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Sylogist Ltd to Acquire Epic Data International Inc

Wednesday, 8 May 2013 05:51pm EDT 

Sylogist Ltd and Epic Data International Inc announced that they have entered into an agreement (the Arrangement Agreement) pursuant to which Sylogist will acquire 100% of Epic Data's shares and, thereby, Epic Data's existing enterprise application software, all existing customer relationships, customer contracts, as well as its tax pools. The transaction (Transaction) will be effected by way of plan of arrangement under the Business Corporations Act (British Columbia). Under the Transaction, Sylogist will pay CAD5 million cash consideration (net of working capital adjustments) for Epic Data and will acquire all of the outstanding shares of Epic Data. Epic Data has formed a new company, Epic Fusion Corp. (Newco), which will acquire Epic Data's business in China and be operated by Epic Data's current senior management. In connection with the Transaction, Newco will receive the cash consideration payable by Sylogist, Epic Data's existing interests in China (including its ownership in Epic Data Systems (Shanghai) Co. Ltd. and Epic-Hust Technology (Wuhan) Co. Ltd.) and a perpetual license entitling it to use specific Epic Data software (known as IntegraMES, for use in manufacturing facility applications) in the Peoples' Republic of China (PRC). Under the terms of the license, Newco will agree not to compete with Epic Data in its current business outside the PRC. The Transaction is anticipated to close on July 1, 2013. 

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23 Jan 2015