ODESIA to Redeploy Capital in Canadian Business Intelligence Operations
18 Febrero 2014 - 3:00PM
Marketwired
ODESIA to Redeploy Capital in Canadian Business Intelligence
Operations
MONTREAL, QUEBEC--(Marketwired - Feb 18, 2014) - Back in
December 2013, after conducting a strategic analysis, ODESIA Group
Inc. ("ODESIA" or the "Company") (TSX-VENTURE:ODS), sold two of its
subsidiaries for a total consideration of $2,0 Million.
These transactions immediately enhanced shareholder value since
they provided additional capital in a non-dilutive manner,
significantly lowered the level of debt and resulted in a
strengthen balance sheet. ODESIA is now significantly better
positioned to pursue growth opportunities in its core expertise due
to:
- Substantially improved working capital
- Significantly lower level of debts
- Less stress on Company's liquidities
- Significant accounting gain on disposition
- Increase in shareholders' equity
"The sale of these two subsidiaries presented the opportunity to
monetize lower yielding assets and to redeploy capital into our
Canadian Business Intelligence operations," said Nicolas Bonnafous,
Chief Executive Officer of ODESIA Group.
- ODESIA Europe SAS has been a valuable asset; however its
primary operations involve lines of business with low profitability
in the European market that show no clear path to significant
improvement.
- Interfacing Technologies Inc. was unprofitable for ODESIA. A
longer sales' cycle, the lack of a solid pipeline and a very
competitive and mature Business Process Management ("BPM") market
lead ODESIA's management to conclude that financial resources
allocated to ITC would generate better returns to our shareholders
by being deployed in our core expertise.
Since 1998, ODESIA has been a visionary and frontrunner in
Business Intelligence in Canada. In keeping with its vision, ODESIA
is now investing to strengthen its position in emerging BI
technologies. "Our customers are asking us for a broader line of
analytics solutions; we foresee Big Data Analytics as a significant
component in this dynamic and emerging industry. Our forecast of
future demand is growing every day and confirms that we are heading
in the right direction." said Mr. Bonnafous.
About ODESIA Group Inc.
ODESIA Group Inc. is a Canadian Information Technology (IT)
consulting and solutions company headquartered in Montreal. Core
competencies are Business Intelligence, Business Process Management
and Big Data Analytics. ODESIA's mission is to help its clients
improve operations efficiency, enhance process performance and make
better business decisions by mastering the right information at the
right time and the right place.
Website: www.odesia.com
ODESIA is listed on the Toronto Venture exchange under the
symbol "ODS".
Disclaimer in regards to forward-looking statements
This press release contains forward-looking statements which
reflect ODESIA's current expectations regarding future events and
may involve risks or uncertainties. Actual results could differ
materially from those projected herein.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
ODESIA Group Inc.Mr. Nicolas BonnafousPresident and
CEO514.876.1155nbonnafous@odesia.com
Odesia Group Inc. (TSXV:ODS)
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