MISSISSAUGA, ON – Carma Financial Services Corporation (the “Company”) is pleased to announce that it has completed its previously announced acquisition of Synergex Group Inc., having received the required shareholder and TSX Venture Exchange approvals.
In connection with the acquisition, the Company has changed its name to “Synergex Corporation”, and its common shares will now trade on the TSX Venture Exchange under the symbol “SYX”. In addition, as a result of the acquisition, the Company has graduated to a “Tier 1″ classification with the TSX Venture Exchange.
The purchase consideration for the acquisition included the issuance of 53,333,333 common shares, resulting in the Company now having 111,291,285 issued and outstanding common shares. A detailed description of the acquisition transaction was included in the Company’s management information circular dated January 17, 2005, which was provided to the Company’s shareholders in connection with the annual and special meeting of shareholders held on February 24, 2005 (and was made available for review at www.sedar.com).
“We are pleased to have completed this transaction and now look forward to advancing the key initiatives of our growth strategy within our three integrated Workgroups: Synergex Commercial Gateway, Synergex Technology, and Synergex Business Information,” said David Aiello, President and Chief Executive Officer of Synergex. “We are extremely focused on providing our customers comprehensive services that facilitate cost-effective market development and supply chain management. We continue to create opportunities to enhance and extend our service offerings, and as a publicly-traded company, we believe we are now better positioned to execute the initiatives that create significant value for our customers.”
About Synergex
Synergex Corporation delivers technology-based, optimized business processes to customers, with a focus on integrated processes rather than isolated functions. Our management focus and information systems capabilities enhance our customers’ end-to-end operational effectiveness.
Synergex is now comprised of three integrated Workgroups: 1) Synergex Commercial Gateway delivers a high value-added suite of supply chain management services to customers, principally in the computer entertainment industry; 2) Synergex Technology designs, implements, and supports customer Information Technology infrastructures (including Radio Frequency Identification technology), and provides technical staffing services; and 3) Synergex Business Information provides commercial credit risk evaluation and reporting, accounts receivable management services, background checking, and paralegal services. Synergex serves a broad base of customers that includes a number of multinational enterprises. The company is headquartered in Mississauga, Ontario and currently employs approximately 140 people. For further information, please visit www.synergexcorp.com.
