TigrSoft Completes Reverse Takeover by Matrikon

Apr 02, 2001, 01:00 ET from TigrSoft Inc.

    EDMONTON, AB, April 2 /PRNewswire/ - TigrSoft Inc. (TSE: TGF) and
 Matrikon Inc., are pleased to announce that effective March 31, 2001 TigrSoft
 completed the acquisition of all of the outstanding shares of privately held
 Matrikon Inc. (the "Acquisition"), following the approval of the Acquisition
 at the TigrSoft Annual and Special Meeting held on March 29, 2001. Following
 the Acquisition, Matrikon was vertically amalgamated effective March 31, 2001
 into TigrSoft Inc. and the name of the continuing corporation is Matrikon Inc.
     In connection with the reverse takeover of TigrSoft by Matrikon Inc. and
 as approved at the TigrSoft Annual and Special Meeting, the outstanding common
 shares of the Corporation will be consolidated on a one for five basis
 effective on or about April 10, 2001 (the "Consolidation"). Management of the
 Corporation was changed and a new board of directors has been elected as
 described below.
     Following the Acquisition and the Consolidation, the Corporation will
 have approximately 22.7 million common shares issued and outstanding (23.7
 million on a fully diluted basis).
     The common shares of the Corporation are expected to trade on a
 consolidated basis on The Toronto Stock Exchange as soon after the
 Consolidation as possible. Shareholders of the Corporation will be mailed
 notice of the Consolidation together with a letter of transmittal for their
 completion in order to receive new certificates of the Corporation
 representing common shares on a post-consolidation basis in exchange for their
 existing common shares of the Corporation.
     Nizar Somji, the President and Chief Executive Officer of Matrikon, has
 replaced Dilip Kembhavi as President and Chief Executive Officer of the
 Corporation. Mr. Kembhavi continues as Chairman of the Board of Directors and
 is Executive Vice-President Sales and Marketing. Matrikon's Vice-President,
 Mrs. Parviz Somji, will retire.
 
     The new Board of Directors of the Corporation consists of the following
 members:
 
     - Nizar Somji, President and Chief Executive Officer of Matrikon Inc.
     - Dilip Kembhavi, (Chairman of the Board), Executive Vice President Sales
       and Marketing, Matrikon
     - Hugh Bolton, Chairman, Epcor Utilities Inc.
     - C. Kent Jespersen, Chairman Lajolla Resources International Inc.,
       formerly president of Nova Gas International
     - Dr. Michael B. Percy, Professor and Dean, School of Business, the
       University of Alberta
     - Robert L. Moore, Independent Consultant
     - John Zaozirny, counsel, McCarthy Tetrault and Vice-Chairman, Canaccord
       Capital Corporation
 
     The combination of TigrSoft and Matrikon creates a leading North American
 provider of integrated supply chain and process management solutions bringing
 together TigrSoft's planning and scheduling expertise across the automotive
 and manufacturing industries with the wide-ranging knowledge of the process
 industries resident in Matrikon's process management, control and optimization
 products and services.
 
     About Matrikon
     Founded in 1988, Matrikon is a leading integrated solutions provider
 specializing in web-based products and optimization solutions for the
 manufacturing industries. Matrikon is headquartered in Edmonton, Alberta with
 offices throughout North America and employs over 250 people.
     Matrikon's client list includes industry leaders in oil and gas,
 petrochemicals, cement, utilities, pulp and paper, pharmaceuticals, steel,
 plastics and food and beverage processing. Matrikon was named in Deloitte &
 Touche's prestigious Canadian Technology Fast 50 Program, a ranking of the 50
 fastest growing technology companies in Canada, as one of Alberta's 30 fastest
 growing companies of 2000 by Alberta Venture magazine and one of Canada's 100
 Fastest Growing Companies in 2000 by Profit Magazine.
 
 

SOURCE TigrSoft Inc.
    EDMONTON, AB, April 2 /PRNewswire/ - TigrSoft Inc. (TSE: TGF) and
 Matrikon Inc., are pleased to announce that effective March 31, 2001 TigrSoft
 completed the acquisition of all of the outstanding shares of privately held
 Matrikon Inc. (the "Acquisition"), following the approval of the Acquisition
 at the TigrSoft Annual and Special Meeting held on March 29, 2001. Following
 the Acquisition, Matrikon was vertically amalgamated effective March 31, 2001
 into TigrSoft Inc. and the name of the continuing corporation is Matrikon Inc.
     In connection with the reverse takeover of TigrSoft by Matrikon Inc. and
 as approved at the TigrSoft Annual and Special Meeting, the outstanding common
 shares of the Corporation will be consolidated on a one for five basis
 effective on or about April 10, 2001 (the "Consolidation"). Management of the
 Corporation was changed and a new board of directors has been elected as
 described below.
     Following the Acquisition and the Consolidation, the Corporation will
 have approximately 22.7 million common shares issued and outstanding (23.7
 million on a fully diluted basis).
     The common shares of the Corporation are expected to trade on a
 consolidated basis on The Toronto Stock Exchange as soon after the
 Consolidation as possible. Shareholders of the Corporation will be mailed
 notice of the Consolidation together with a letter of transmittal for their
 completion in order to receive new certificates of the Corporation
 representing common shares on a post-consolidation basis in exchange for their
 existing common shares of the Corporation.
     Nizar Somji, the President and Chief Executive Officer of Matrikon, has
 replaced Dilip Kembhavi as President and Chief Executive Officer of the
 Corporation. Mr. Kembhavi continues as Chairman of the Board of Directors and
 is Executive Vice-President Sales and Marketing. Matrikon's Vice-President,
 Mrs. Parviz Somji, will retire.
 
     The new Board of Directors of the Corporation consists of the following
 members:
 
     - Nizar Somji, President and Chief Executive Officer of Matrikon Inc.
     - Dilip Kembhavi, (Chairman of the Board), Executive Vice President Sales
       and Marketing, Matrikon
     - Hugh Bolton, Chairman, Epcor Utilities Inc.
     - C. Kent Jespersen, Chairman Lajolla Resources International Inc.,
       formerly president of Nova Gas International
     - Dr. Michael B. Percy, Professor and Dean, School of Business, the
       University of Alberta
     - Robert L. Moore, Independent Consultant
     - John Zaozirny, counsel, McCarthy Tetrault and Vice-Chairman, Canaccord
       Capital Corporation
 
     The combination of TigrSoft and Matrikon creates a leading North American
 provider of integrated supply chain and process management solutions bringing
 together TigrSoft's planning and scheduling expertise across the automotive
 and manufacturing industries with the wide-ranging knowledge of the process
 industries resident in Matrikon's process management, control and optimization
 products and services.
 
     About Matrikon
     Founded in 1988, Matrikon is a leading integrated solutions provider
 specializing in web-based products and optimization solutions for the
 manufacturing industries. Matrikon is headquartered in Edmonton, Alberta with
 offices throughout North America and employs over 250 people.
     Matrikon's client list includes industry leaders in oil and gas,
 petrochemicals, cement, utilities, pulp and paper, pharmaceuticals, steel,
 plastics and food and beverage processing. Matrikon was named in Deloitte &
 Touche's prestigious Canadian Technology Fast 50 Program, a ranking of the 50
 fastest growing technology companies in Canada, as one of Alberta's 30 fastest
 growing companies of 2000 by Alberta Venture magazine and one of Canada's 100
 Fastest Growing Companies in 2000 by Profit Magazine.
 
 SOURCE TigrSoft Inc.