NXSF - NEWS! Gapping at .23 .30 - Was .60 in early October - Chart reversal
NexiaSoft, Inc. Announces Merger With Cytak, Inc.
(Market Wire 11/02 08:00:41)
NexiaSoft, Inc. Enters Into Agreement to Acquire Cytak, Inc.
SAN FRANCISCO, CA -- (MARKET WIRE) -- 11/02/06 -- Nexiasoft, Inc. (PINKSHEETS: NXSF), a
holding company which invests in convergent e-commerce technology
companies, announced today that it has signed a definitive merger agreement
to acquire Cytak, Inc., a U.S. software company specializing in the
integration of tax rate data into enterprise order management systems, for
$2,000,000 in an all stock transaction. Under the terms of the agreement,
NexiaSoft will acquire 100% of the outstanding shares of Cytak. Thereafter,
Cytak will become a wholly owned subsidiary of NexiaSoft.
Cytak is a managed service that provides automatic distribution of sales
tax rates, plus provides tools for analyzing tax obligations. Cytak is a
secure and reliable means for delivering up-to-date tax rates directly into
your enterprise systems, hassle-free, not only adding value to the
business, but also providing a way to simplify and streamline operational
processes.
In discussing the anticipated acquisition of Cytak, Kevin Owens, CEO of
NexiaSoft, Inc., stated, "I am gratified to report that our proposed
transaction provides an exceptional fit between two complementary
businesses and their organizations. By merging NexiaSoft and Cytak, we can
leverage the strategic technical resources of each and gain the benefit of
shared channel opportunities." Mr. Owens went on to state that, "This
merger represents a significant accomplishment relative to our stated
objective to acquire synergistic technologies and companies which, when
combined, enhance the overall value for our shareholders."
About Cytak
Cytak is a managed service that provides automatic distribution of sales
and use tax rates with verification tools to analyze tax payments. It is
built, maintained and operated in a secure environment and provides tax
integration services for standard ERP and accounting packages.
In the regulatory and compliance environments of today, Cytak provides
customers confidence in knowing that their tax rates are always up-to-date
and eliminates the labor traditionally required to keep these systems
maintained.
For more information about Cytak, visit www.cytak.com
About NexiaSoft:
NexiaSoft recently commenced trading on the Over-The-Counter Pink Sheets
market under the symbol: NXSF and is a holding company that invests in
convergent e-commerce technology companies. Companies with disruptive
technology in the area of wireless, open-source, and security are
particularly of interest. Through targeted investments in such companies,
NexiaSoft will continue to provide a compounding effect to the overall
value of their portfolio.
For more information, visit NexiaSoft's website at: www.nexiasoft.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements in this
release that are "forward-looking statements" are based on current
expectations and assumptions that are subject to known and unknown risks,
uncertainties or other factors which may cause actual results, performance
or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Actual results could differ materially because
of factors such as: the effect of general economic and market conditions,
entry into markets with vigorous competition, market acceptance of new
products and services, continued acceptance of existing products and
services, technological shifts, and delays in product development and
related product release schedules, any of which may cause revenues and
income to fall short of anticipated levels.
All information in this release is as of the date of this release. The
Company undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
Contact:
Brigand Balleau
Vice President Marketing
bballeau@NexiaSoft.com
