MINNEAPOLIS, March 5, 2008 (PRIME NEWSWIRE) -- Subjex Corporation (OTCBB:SBJX) announced today that it has acquired a significant stake in a joint venture with MeritView Partners LLC, Minneapolis, under which Subjex will provide its CSR technology for use in an online testing, certification and verification site that addresses a unique need in the growing online education and training market.
The venture, Certivera.com, as of its May 2008 launch, will provide real time testing services for a variety of companies and institutions involved in granting degrees, certificates or other credentials. As such, it insinuates itself into the revenue streams of a significant number of established training organizations.
In exchange for providing the technology that will power the venture and for Andrew Hyder, President and Chief Executive Officer of Subjex, serving as a Chief Technology Officer of Certivera.com, Subjex has received 60% of the equity in the new company. Hyder is also a member of Certivera's board of directors.
MeritView provided significant assets to the venture, including proprietary and copyrighted courseware and materials already used in corporate Six Sigma training activities. These materials have been used to certify corporate learners and corporate learning programs at organizations such as Mayo Health Systems, Medtronic, Carlson Companies and Cargill, which have already generated revenues in excess of 1.5 million. Initially, Certivera will provide online certification in Six Sigma competency, addressing a market niche that is estimated to be $180 million annually and then expand to other competency standards. This initial certification activity alone is expected to generate revenues in excess of $2 million in the first 12 months of operation at extremely high margins.
Hyder stated, "This is a huge opportunity for Subjex and its shareholders to monetize our existing technology in an already proven model. This is a robust and sustainable business model and the most dynamic use of our CSR technology that we have ever seen. The Six Sigma initiative is the first of many that will make Certivera a real player in the $58 billion corporate training market."
MeritView Partners' managing director, William Bartkowski, served as Certivera's Chairman of the Board and CEO. In addition to a 30 year career as a banker, businessman and corporate consultant, Bartkowski holds a doctorate in adult education, is a former educational administrator, currently serves on the board of a private college and is the former CEO of a company that provided Six Sigma and quality training programs for some of the world's largest organizations. MeritView Partners owns 20% of the equity in Certivera.
"We are excited about this company and its technology and courseware," Bartkowski stated. "We have spent many years studying and coming to terms with this opportunity and we are pleased to have gotten the business plan and business model to this significant juncture. Subjex technology, Andrew Hyder's programming expertise and MeritView's intimate knowledge of this market will make this venture successful and drive significant value to Subjex shareholders through their equity in Certivera."
Bartkowski and Hyder noted that 20% of equity in Certivera is being distributed to certain and specific investors in exchange for funding commitments. Otherwise, the only way for individuals to own Certivera.com is to own the stock of publicly-traded Subjex.
About Subjex Corporation
Based in Minneapolis, Minnesota, USA, Subjex Corporation is an innovative Artificial Intelligence Development Company delivering web-based applications for business and the Capital Markets. For more information visit the website at www.subjex.com.
This news release contains "forward-looking statements" within the meaning of Section 27a of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct.