Nstein Acquires Valsar

Sep 14, 2004

Nstein Technologies Inc. has announced the acquisition of Valsar Consulting Group, a firm specializing in the integration of IT solutions for large corporations and organizations. Valsar focuses on business intelligence (BI), program and project management, and business process engineering. Based on the acquisition, Nstein expects to expand its potential clientele, offer its information management solutions to Valsar's customers, located mainly in North America, and bring in European business.

The terms of the Valsar acquisition agreement call for Nstein to issue 12,053,846 common shares at $0.26 per share on closing of the transaction, subject to a 24-month voluntary escrow. The $576,000 balance of the sale price will be paid over a three-year period in installments of $192,000 per year, either in cash or in common shares priced at $0.26 per share. The acquisition is also subject to regulatory approval.