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THINKPATH TO ACQUIRE TIDALBEACH - Strategic move grows Thinkpaths project outsourcing and training capabilities
Contact:
Stanley Wunderlich
Consulting For Strategic Growth, Ltd.
Public Relations
Corporate Development Consultants
Tel: 800-625-2236
Fax: 516-625-4523
Email: cfsg@iname.com
Jennifer Tribe
Communications Manager
Thinkpath Inc.
Tel: 416-642-8825
Fax: 416-364-2424
Email: jtribe@thinkpath.com
Toronto, Ontario – September 22, 2000 – Thinkpath Inc., (NASDAQ:THTH; BSE:THP) a leading provider of skills management solutions, today announced it has signed a letter of intent to acquire TidalBeach Inc., a Toronto-based Web development company. As part of the deal, Thinkpath also acquires Skillset, a wholly owned division of TidalBeach that offers Microsoft training.
TidalBeach will expand Thinkpaths already strong presence in the project outsourcing business by offering complete Web development capabilities. Additionally, the companys focus on training for Microsofts consumer products will complement Thinkpaths training services for Microsofts back-office technologies, offered through Thinkpaths subsidiary ObjectArts.
This acquisition represents a strategic move by Thinkpath to grow two parts of its business in one step," said Declan French, Thinkpaths CEO. TidalBeach will boost our development and training capabilities, as well as bring a valuable client base. We look forward to working with established TidalBeach customers such as Federal Express, Honeywell, Polaroid and the Royal Bank to provide them with an expanded range of services and support. "
TidalBeachs development outsourcing business and skills training business complement Thinkpaths existing competencies perfectly," said Mike Reid, TidalBeachs President. This is an exciting move for us, and one that will provide real value to our existing clients by giving them access to the full range of Thinkpaths skills management solutions."
The all-stock acquisition is subject to the completion of due diligence, the execution of a definitive agreement and board approval. As a result of the acquisition, Tidal Beach will become a wholly owned subsidiary of Thinkpath.
About Thinkpath Inc.
Thinkpath Inc. is a global leader in skills management solutions, offering a uniquely integrated suite of IT and engineering recruitment, project outsourcing, technical training and recruitment management technology. With its aggressive use of cutting-edge proprietary technology and its focus on the total skills management process, Thinkpath brings a comprehensive and innovative perspective to the market.
Headquartered in Toronto, Canada, Thinkpath has 600 employees in 18 offices across North America. Further information about the company, its services and products can be found at http://www.thinkpath.com.
About TidalBeach
TidalBeach specializes in the development of e-business tools to power the second generation of Web sites. The companys Web software is used to build dynamic, adaptive sites that help build and manage a variety of business relationships. The software can be provided as an ASP solution. Skillset, the companys wholly owned training division, offer a wide range of classroom and e-learning courses in front-end Microsoft technologies.
A complete file on Thinkpath can be obtained from Consulting For Strategic Growth, Ltd., 800-625-2236.
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This announcement contains certain forward-looking statements regarding Thinkpath.com Inc., its business prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause Thinkpaths actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by Thinkpath in this announcement and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect Thinkpaths business.
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