Rand A Technology Corporation
TSX : RND

Rand A Technology Corporation

September 15, 2005 16:36 ET

RAND Worldwide'R' Announces Agreement To Acquire Autodesk-Related Assets Of Continental Imaging Products

MISSISSAUGA, ONTARIO--(CCNMatthews - Sept. 15, 2005) - RAND A Technology Corporation (TSX:RND), operating as RAND Worldwide® ("RAND" or the "Company"), a global leader in providing technology solutions to organizations with engineering design and information technology requirements, has entered into a Letter of Intent to acquire certain of the assets and the Autodesk-related business of 702856 Alberta Ltd. o/a Continental Imaging Products ("CIP") of Calgary, Alberta, a provider of the Autodesk, Inc. ("Autodesk") suite of products and services. The purchase price of approximately $300,000 payable by RAND for the CIP assets will be made in cash and the transaction is expected to close in October 2005.

CIP is the largest supplier of Mapping, Engineering, Graphics and Autodesk software in Canada. RAND will be acquiring CIP's assets and operations related to its Autodesk business. With its Autodesk business, CIP provides Autodesk software, along with related training and consulting services, to customers primarily in the Architectural Engineering Construction ("AEC") and Civil Engineering markets. Operating out of its head office in Calgary, CIP sells Autodesk solutions throughout the province of Alberta with a focus on opportunities in the oil and gas market. CIP's Autodesk business had unauditied fiscal 2004 revenue of approximately $2.5-3.0 million. This transaction is subject to the customary closing conditions, including regulatory approval, due diligence satisfactory to RAND Worldwide and execution of a definitive purchase agreement.

"We are pleased to announce this transaction with CIP as it would extend the geographic reach of our Autodesk services throughout Alberta and would give us broad exposure to AEC opportunities in the oil and gas market," said Frank Baldesarra, President and CEO of Rand Worldwide. "The AEC market remains an area of significant growth for RAND as companies in this vertical market are adopting 3D design and collaboration software in order to remain competitive and meet the robust global demand for new building projects. The heightened level of activity for new AEC projects in the oil and gas industry is being fuelled by the demand and asset-price appreciation for energy-related products and the acquisition of CIP would give us an excellent point-of-entry to capitalize on these opportunities."

"As the largest third-party vendor of Autodesk software and related services, RAND is at the forefront for bringing innovative solutions to customers with 3D design and collaboration needs," said Stephen Goodwin, President of CIP. "We believe that our customers will be well served by RAND's global support capabilities and will continue to prosper under RAND's service and guidance."

About RAND Worldwide

RAND Worldwide is one of the world's leading providers of professional services and technology to the engineering community and companies looking to improve their competitiveness, productivity and profitability by enhancing key aspects of their Product Lifecycle Management (PLM) and Architecture, Engineering and Construction (AEC) capabilities, including planning, development, and management. As a leading technology independent systems integrator in the world, RAND Worldwide employs 381 people in over 70 sales and client service centers around the world. For more Information please visit www.rand.com

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this news release. Actual results could differ materially from those anticipated in these statements, due to risks and uncertainties which affect the Company's business and operations. Reference should be made to the Company's Annual Information Form and other continuous disclosure documents filed from time to time with Canadian securities regulatory authorities, for a detailed description of such risks and uncertainties. RAND Worldwide undertakes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.

Contact Information

  • RAND Worldwide
    Kriss Bush
    Chief Financial Officer
    (905) 625-2000
    (905) 625-8535 (FAX)
    or
    The Equicom Group Inc.
    Dave Mason
    Investor Relations
    (416) 815-0700 ext. 237