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DAILY NEWS AND INFORMATION FOR THE GLOBAL GRID COMMUNITY /
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Systems/Enterprise:
IPVoice COMMUNICATIONS INTENDS
TO ACQUIRE NETSCO SERVICES
IPVoice Communications Inc announced signing a Letter of Intent to acquire
NETSCO Services Inc. IPVoice plans to acquire 100 percent of the common stock
of NETSCO in exchange for $3 million in restricted IPVoice preferred shares.
NETSCO would become an integral part of the IPVoice Homeland Security strategy
by combining with Digital Computer Integration Corp (DCI), a majority-owned
subsidiary of IPVoice. NETSCO is currently projecting 2004 revenue of $3
million. DCI and NETSCO combined would generate nearly $10 million in Homeland
Security revenue in 2004 at current forecasted revenue levels.
NETSCO Services Inc is an eight-year-old corporation headquartered in Research
Triangle Park, N.C. The company is a software product and services company
that specializes in mission critical distributed computing solutions for
large-scale enterprise applications. NETSCO has particular expertise in the
Sun Microsystems Java and J2EE environment. The NETSCO Framework is a
proprietary technology that provides a set of services commonly required for
distributed enterprise systems, such as Workflow, Persistence and
Authorization. NETSCO clients include Raytheon, NASA, Bavarian Motor Works
(BMW), Ericsson, Northrop Grumman and General Electric, among others. The U.S.
Navy, Army and Air Force appear on the list of military clients.
The purchase agreement includes a $500,000 working capital infusion to be
invested by IPVoice into the operations of NETSCO and will be in the form of a
convertible note.
"NETSCO is an excellent addition to our Homeland Security strategy," said
Philip Verges, CEO of IPVoice. "This acquisition is a valid illustration of
our overall strategy to acquire companies that expand product line and create
cross-selling opportunities in related markets. DCI will be able to capitalize
on NETSCO's client relationships and vice versa. As we identify these
opportunities we anticipate increasing our forecast for DCI."
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