Acquisition would make ENGINEERING.com the owner of Alventive software
Toronto, Ontario, January 7, 2005 - ENGINEERING.com Inc. [TSXV:EGN] today announced that it has entered into an option agreement with BlueSky Solutions LLC to allow ENGINEERING.com to purchase selected assets and hire the personnel of BlueSky Solutions LLC. The optioned assets primarily include the “Alventive” web-based engineering collaboration software and related intellectual property and customer agreements. The Alventive software represents the core of ENGINEERING.com’s recently announced online engineering Collaboration Suite software offering. If completed, the acquisition of these selected assets would enable ENGINEERING.com to direct the future development of Collaboration Suite and avoid future royalty payments to BlueSky Solutions LLC. The option expires on June 30, 2005. There is no commitment on the part of ENGINEERING.com to conclude this transaction.
“Since first seeing the Alventive solution in a competitive assessment, we have been convinced that it represents the best core engineering collaboration offering on the market. We have been very pleased with the market response to Collaboration Suite thus far, so we intend to make a diligent evaluation regarding purchasing this valuable asset,” stated John Hayes, President of ENGINEERING.com. “That evaluation will include assessing the interest of prospective financial partners.”
Chad Poole, President of BlueSky Solutions LLC, added, "We believe the future of engineering collaboration is best addressed by bringing engineers together with customers, suppliers, partners, and internal stakeholders through a compelling online hosted solution. ENGINEERING.com has demonstrated a commitment to being a market leader in this space and we look forward to working with their team to realize that vision."
