Maxxcapp Corporation

Maxxcapp Corporation

November 01, 2005 09:26 ET

Maxxcapp Subsidiary's Management Agreement Terminated

ABBOTSFORD, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2005) - Maxxcapp Corporation's (TSX VENTURE:MXP) President & CEO, L. Evan Baergen, announced today that the management agreement previously made public September 28, 2005 between Strydon and an affiliate of ComPrint Solutions Ltd. has been terminated.

The Calgary-based affiliate company had entered into an agreement with Strydon Holdings Inc., a wholly owned subsidiary of Maxxcapp Corporation, in order to facilitate an expansion into the Edmonton market. Mr. Baergen said that while initially the deal was a good fit for both companies, in the technology marketplace businesses need to be able to make swift changes.

"ComPrint has decided to focus its energies on different expansion opportunities. Healthy businesses have to be free to make positive changes such as this on the fly and we respect management's need to go in a different direction," Baergen said.

"Although this event was not expected, we will meet with the management of Strydon in the next few days and revise our business plan," he added.

Strydon operates as Accurate InfoSystems, a provider of office equipment sales and service, and as Maxim Internet Services, which provides IT related services such as office networking and internet connectivity.

Maxxcapp Corporation is a publicly held Canadian company building its assets through the acquisition and development of companies in several rapidly growing industries including technology and home renovation. With a strong management team of experienced, visionary entrepreneurs and corporate finance professionals, Maxxcapp is quickly building value for its shareholders by increasing efficiencies and providing capital to expand product lines and services as well as enter new markets.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information