KELOWNA, British Columbia, May 28, 2002 (PRIMEZONE) -- Secure Enterprise Solutions Inc. (OTCBB:SETP) (the "Company" or "SETP") is pleased to announce that it has entered a definitive agreement to complete its acquisition of Edgetech Services Inc.(Edgetech).
Subject to SETP shareholder approval, certain regulatory requirements, and the completion of an existing Edgetech share cancellation plan, SETP will own 100% of Edgetech.
The Board of Directors and executive officers of SETP unanimously support the proposed transaction. 16,005,000 shares of SETP will be issued to the Edgetech shareholders of record as well as US $66,000.00 (previously paid) to complete the acquisition.
This transaction is expected to close before August 15, 2002.
"Secure Enterprise Solutions welcomes the Edgetech team and the valuable operations expertise they bring," said Chris Bunka, CEO. "In just five months we have transformed SETP into a vertically integrated security solutions provider. Edgetech's capabilities are significant and are greatly leveraged through this merger. The shareholders of SETP should be excited as management continues to increase the abilities, reach, and value of their company."
Sang Ho Kim, President of Edgetech, said, "We look forward to working with our new management team, building both value for our shareholders and excellence in our IT Security franchise. We hope to announce more exciting developments and milestones soon."
Edgetech Co-founder Tae Ho Kim said, "We are excited to complete this merger and pursue our goals towards building a premium IT Security Boutique offering our global clients world class, market leading IT Security Solutions."
The acquisition considerably reduces the scale of funds that SETP requires from the capital markets and increasingly shifts the corporate focus to growth through operations.
Upon closing the transaction, Sang Ho Kim will assume the role of President; Tae Ho Kim will be Chief Executive Officer; Sudhir Khanna will remain Vice President; and Chris Bunka will be Vice President.
SETP announced in April the formation of a Value Added Reseller relationship between Edgetech and Labcal, a leading ID authentication solutions provider, to address the IT Security, ID Card, and Physical Access markets.
SETP had earlier announced an agreement between Edgetech Services Inc and BioID A.G. of Germany, which has developed technology that uses three biometric traits for identification: Facial Recognition, Voice Recognition and Lip Movement. BioID is the only company that integrates all three of these traits and analyses them simultaneously. More information on the company can be seen at www.bioid.com.
Through these relationships, and through the earlier announced Trusted World Partner agreement between SETP and Baltimore Technologies, SETP can deliver a compelling suite of world-leading biometric security products and services. Baltimore Technologies is an acknowledged world-leading provider of E-security technology that authenticates and approves data and content-based relationships and transactions.
Both SETP and Edgetech continue discussions with other parties related to additional partnering, acquisition, and revenue generating opportunities. There can be no assurance of the successful completion of these discussions but additional news will be released as available.
Edgetech Services Inc is a privately held Ontario corporation. Its primary business is IT Consulting covering the following areas: IT Security, Biometrics, Business Solutions, Systems Engineering, Software Development and Project management.
Edgetech offers expertise in project management, IT professionals and custom technology solutions. Edgetech is a Business Partner to Microsoft, IBM and others. Edgetech's clients include major government and private sector clients in Canada and the United States. Some of these clients include: IBM, Falconbridge, Bell Nexxia, Procomm, Mastech, Rogers Telecom and Province of Ontario. The Edgetech website is www.edgetechservices.com
Secure Enterprise Solutions Inc. is a rapidly growing security solutions provider that will compete against firms such as Checkpoint Software (Nasdaq:CHKP); and others.
For corporate information contact Chris Bunka, CEO 250-765-6424, or chris.bunka@weprovidesecurity.com or examine the website at www.weprovidesecurity.com
This press release includes forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Inherent risks and uncertainties could cause actual results to differ materially from the forward-looking statements. Such risks and uncertainties are described in the periodic reports the Company files with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.