Press Release 7.1.1999
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Eurosoft Corporation announces acquisition of Do It - Development International Oy
North Palm Beach, Florida. (January 6, 1999) - EuroSoft Corporation (OTC Bulletin Board: ERST) is pleased to announce today that it has completed its acquisition of Do it - Development International OY ("Do it - Development") for an undisclosed amount of cash and stock. More details regarding this transaction are expected to be disclosed in the Company's future filings as planned within its efforts to obtain fully reporting status.
Headquartered in Helsinki, Finland , Do it - Development offers a dynamic range of management consulting services and enterprise-wide information technology support systems to both small and large companies. More specifically, the Company provides turnaround leadership assistance, low level to board level management development, strategic change assistance and sales/marketing development.. Today, Do it - Development's scope of business extends throughout Europe with a client base that includes such leading international companies as Pfizer Inc., DEC, Astra, Merck, Kone (world leader in elevators and escalators), Pohjola Group (insurance), Finnish Central Securities Depository and Government Agencies.
From its IT division, Do it - Development is preparing to soon launch StarView, which is believed by the Company to be one of the world's most advanced data warehouse facilities based on the Marketing Executive Information System (MEIS). Utilizing Microsoft SQL Server technologies and Red Brick's technologies for large projects, StarView was designed and developed to provide a more comprehensive, yet inexpensive platform for storage and mining of data. Due to this project and the Company's continuing efforts to expand its services and products, Do it - Development is now an approved partner/agent for Microsoft, IBM, Hewlett Packard, and many others. The StarView pilot is expected to launch next February in a leading European food manufacturer and marketer.
On December 22, 1998, Do it Development signed an agreement with Pohjola Group, one of Scandinavia's largest insurance companies, to provide a Year 2000 compliance project that will initially cover their head office embedded IT systems (security, phone, AC, computers, etc). Mr. Sarvanto, CEO of Do - Development, commented, "Since Year 2000 compliance is actually more of a business survival and planning process, EuroSoft and it's technologies add great value to our existing Year 2000 testing and remediation capabilities - especially for embedded IT systems, which should become more of a major concern for all industries next year". For more information on Do it - Development International Oy, please visit the Company's official website located at www.doit-int.fi About EuroSoft Corporation: Based in North America and Western Europe, EuroSoft Corporation is a US publicly traded company that provides critical information solutions consisting of products and services that enable companies to improve and maintain their information technology systems as they evolve. Through its subsidiaries, the Company employs a comprehensive suite of software tools, methodologies and processes designed to cost effectively automate software maintenance tasks and address what are known as "mass change" software modification initiatives such as Year 2000 and Euro dollar conversion. United States based Sicor, Inc; Germany based NewSoft Gmbh; and Ireland based Millennium Three Solutions are all wholly-owned subsidiaries of Florida-based EuroSoft Corporation.
Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of Eurosoft Corporation and no assurance can be given that such results will be achieved. Potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain, and successfully complete projects, the availability of technical personnel, changes in technology, and competition. For purposes of disclosure, the company has received assistance in the drafting of this news release by the company's shareholder relations agent who receives three thousand dollars on a month to month basis for providing such shareholder relations services.