SOURCE: Time America, Inc.

January 22, 2007 17:54 ET

Time America and Synel Industries Enter Into Asset Purchase Agreement

SCOTTSDALE, AZ -- (MARKET WIRE) -- January 22, 2007 -- Time America, Inc. (OTCBB: TMAM) ("the Company"), a leading provider of automated workforce management solutions, today announced that it has closed on the sale of certain of its reseller and technology assets to Synel Industries, Ltd. ("Synel").

Under the terms of the agreement, Synel has acquired the Company's reseller channel business and selected reseller-focused applications, as well as its TA7000 line of data collection devices. Synel has also purchased the name "Time America" for use in its ongoing support to the reseller channel. Upon closing, in consideration of the purchased assets, Synel paid the Company a sum of $2.5M dollars, $250,000 of which will be held in escrow until certain post-closing obligations under the agreement have been fulfilled. In addition, for a period of four years, Synel will pay royalties equal to 5% of revenues derived from new US sales of TA7000 units outside of Synel's current US customer base. Additionally, Synel purchased certain of the Company's TA7000 inventory for $140,000.

Moving forward, the Company will focus its efforts primarily on sales, support and evolution of NETtime, its flagship, web-based time and labor management solution, which is used by more than 30,000 employees. To reflect this new emphasis, the Company intends to change its name to NETtime Solutions, subject to the approval of the Company's shareholders.

The Company licenses NETtime to a variety of leading software manufacturers in an ASP (hosted) capacity and also sells directly to corporate end users. Under its new name, the Company will continue to provide enhanced functionality, custom interfaces and world-class support to its strategic partners and valued end users.

This sales transaction affords both organizations the opportunity to focus on their unique strengths. Synel will continue to build the reseller network under the Time America name, and NETtime Solutions will leverage its expertise to expand the base of licensees for and of the NETtime application.

As part of the transaction, Thomas Bednarik, the Company's President and CEO, will assume a leadership position with Synel's newly formed reseller group. Jon Weiss, the Company's VP of Business Development, will assume the position of Interim CEO for NETtime Solutions. "The transaction will allow NETtime Solutions to focus on NETtime, our flagship, state of the art web-based labor management solution. I am excited about my new role as Interim CEO and the opportunity to enhance our relationships with our strategic partners and direct customers," stated Jon Weiss, Interim CEO of NETtime Solutions.


Time America, Inc. (OTCBB: TMAM) has been a leading provider of web-based, client-server and desktop time and labor management solutions since 1988. Time America' s family of web-based, client-server and desktop solutions deliver a cost-effective, automated means for employee time and attendance tracking, management of labor resources and payroll processing. The Deloitte Technology Fast 500 has honored Time America as one of the 500 fastest growing technology companies in North America in 2003 and 2004. For more information, please visit the Time America web site at


Synel Industries, Ltd. (TELAVIV: SNEL) is a leading designer and manufacturer of products for the management of time and attendance, access control, shop floor control and job costing systems, including biometric verification and identification terminals. Founded in 1990 in Israel, Synel has a network of distributors and partners in over 30 countries worldwide, with offices in the US and the UK. For more information, visit or 1-877-796-3546.