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CriticalControl Acquires Vertex(November 23, 2011)
CALGARY, ALBERTA -- (Marketwire) -- 11/23/11 -- CriticalControl Solutions Corp. (TSX:CCZ) ("CriticalControl") today announced it has acquired all of the outstanding shares of Vertex System Resources Ltd. ("Vertex").
Vertex is a provider of integrated solutions designed to manage key business processes of exploration and production companies, and of midstream operators. Its products include modules to manage mineral and surface rights, joint operating agreements, capital investments, production operations, and financial and joint-interest accounting. The Vertex integrated production suite includes field data capture, daily allocations, monthly production accounting, and field gathering and processing contract management, and has the endorsement of commercial sustainability at a major producer and a major mid-stream operator.
"The addition of Vertex's software suite into our ProStream initiative is a transformational event, elevating our capability to being able to manage production data from the well head to the financial statement," said Alykhan Mamdani, President and CEO of CriticalControl. "The combination of CriticalControl's client base and depth of data combined with Vertex's capability of capturing field data uniquely positions CriticalControl to immediately address business process optimization opportunities."
"Vertex products are well suited for all producers, including large integrated producers where the benefits of configuration flexibility and business process integration are of significant benefit," said Bob Cheadle, President of Vertex. "Combining forces with CriticalControl provides our customer bases with an unique integrated product and service and ensures the creation of a long term sustainable solution."
Vertex employees will join CriticalControl's team based in Calgary, Alberta. Integration of the Vertex production suite with CriticalControl proprietary products is expected to offer significant benefits in terms of operations, management and reduced costs.
The Vertex software is currently a niche offering to a select client base. The benefit to CriticalControl of the Vertex software is expected to be derived from the application to CriticalControl's broad client base. The purchase price consists of $250,000 cash paid on closing, 1,000,000 shares of CriticalControl priced at the average trading price in the 15 days prior to closing and an incremental performance payment on the achievement of specified revenue growth targets.
Forward looking statements:
This press release refers to benefits being derived from the integration of Vertex's products and CriticalControl's products and operational efficiencies expected to be created for the benefit of customers. The success of these benefits and efficiencies will be dependent upon successful integration of the products and acceptance of them by the marketplace, neither of which is assured. Additionally, integration of products carries development risks, the costs of which cannot be fully predicted.
CriticalControl enables clients to increase operational performance through better control of critical business information. Integrating technology with labour intensive processes of imaging and data entry, CriticalControl empowers clients to increase their competitiveness, reduce operating expenses and improve margins. For more information please visit www.criticalcontrol.com.
This media release contains certain forward-looking statements that reflect the current views or expectations of CriticalControl Solutions Corp. and its subsidiary with respect to their respective performance, business, and future events. Such statements are subject to a number of risks, uncertainties, and assumptions as outlined in the Company's filings with the Canadian securities regulatory authorities.
CriticalControl Solutions Corp.
President & CEO
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