Mediagrif announces closing of the acquisition of Market Velocity
LONGUEUIL, QC, July 11 /PRNewswire-FirstCall/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading developer of e-business networks and provider of complete e-business solutions, announced today that it has completed the previously announced acquisition of Market Velocity, Inc. ("MVI"), the leading service and technology provider for equipment trade-in, recycle, and donation programs in the US. "We are very pleased to have concluded this acquisition. MVI is well respected for their expertise in developing compelling solutions for the trade-in market and will strategically complement our Parts Exchange division. It will offer added value to our current customers by giving them access to top-tier manufacturers, and will bring the largest pool of aftermarket remarketers to existing MVI clients. The acquisition of MVI will solidify our position as the predominant player in this segment and accelerate our expansion throughout North America. It will also extend Mediagrif's reach in penetrating the end-consumer market segment," said Denis Gadbois, President and Chief Executive Officer of Mediagrif. Established in 2000, Market Velocity (www.marketvelocity.com) provides equipment manufacturers with complete end-to-end, online trade-in, recycle, donation and promotion solutions that accelerate the refresh to the latest technology offered by our clients. Market Velocity's solutions are easy for clients to implement, requiring minimal internal resources and no trade-in program expertise. MVI has offices in Duluth, Georgia and Charlotte, North Carolina. "We are excited that MVI has become part of the Mediagrif team. Mediagrif's commitment to MVI's current management, coupled with their exceptional technical development resources and dedication to providing world-leading e-business solutions will enable us to enhance and add new features to our suite of services resulting in a more robust product offering for our clients," said Mark Eigenbauer, newly appointed President of MVI. About Mediagrif Interactive Technologies Inc. Mediagrif Interactive Technologies Inc. (TSX: MDF) is a world-leading operator of e-business networks and provider of complete e-business solutions. Mediagrif's e-business networks allow buyers and sellers within specific industries to source, purchase or sell products and to exchange documents more efficiently using the Internet. Mediagrif operates 14 networks, including industry leaders www.brokerforum.com, www.powersourceonline.com, www.telecomfinders.com, www.globalwinespirits.com and www.polygon.net. Mediagrif also owns MERX, www.merx.com, the exclusive provider of e-tendering services to the Government of Canada, and is a leading provider of government bid aggregation services and e-procurement services in the U.S. Headquartered in Longueuil, Mediagrif has various offices in Canada, the U.S, China, India and Dubai. For more information, please visit us at www.mediagrif.com or call 1 877 677-9088.
SOURCE MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
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