Glenbriar Technologies (fka GBRT)

[RichieBoy]

We are BUYING a company!? NEWS!!!

Glenbriar to acquire private IT company, Micro-Aid

2008-02-27 15:08 ET - News Release

Mr. David Moser reports

MICRO-AID COMPUTER SERVICES TO JOIN GLENBRIAR FAMILY

Glenbriar Technologies Inc. has reached an agreement in principle to acquire Micro-Aid Computer Services, a private information technology (IT) consultancy based in Cambridge, Ont. Micro-Aid provides similar IT support services to those already provided by Glenbriar's Waterloo office. Glenbriar expects to retain all professional staff in connection with the acquisition. After closing, all operations will be conducted in Glenbriar's name. The transaction is subject to completion of due diligence and other terms. The projected closing date is March 31, 2008.

"I'm excited about Micro-Aid joining forces with Glenbriar," noted Fred Weinhardt, president and owner of Micro-Aid. "We have thoroughly evaluated this opportunity, and are pleased to be able to move in a new direction that benefits both our clients and employees."

Micro-Aid has expected revenue of $800,000 for fiscal 2008, and is being purchased from its owners, Fred and Martha Weinhardt, for a combination of cash and shares. Details of the purchase will be included in future financial statements.

"This transaction expands Glenbriar's managed services offerings in the Waterloo region and provides a platform for launching our business VoIP solution into the Ontario market," noted David Moser, Glenbriar's vice-president for Ontario. "We look forward to this opportunity to extend the excellent scope of product offerings available to our existing and expanded client base."

Glenbriar further noted that it has issued 62,300 common shares from its treasury under an employee share purchase plan at 10 cents per share, which was the Canadian Trading and Quotation System Inc.'s closing price yesterday.

We seek Safe Harbor.