EXHIBIT 99.1
NEWS RELEASE
INFOWAVE COMPLETES SALE OF ITS IMAGING DIVISION
Company will focus management and capital resources exclusively on wireless
technology
Burnaby, British Columbia, September 11, 2000 - Infowave Software, Inc. (TSE:
IW) today announced that it has entered into a definitive agreement for the sale
of its Imaging Division to Software 2000 Limited. The business will be operated
as a wholly owned subsidiary of Software 2000 and will change its name to
Strydent Software Inc. The purchase price of US$1.5 million in cash represents a
premium to the book value of the Imaging Division. The transaction will be
effective August 31, 2000 and is subject to receipt of regulatory approval.
Software 2000 is a UK-based developer of device driver technology and deals at
arms length to Infowave. An independent Infowave board committee engaged the
firm of Goepel McDermid Inc. to conduct a valuation and fairness opinion
pursuant to Ontario Securities Commission ("OSC") Rule 61-501 (formerly OSC
Policy 9.1) standards. Goepel McDermid concluded the transaction was fair, from
a financial point of view, to the holders of Infowave shares.
"Infowave's directors and shareholders have provided management with a clear
mandate to focus their attention and capital resources on the commercialization
of Infowave's wireless technology," said Morgan Sturdy, Infowave's Chairman. "We
are pleased that this important transaction has now been completed, that it was
done at a fair valuation and that it enables continued employment for the
Imaging Division team."
About Infowave
Founded in 1984, Infowave develops, markets and sells specialized software
solutions for wireless computing and is headquartered in Vancouver, Canada.
Infowave builds mobile business solutions that use the power of wireless
communications to extend the reach of enterprise computing. The Infowave
Wireless Business Engine is the foundation for Infowave for Exchange(TM),
Infowave for the Net(TM) and FirstHand(TM); advanced and secure wireless
solutions for connecting mobile workers to key corporate information and
applications. Symmetry(TM) provides interactive wireless access to Microsoft(R)
Outlook(R) email, schedules, contacts and calendar from pagers and PCS phones.
For more information, please visit www.infowave.com.
Contact Information
Investor Relations:
Ken Jones
Randy Halischuk
[email protected]
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(604) 473-3600
Corporate and Media Relations:
Kim Mathewes
[email protected]
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(604) 473-3696
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Tom Isaacson
Rolling Thunder
[email protected]
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(425) 889-0528 x107
Note: Infowave Software, Inc. has trademarks for or has applied for a trademark
for "Infowave", the Infowave logo, "Infowave for Exchange", "Infowave for the
Net", "Symmetry" and "FirstHand". All other trademarks are the property of their
respective owners. Some of the above trademarks may be registered in certain
jurisdictions.
This press release contains forward-looking statements regarding the sale of the
Imaging Division. Actual results could differ materially from those anticipated
in these statements based upon a number of factors including the risk of not
obtaining regulatory approval for the sale. Forward-looking statements are based
on management's beliefs, opinions and projections on the date the statements are
made. Infowave undertakes no obligation to update forward-looking statements if
circumstances or management's beliefs, opinions or projections should change.
