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Scanvec Amiable Acquires Workflow Management Software

Tuesday, October 12, 2004

Press release from the issuing company

PHILADELPHIA--Oct. 11, 2004-- Scanvec Amiable, the recognized global leader in providing complete, professional software solutions from design to production for the sign making and large format digital printing industries, today announced it has agreed to acquire Treved, LLC, a provider of workflow management software. Under the terms of the agreement, Scanvec Amiable will acquire Treved, its cash balance of $1 million and the workflow management software. In exchange, Scanvec Amiable will issue 2 million shares of common stock and pay a 10% royalty on future licensing fees from the workflow management software. The acquisition is subject to stockholder approval. Mark Blundell, Chairman of Scanvec Amiable, commented, "The acquisition of Treved contributes 2 key elements to Scanvec's strategy. First, increasing our knowledge of workflow management (or business process management) software is important for all aspects of our business. Second the $1 million cash balance we are acquiring greatly strengthens our balance sheet with a view to diversifying through further acquisitions. In addition, the workflow management software acquired in Treved may provide an opportunity for us to build a business in other markets than we currently serve."

 

 

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