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| Matrikon sells SCADANet to CriticalControl | ||
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June 24, 2008 - Matrikon has signed an agreement to sell its SCADANet business to CriticalControl Solutions Corp. for $800,000 in cash. The transaction, which is subject to the usual closing conditions, is expected to close July 2, 2008. SCADANet enables the monitoring of oil and gas wells by collecting, storing, analyzing and presenting well site data to oil and gas producers, and represents less than one per cent of Matrikon’s total revenue. "Throughout the past year, Matrikon has focused on establishing leadership position and market share with our core industry applications," stated Nizar J. Somji, president and CEO of Matrikon. "SCADANet, which is delivered as a 'leased' solution, is secondary to this strategy and targets a different client base than our other products and solutions. Given CriticalControl’s focus on developing this particular segment of the market, we believe our SCADANet customers will be well served as a result of this sale." About CriticalControl CriticalControl is a publicly traded technology company listed on the TSX Venture Exchange under the symbol "CCZ". About Matrikon Matrikon is a leading provider of integrated industrial intelligence solutions that enable manufacturing plants to achieve operational excellence by transforming production data into knowledge to predict and prevent problems and optimize operations. Matrikon's customers achieve agile operations through the combination of external market and plant data to make informed, intelligent decisions in real-time. With offices in major cities throughout North America, Australia, Europe and the Middle East and a global client base including industry leaders in a wide range of process industries, Matrikon's reach is global. |
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