SAN DIEGO, March 14, 2005 (PRIMEZONE) -- Sage Global Solutions, Inc. (Pink Sheets:SGGL) announced today that it has acquired Express Notary Service, Inc. (Express Notary or ENS), a privately-held company headquartered in Irvine, Calif. The acquisition is accounted for as a share purchase and exchange, wherein Sage will issue six million of its shares to the owners of ENS in exchange for 100 percent of the outstanding shares of ENS, after which Express Notary will operate as a wholly owned subsidiary of Sage Global.
Sage Global will form its strategy, infrastructure, and business model around the merger with Express Notary. "By placing Express Notary as the centerpiece of our business, Sage Global expects the merger to increase its revenues and increase its shareholder value," said Henry Davidson, president of Sage Global.
Andy Kondo and Henry Davidson, both of Express Notary Service, Inc., will join the Sage Global board of directors. Davidson, who will take the position of president, began his career at Tradeway Securities and then moved to Equity Trust Advisors. Kondo, who will be CFO and Secretary of Sage Global, formerly worked in the financial services industry as an investment advisor and then moved to the Corporate Executive Services division of Roth Capital Partners. Kondo and Davidson founded Express Notary in 2003 and have seen it through its startup and initial growth phases. Express Notary's revenues topped $500,000.00 in 2004.
Express Notary has an extensive network of notary agents throughout the United States and the company is considered one of the premier legal signing agent businesses in the country. The main focus of the company is real estate documents and legal documents common to the business community. "Our merger with Sage Global is an opportunity to grow our business into new environs where legal documentation is essential," said Kondo, president of Express Notary. "The merger will also provide our clients with quicker, more affordable service and allow us to take advantage of the benefits inherent to a publicly traded company."
The basic terms of the merger between Sage Global and Express Notary include the exchange of shares between the two principal companies of six million restricted shares of SGGL to Express Notary and all of the shares of Express Notary to SGGL. Sage Global will also make a $125,000 payment to Express Notary in exchange for 125,000 newly issuance shares of Express Notary.
For more information about the merger, contact Henry Davidson of Sage Global Solutions at 949-788-2995.
Safe Harbor Statement: Statements in this press release about the company's future expectations other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. It is important to note that actual results could differ materially from those in such "forward-looking statements" and "forward-looking statements" are subject to risks and uncertainties. The name Express Notary is a copyright of Express Notary Service, Inc.