On The Go Purchases Respected Entertainment VAR and Industry Competitor, Solutions in Computing Inc.
Posted on: Friday, 3 February 2006, 09:00 CST
CONCORD, Ontario, Feb. 3 /PRNewswire-FirstCall/ -- On The Go Technologies Group ('the Company"), a leading multi-industry computer hardware, software and peripherals Value Added Reseller ("VAR") and systems integrator and corporate multimedia digital service solutions provider announced today that it has agreed to purchase select assets of Solutions in Computing Inc., a respected and well-positioned VAR in the entertainment market. Solutions in Computing Inc. currently competes with the Company's entertainment, education and publisher VAR division, Helios/Oceana. Solutions in Computing has several exclusive hardware and software authorizations of great value to the Company's existing customer base and the purchase will further establish the Company as one of only a few Apple-authorized service depots in Canada. The terms of the acquisition will be announced in an 8-K to be filed with the Securities and Exchange Commission. The Company issued restricted stock for the majority of the purchase price.
This acquisition will be the fourth for the Company in the past 11 months, and the second to be finalized in the past 30 day period. With the completion of the acquisition of Solutions in Computing, the Company estimates that its revenues will increase $3.5 million over the next year, adding to its top and bottom line.
Since 1994, Solutions in Computing has been successfully providing technologies and services to the digital content creation market. Their equipment and solutions platform affords a more effective use of technology and greater efficiency in a client's everyday operations, as well as a strong return on investment. A varied offering of OS X, Windows, and Linux based solutions, hardware, digital video and audio systems and 3D and visual FX software packages, provides for a superior resolution to the entertainment market's technological needs.
"This is a great day for On The Go. We have added two very strong players to our roster in past 30 days, both bringing unique sector elements into the Company fold," commented On The Go Chief Executive Officer, Stuart Turk. "Solutions in Computing has shown sales of $3.5 million annually and we expect revenues to increase when we combine the customers and products from Solutions in Computing with our Helios division. The Company looks forward to continuing capitalizing on both this purchase and our recent Island Corporation acquisition in terms of both strong top and bottom line numbers."
About On The Go Technologies Group, Inc.
On The Go Technologies Group is a leading, North American corporation focused on acquiring versatile and profitable companies in the IT sector. By way of its five divisions to date: Value Added Resellers Compuquest and Infinity Technologies, both catering to Fortune 1000 clientele and vendors like HP, Apple, IBM, Extreme Networks and Adobe; Helios/Oceana, a prominent systems integrator in the U.S. and Canadian entertainment and education industries; Island Corporation, compiling sophisticated digital solutions and networks for the medical community; and Go Motion and Design, the Company's complete in-house multimedia studio, On The Go has established itself as a respected industry competitor. The Company's intention is to maintain sustained growth in the years to come via both continued development in their existing divisions and an aggressive acquisition schedule.
For more information, visit: http://www.oghc.com/ or http://www.otcfn.com/oghc
To be added to On The Go's email list for Company news, please visit: http://www.onthegohealthcare.com/new_site/inv_pkg_form.htm
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements contains words such as "expects,""believes,""anticipates," and "intends." Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, economic conditions affecting the B2B environment; continued ability to obtain hardware, software and peripherals at competitive costs; the Company's ability to finance its planned expansion efforts; the Company's ability to manage its planned growth; and changes in regulations affecting the Company's business and such other risks disclosed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management's expectations, except as required by law.
First Call Analyst: FCMN Contact: otg@rogers.blackberry.net
On The Go Technologies Group
CONTACT: California: Al Kau, 1-888-795-3166, al@thesearchforvalue.com; orInvestor Relations Contact: Geoffrey Eiten of OTC Financial Network,+1-781-444-6100 ext. 613, geiten@otcfn.com, both for On The Go TechnologiesGroup
Web site: http://www.onthegohealthcare.com/http://www.otcfn.com/oghc
Source: PRNewswire-FirstCall
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