KELOWNA, BC, July 31, 2002 (PRIMEZONE) -- Secure Enterprise Solutions Inc. (the "Company" or "SETP") (OTCBB:SETP) is pleased to announce that the earlier announced acquisition of Edgetech Services Inc. (Edgetech) has been completed.
Under the terms of the agreement, US$66,000 plus 16,005,000 shares of SETP were paid to Edgetech shareholders to complete the transaction. A finder's fee of 825,000 shares was paid to an unrelated third party. All shares issued under this transaction are restricted and the current publicly traded float does not change.
Mr. Tae Ho Kim has become the new CEO; Mr Sang Ho Kim is the new President; Chris Bunka is Executive VP; and Sudhir Khanna is VP. In total, this management team owns 16,904,000 restricted shares of SETP. Following the acquisition and as of April 30, 2002, SETP has a total of 27,544,000 shares outstanding.
At the next annual general meeting, it is proposed that Mr. Sang Ho Kim become Chairman and that Mr. Tae Ho Kim become a director. Mr. Fred Fulcher will also be nominated to the board of directors.
Founder of SETP, Chris Bunka, said, "This is the single most important event in our company's history. Through our merger with Edgetech we are building measurable value for shareholders. We expect to become a leading security solutions provider in the North American market. I am honoured to join the respected and talented individuals at Edgetech and will continue working with them as they lead us forward."
Edgetech Co-Founder, Tae Ho Kim, said, "Completing this transaction enables our company to aggressively pursue our mandate of rapid expansion. We are extremely well positioned to take advantage of our market focus and build a solid and profitable Security franchise. Our timing couldn't be better. We look forward to working with our new team of accomplished entrepreneurs towards delivering maximum value for our shareholders."
Edgetech has projected revenue of CDN $4.5 million (US$2.8 million) in the next fiscal year.
SETP's head office will be in Toronto in order to better service its customers. Additional offices remain in Winnipeg and Kelowna.
SETP has filed an amended form 8K with the SEC, detailing the transaction.
Additional partnering, acquisition, and revenue generating 0pportunities are being pursued. There can be no assurance of the successful completion of these discussions and additional news will be released as available.
Edgetech's 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, Counterpane, Symantec and many 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, Rogers Telecom and Province of Ontario. The Edgetech website is www.edgetechservices.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.