ProActive Computer Services Inc. (Pink Sheets:PAVP) has finalized the acquisition of CortDev Inc., a Canadian airport redevelopment/enhancement firm. CortDev's current project is the redevelopment of the St. Hubert airport in Montreal.
Phase I of the project is well underway and CortDev has reached several major milestones. These include the securing of approximately $4.5 million of financing from major financial institutions as well as private investors from both Canada and the U.S. The schematic of the planned modernization program and feasibility study has cleared with the relevant regulatory bodies, including Transport Canada. It has also been met with tremendous approval and piqued the interest of prospective tenants (e.g. conference organizers and hospitality companies). CContract negotiations with the interested parties are in progress and will be announced upon completion. CortDev has set a start date of mid-June that will involve a groundbreaking ceremony.
Mentioned Last Change
PAVP 0.005 0.0002dollars or (3.84%)
ProActive Computer Services will soon change its name to better reflect its current business operations and strategic plan going forward and plans to be fully reporting within six to nine months. CortDev will add considerable value to PAVP and the company is committed to making other acquisitions that are good strategic fits and well-positioned for growth.
According to CEO Andrea Cortellazzi, "ProActive is now on the right track for growth ... this is just the first step on the path to profitability." Due to the increasing workload in managing the company, PAVP has initiated a search for a CFO. The company expects to announce the nomination by the end of the month.
For more information, please call 514-830-3348.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. More information about potential factors that could affect the company's business and financial results may be obtained by contacting the company at by phone at 514-830-3348, or on the Internet at www.pacsi.com. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
CONTACT:
ProActive Computer Services Inc.
Andrea Cortellazzi
514-830-3348
Cortellazzi@sympatico.ca
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