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Stockgroup Closes Acquisition of Wireless Financial Data Company12 February 2007
Stockgroup Information Systems Inc. (OTCBB: SWEB)(TSX VENTURE: SWB), a financial media company, today announced that it has closed the acquisition of the Mobile Finance Division of TeleCommunication Systems, Inc., an Annapolis, Maryland based provider of wireless data solutions.
"We are pleased to have completed this transaction and welcome our esteemed new customers, employees and partners," said Marcus New, President and CEO of Stockgroup.
The terms of the acquisition and benefits to our shareholders were detailed in a previous press release distributed January 25, 2007. Further information regarding the acquisition can be obtained by visiting www.stockgroup.com.
About Stockgroup Information Systems Inc.
Stockgroup™ is a financial media company focused on user-generated content and collaborative technologies. The Stockgroup™ platform for web-based portfolio management and financial content is licensed to top North American brokerage firms and media companies. The Stockgroup™ platform is also extended through StockHouse.com, a leading online financial portal owned and operated by Stockgroup. StockHouse.com is home to BullBoards™ message board - Canada's largest community of active investors. Recognized for its engaged audience, StockHouse.com provides a sought-after demographic for advertisers.
To find out more about Stockgroup (OTCBB: SWEB, TSX-V: SWB), visit our website at www.stockgroup.com.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as "expects", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur. Forward-looking statements in this press release include those concerning Stockgroup's belief that the TeleCommunication Systems, Inc. acquisition is expected to save Stockgroup significant development costs and go-to-market time, that the acquisition may provide strategic value to Stockgroup and that Stockgroup expects to generate approximately $6 million in revenue. This release should be read in conjunction with the audited consolidated financial statements and the accompanying notes thereto, and other parts of Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Report on Form 10-KSB filed on www.sec.gov for the year ended December 31, 2005, and other recent periodic reports which are on file with the SEC and available at the SEC website at www.sec.gov. Stockgroup is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document.
The TSX Venture Exchange and the OTCBB have not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contacts: Stockgroup Information Systems Inc. Steve Gear Director of Capital Markets 1-800-650-1211 Website: www.stockgroup.com
SOURCE: Stockgroup Information Systems Inc.
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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