Odesia Group Inc.

TSX VENTURE : ODS


Odesia Group Inc.

September 13, 2012 16:05 ET

ODESIA Completes Strategic Acquisition of Prominent IT Recruitment Agency

MONTREAL, QUEBEC--(Marketwire - Sept. 13, 2012) - ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), is pleased to announce the successful acquisition of all issued and outstanding shares of privately-held Gestion Passerelle Inc. ("Passerelle") for $850,000 and the issuance of 300,000 shares.

Passerelle is a Business & IT talent networking and recruitment firm that equips corporations with experienced professionals. Based in Montreal, Passerelle has developed a solid reputation for delivering custom tailored talent solutions with above-standard quality and service. While specializing in the financial services sector, Passerelle adds to ODESIA its strong and established customer base.

"The Passerelle acquisition provides ODESIA with increased business development and revenue growth opportunities and is another significant milestone in our corporate strategy, as we strive to develop ODESIA into an important player in the global IT industry", declared Nicolas Bonnafous, President and Chief Executive Officer.

Strategic and financial benefits of this acquisition

  • Expected to increase revenues of ODESIA Group by approximately 25%
  • Expected to be accretive to ODESIA's overall earnings
  • New IT service offerings that accelerate new business development growth opportunities

Of the $850,000 acquisition cost, $600,000 was paid at the closing and the balance will be paid following the achievement of certain sales volume milestones.

About ODESIA

ODESIA Group Inc. (TSX VENTURE:ODS) is a global technology solutions provider serving enterprise level Fortune 500 companies in the financial services, manufacturing, media and telecommunications industries. ODESIA's team mission is to empower enterprise level companies with the ability to improve the efficiency of operations, enhance process performance, productivity and profitability, and make better overall business decisions by implementing Unified Business Intelligence solutions that present the right information, at the right time, and the right place. ODESIA is listed on the Toronto Venture exchange under the symbol "ODS." For a copy of the latest Company data sheet visit us at www.odesia.com/investors_info.html

For more information on Passerelle, please visit www.passerelle.ca

Disclaimer in regards to forward-looking statements

This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors. The forward- looking information contained in this news release is expressly qualified by this cautionary statement. ODESIA does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • ODESIA Group Inc.
    Mr. Nicolas Bonnafous
    President and CEO
    514.876.1155
    nbonnafous@odesia.com

    PRIME Communications Inc.
    Toll free: 1 (855) PRIME TM ext. 101
    Office: 1 (604) 638-1431
    jdb@primecom.ca