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Bridges.com Completes Careerware Acquisition
March 31, 2000 Bridges.com Inc. (TSE: BIT) has completed its previously announced acquisition of Careerware, a business unit of ISM Information Systems Management Corporation, a wholly owned subsidiary of IBM Canada Ltd. Bridges.com completed the acquisition of Careerware for $11 million CDN, of which approximately $2 million is for accounts receivables. The acquisition was funded through the proceeds of the Special Warrants financing completed March 30, 2000. "Our revenue and market penetration goals for 2000 have been met and exceeded by the acquisition of Careerware, setting the stage for some excellent business development opportunities going forward," said Doug Manning, Bridges.com's chief executive officer and president. "Bridges is now the clear market leader in the provision of digital career development training to North American middle and secondary school students," Manning said. "Our 25 per cent market share enables the company to more ambitiously increase our number of subscribing schools, opens up new market opportunities for colleges, adult services, and individual consumers, and establishes Bridges.com as a key partner for the marketing of other career transitional services for young people." Careerware is the leading North American provider of CD-ROM-based career development services to schools. Their key resource, Choices, is used in over 5,000 middle and secondary schools in Canada, the United States, France and Hungary. The adult version, Choices CT, has over 2,000 non-school annual subscribers. In addition, Careerware markets several other proprietary and third-party products to schools and other sites, including a Career Aptitude Survey, career videos, career curriculum, and eChoices - a new Internet version of their key product. "We are very pleased with this development. We now have the opportunity to integrate the strongest features of Careerware and Bridges.com resources to provide the best career development services to youth and adults in North America," said Claude Lapointe, spokesperson for Careerware. About Bridges.com Bridges.com is the market leader in the provision of online career and educational services to North American middle and secondary schools. The company's community of individual career planners features over five million students in over 9,000 North American middle and secondary schools. Bridges.com's popular Career Explorer tool is used in over 5,100 sites across North America, recording over 21 million page views in Q4 1999. Its new Careerware division is the market leader in CD-ROM resources for the career services industry. More than a million students graduate from schools using Career Explorer and/or Choices as their tool to prepare young people for their first career transition. The company also publishes 14 online daily career news services, including customized services in North Carolina, Pennsylvania, West Virginia and Manitoba. Bridges.com's Web-based services keep people informed about emerging career opportunities, and enable them to take charge of achieving the future they desire. Bridges.com trades on the Toronto Stock Exchange as BIT. Bridges.com |
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The Toronto Stock Exchange has neither approved nor disapproved the information contained herein
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