flagship product, R2 Software, delivers dynamic infrastructure management solutions for the work centers and operations on the manufacturing shop floor. Our products and services limit production downtime by continuously securing critical data and optimizing recovery.

ABOUT VISUALVAULT TECHNOLOGIES INC.

VisualVault Technologies Inc. (VVT) is a Vancouver British Columbia corporation that operates owns and operates the VisualVault™ brand of software as a service (SaaS) and platform as service (PaaS) secure document management and compliance solutions. VisualVault provide unique services for document management and compliance across a broad range of vertical markets.

ON BEHALF OF THE BOARD OF DIRECTORS OF MANUWEB SOFTWARE SYSTEMS, INC.

Van H. Potter, President and CEO, Director

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