MANCHESTER, N.H., April 4, 2011 /PRNewswire/ -- QED Connect, Inc. (OTC: QEDN), a New York corporation ("QED Connect"), today announced that it has signed a Stock Purchase and Consulting Agreement with Sonasoft Corporation ("Sonasoft"), a San Jose, California based company.
Under the terms of the agreement, QED has the right to provide up to $500,000 in financing in exchange for shares of Sonasoft. Additionally QED will receive royalties on sales of Sonasoft products and services for the US market. QED will hold a seat on the Sonasoft Board of Directors and will act as an advisor for marketing, business development and financial matters including funding and corporate structure.
Andy Khanna, President and CEO of Sonasoft said, "We have been positioning ourselves for the last nine years finalizing the development and marketing of our products. We are now prepared to take the next steps to expand our business and look forward to working with QED to assist us in achieving those goals."
Mr. Khanna added, "In particular, our email archiving product, SonaVault, has been well proven across a wide range of SMB installations. These satisfied customers tell us that Sonasoft has provided software with exceptional features they had previously found only in more expensive and difficult to implement products."
Tom Makmann, CEO of QED Connect stated, "We are excited to be working with Sonasoft and believe we can help them achieve their business plan. The Software as a Service (SaaS) market continues to be one of the fastest growing sectors as companies move away from in-house support to Managed Services Providers (MSP). QED expects to realize revenue from the royalties during this quarter."
Mr. Makmann, added, "Previously on February 24, 2010, QED Connect announced that it had executed a Letter of Intent to acquire 100% of StockProfile.com that was expected to finalize a definitive agreement by April 4, 2011. Due to the conflicting schedule of counsel involved in the transaction, the parties have mutual agreed to extend the date to finalize a definitive agreement to on or before May 20, 2011.
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company seeks businesses with strong potential which QED can assist in achieving their plans and realizing their maximum potential. This business model achieves the Company's goals and expands its overall revenue and profits and diversifies through entry into the multiple market segments. It is QED's intention to help its partners and subsidiaries realize growth, and that growth would, in turn, enhance QED's ability to increase shareholder value. www.qedconnect.com
Sonasoft is a privately held developer and provider of Archiving and Business Continuity Software on the Microsoft Windows platform specifically for Small to Medium Businesses. The company's products provide separate business continuity applications that can become a server agnostic fully integrated solution that includes Backup, Disaster Recovery, Replication, Email Management and Archiving. Founded in 2003, the company is headquartered in San Jose, CA. For more information, please visit www.Sonasoft.com.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of QED Connect, Inc., (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to finance the joint venture with SoFame Technologies, Inc., and to fund QED's overall expansion plans; (ii) successfully obtain and fill potential joint venture product orders; (iv) generate sufficient revenue and efficiently manage operations to obtain profitability; (v) competitive factors and developments beyond the Company's control; and (vii) other risk factors.
SOURCE QED Connect, Inc.