Edulink Inc. Announces Acquistion of an End-to-End Publishing and Distribution Operating System, Galaxy Library, from Ion Systems Inc.
WEDNESDAY, MARCH 10, 2004 2:30 PM
SANTA MONICA, Mar 10, 2004 (BUSINESS WIRE) -- Charlie Guy, CEO of Edulink (MYIQ) , announced today the completion of a Memorandum Of Understanding to acquire the complete intellectual property of the GalaxyLibrary.com(R) from ION Systems Inc. The agreement also includes royalty free access to many of ION's patented applications and the content of GalaxyLibrary (www.galaxylibrary.com) that includes nearly 3,500 unique books. The closing date has been scheduled for April 1, 2004.
Tom and Jill Thomas founded ION Systems Inc. in 1992 as a software development firm to create a suite of fully integrated solutions that truly enhanced and empowered the way people use and access digital content (eKnowledge). As a part of the agreement, the Thomas' will remain as consultants to Edulink to leverage their experience in digital publishing, education and content distribution systems. Some of their patented solutions include:
eMonocle(TM): An XML interface viewer facilitating efficient reading of complex content.
Web Eyes(TM): Internet Explorer software that allows users to adjust type size easily, eliminates scrolling, and displays long documents in a book format.
GalaxyLibrary is a fully functioning end-to-end publishing and distribution system launched 5 years ago that bridges and serves both the digital and print publishing worlds. GalaxyLibrary offers publishers direct Internet control over every aspect of their content, and access to branded storefronts for retailers.
Charlie Guy speaking of this acquisition stated, "With the assistance of Roxann Caraway, president, of Edulink's new subsidiary, JAQKAR, who has worked with ION Systems Inc. for a number of years, and our publishing consultant, Harold Henke, we have identified GalaxyLibrary as one of the best operating end-to-end publishing and distribution systems available in the marketplace. This acquisition will provide Edulink with a fully functioning set of operationally tested applications that can then be integrated with our XML based eKnowledgeXchange core technologies in order to rapidly expand the revenue generating operations for our newly formed publishing services division."
Jill Thomas of ION stated, "As a former teacher, my goal has always been to create a system that enables people around the world access to current educational content regardless of their vision needs, physical challenges, or choice of viewing device. With the combination of Edulink's XML database eKnowledge sharing system and GalaxyLibrary's functionality, we will be able to now provide the tools and learning resources for excellence in education where truly no child will be left behind."
The assets of this acquisition will be functionally merged with the content development and preparation services of JAQKAR. Harold Henke, Ph.D. will serve as principal consultant functioning as JAQKAR's acting chief operating officer in order to manage the integration process between JAQKAR and GalaxyLibrary.
Edulink's current business focus is on the near and long term opportunities to implement a series of revenue generating products and services built upon our knowledge sharing system's core technologies known as the eKnowledgeXchange. The company's focus is not limited to the US K-12 market, but includes implementation in the international education marketplace as well as the utilization of these same core technologies to deploy revenue-generating models outside of the education market.
Edulink's core technology system, developed by its technology integration partner SAIC, and market tested over the last several years, is based on the integration of the three core foundations for digital asset or eKnowledge management: Storage & Retrieval, Repurposing and Distribution. The eKnowledgeXchange will allow for the personalized, secure and managed delivery of enhanced digitized assets or eknowledge utilizing one of our four proprietary delivery systems: the Internet, CD-ROM/DVD, Traditional Print, or e-Print on Demand. eKnowledge is knowledge, as it exists in a profoundly networked world. It is not just a digitized collection of knowledge. eKnowledge consists of knowledge objects and knowledge flows that combine content, context, and insights on application. The new Web site is located at http://www.eknowledgexchange.com/
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the ability of Edulink Inc. to grow its related businesses, consummate potential financing arrangements and/or consummate anticipated service or distribution or acquisition agreements. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the limited operating history of Edulink, the company's limited financial resources, domestic or global economic conditions, activities of competitors and the presence of new or additional competitors, and conditions of equity markets. More information about the potential factors that could affect Edulink's business and financial results is included in Edulink's filings, available via the United States Securities & Exchange Commission.
SOURCE: Edulink Inc.
Stuart Smith, 760-643-1946
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