Cyberplex re-negotiates settlement of $15 million debt to Livgroup

- Cash Payment Reduced by $3.5 Million -



Apr 26, 2001, 01:00 ET from Cyberplex Inc.

    TORONTO, April 26 /PRNewswire/ - Cyberplex Inc. (TSE: CX), one of North
 America's leading Internet professional services companies and Livgroup
 Investments Ltd. (formerly Livingston Group Inc.), a privately held company,
 today announced changes to a recent deal settling Cyberplex's $15 million
 commitment to Livgroup due September 2001, for the acquisition of Procure in
 March 2000.
     Under the new agreement, Cyberplex will pay Livgroup $4 million cash,
 convert $6 million plus accrued interest into equity in Cyberplex at $1.75
 with additional warrants, and have Livgroup take back loans for the remaining
 $5 million with a maturity date of April 2003. This settlement comes just
 weeks after the company ended its first quarter on March 31, 2001 with
 approximately $11.5 million of cash on hand.
     "We are pleased with this revised settlement as it fits our working
 business model, allows us to commit less cash in the short term and
 significantly cleans up our balance sheet," says Geoffrey Rotstein, CFO,
 Cyberplex. "The re-negotiation further illustrates Livgroup's confidence in
 Cyberplex as it now becomes both a major shareholder and a valued business
 partner."
     The re-negotiation finalizes Cyberplex's acquisition of Procure, an ASP
 that provides hosted, web-based order management solutions, from Livgroup in
 March 2000.
 
     About ProCure
 
     ProCure is a wholly-owned subsidiary of Cyberplex Inc., one of North
 America's leading Internet professional services firms, a publicly traded
 company on the Toronto Stock Exchange (TSE: CX). ProCure's supplier enablement
 programs are empowering suppliers to efficiently and tightly connect to
 multiple procurement applications through a single, unique point of
 integration. At the heart of ProCure's service is the Integrated Supplier
 Network (ISN), a network that is designed to easily connect and manage all
 resources required to operate a truly integrated and automated order
 fulfillment process. It was developed by a team of leading supply chain
 professionals and is based on an open and extensible object orientated Java-
 based platform that combines connectivity, translation, and supply chain
 execution applications into a single fully integrated network service
 offering. Additional information can be found at ProCure's corporate Web site,
 at www.procure.com.
 
     About Cyberplex
 
     Cyberplex, a leading North American Internet professional services
 company, fuses strategic thought leadership with leading-edge technological
 expertise. Cyberplex's unique vantage point allows the company to provide
 innovative Internet solutions that generate measurable business results. With
 blue chip clients including 3M, Handspring and Royal Bank, Cyberplex is
 frequently the firm of choice for large and complex Internet-based business
 solutions. With expert teams of consultants focused on business and marketing
 strategy, technology and design, Cyberplex has developed a dynamic environment
 of in-depth experience and world-class talent.
     Headquartered in Toronto, Cyberplex has offices in Halifax, Waterloo,
 Austin, Boston, Connecticut, Los Angeles and San Francisco. Cyberplex is
 publicly traded on the Toronto Stock Exchange under the symbol (TSE: CX). For
 more information please visit www.cyberplex.com.
 
 

SOURCE Cyberplex Inc.
    TORONTO, April 26 /PRNewswire/ - Cyberplex Inc. (TSE: CX), one of North
 America's leading Internet professional services companies and Livgroup
 Investments Ltd. (formerly Livingston Group Inc.), a privately held company,
 today announced changes to a recent deal settling Cyberplex's $15 million
 commitment to Livgroup due September 2001, for the acquisition of Procure in
 March 2000.
     Under the new agreement, Cyberplex will pay Livgroup $4 million cash,
 convert $6 million plus accrued interest into equity in Cyberplex at $1.75
 with additional warrants, and have Livgroup take back loans for the remaining
 $5 million with a maturity date of April 2003. This settlement comes just
 weeks after the company ended its first quarter on March 31, 2001 with
 approximately $11.5 million of cash on hand.
     "We are pleased with this revised settlement as it fits our working
 business model, allows us to commit less cash in the short term and
 significantly cleans up our balance sheet," says Geoffrey Rotstein, CFO,
 Cyberplex. "The re-negotiation further illustrates Livgroup's confidence in
 Cyberplex as it now becomes both a major shareholder and a valued business
 partner."
     The re-negotiation finalizes Cyberplex's acquisition of Procure, an ASP
 that provides hosted, web-based order management solutions, from Livgroup in
 March 2000.
 
     About ProCure
 
     ProCure is a wholly-owned subsidiary of Cyberplex Inc., one of North
 America's leading Internet professional services firms, a publicly traded
 company on the Toronto Stock Exchange (TSE: CX). ProCure's supplier enablement
 programs are empowering suppliers to efficiently and tightly connect to
 multiple procurement applications through a single, unique point of
 integration. At the heart of ProCure's service is the Integrated Supplier
 Network (ISN), a network that is designed to easily connect and manage all
 resources required to operate a truly integrated and automated order
 fulfillment process. It was developed by a team of leading supply chain
 professionals and is based on an open and extensible object orientated Java-
 based platform that combines connectivity, translation, and supply chain
 execution applications into a single fully integrated network service
 offering. Additional information can be found at ProCure's corporate Web site,
 at www.procure.com.
 
     About Cyberplex
 
     Cyberplex, a leading North American Internet professional services
 company, fuses strategic thought leadership with leading-edge technological
 expertise. Cyberplex's unique vantage point allows the company to provide
 innovative Internet solutions that generate measurable business results. With
 blue chip clients including 3M, Handspring and Royal Bank, Cyberplex is
 frequently the firm of choice for large and complex Internet-based business
 solutions. With expert teams of consultants focused on business and marketing
 strategy, technology and design, Cyberplex has developed a dynamic environment
 of in-depth experience and world-class talent.
     Headquartered in Toronto, Cyberplex has offices in Halifax, Waterloo,
 Austin, Boston, Connecticut, Los Angeles and San Francisco. Cyberplex is
 publicly traded on the Toronto Stock Exchange under the symbol (TSE: CX). For
 more information please visit www.cyberplex.com.
 
 SOURCE Cyberplex Inc.