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CrossOff Incorporated Announces Sale of DNA Technologies Division
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Monday, April 17, 2006 |
(Sydney, NS) CrossOff Incorporated announced today that it has agreed to sell its subsidiary, CrossOff.com Ltd. to Mammoth Communications Inc., a Nova Scotia based company associated with CrossOff director and former President and CEO, Donnie Snow. CrossOff.com operates an anti-counterfeiting and brand protection business under the name DNA Technologies. The revenues of CrossOff.com accounted for less than 1% of the consolidated revenues of CrossOff for the year ended December 31, 2006.
Under the terms of the agreement, Mammoth will deliver 3,000,000 common shares in the capital stock of CrossOff Incorporated to CrossOff Incorporated for cancellation. The transaction is expected to close on or before May 8, 2006 and is subject to regulatory approval and approval of CrossOff.com lenders. Following the closing of this transaction Mr. Snow will resign from the Company’s Board of Directors.
“The DNA Technologies division has continually underperformed and does not fit within the Company’s current business model.” said Stuart Bentley, Interim President and CEO. “By divesting the DNA Technologies division, the Company can now focus solely on growing its core business, the provision of corporate training in Canada.”
About CrossOff
CrossOff Incorporated is a Canadian based corporate training and consulting company. CrossOff is traded on the Toronto Stock Exchange as OFF. More information is available on the company’s website at www.crossoff.com.
About Polar Bear/CDI
Polar Bear/CDI, a CrossOff company, is now Canada's largest corporate training provider with offices in every province and major city coast to coast. With more than 25 years experience in the design and delivery of technology and management training, Polar Bear offers integrated learning methodologies designed to meet the needs of Canadian businesses. More information is available on the company's website at www.polarbear.com.
About Mammoth Communications
Mammoth Communications is a Nova Scotia based company that specializes in security monitoring. Mammoth monitors twenty-five to thirty thousand clients and has built a dealer network that covers all of Canada with 134 authorized dealers. Mammoth has installed the first ever state-of-the-art Canadian-based GPS offender monitoring center. The centre is capable of serving the mission critical offender monitoring requirements of all Canadian Justice Departments. Mammoth has signed a three year contract with the Nova Scotia Justice Department to provide GPS Offender Monitoring Services, the first contract of its kind in Canada.
Forward Looking Statements
This press release may contain forward-looking statements regarding, among other things, anticipated revenues, earnings and profitability for 2006 and beyond. Such statements involve known and unknown risks, uncertainties, and other factors outside management’s control that could cause actual results to differ materially from those expressed in the forward-looking statements. The statements are not a guarantee of future performance and readers are cautioned not to place undue reliance on forward-looking statements. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements.
For further information, please contact:
Anne Day
CrossOff Incorporated
(902) 496-6421
aday@crossoff.com |
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