VITRIX ACQUIRES Time Spot, INC.
– VITRIX Shareholders Approve Reverse Stock Split –
Tempe, ARIZ. (April 2, 2001) -- VITRIX, Inc. (OTC: VTTX) today announced that it has finalized its acquisition of Time Spot, Inc. (“Time Spot”), a private Arizona-based Time and Attendance software development company. In connection with the acquisition, VITRIX shareholders approved a proposal effecting a 1-for-10 reverse stock split. In consideration for such acquisition, the Company issued an aggregate of 3,147,914 shares of common stock (on a post reverse stock split basis).
“Finalizing the acquisition with Time Spot is consistent with our strategy of looking for means to strengthen our existing Time and Attendance portfolio. With complementary products and little overlap, Time Spot will add additional product opportunities as well as increase our presence within the dealer channel,” said Thomas S. Bednarik, president and CEO of VITRIX, Inc.
The acquisition agreement with Time Spot, previously announced on February 7, expands VITRIX’s existing Time and Attendance products and combines the technological expertise of both companies, creating a more complete Time and Attendance product line.
As part of the acquisition transaction, Robert Zimmerman, esquire, a partner with the firm Mallery and Zimmerman, has joined the Company’s Board of Directors and Michael A. Wolf, Hamid Shojaee, William Swartz and Bahan Sadegh have resigned from the Board.
About VITRIX, Inc.: VITRIX, Inc., based in Tempe, Arizona, is a developer and provider of workforce management solutions for businesses of all sizes. VITRIX products improve productivity by automating collection of time and attendance data, staff scheduling and management of labor resources. For more information please visit the VITRIX Web site at http://www.vitrix.com.
About Time Spot, Inc.: Time Spot, Inc., based in Phoenix, Arizona is a leading provider of automated time and attendance solutions. For more than thirteen years, Time Spot has developed software and hardware that automates the payroll process by collecting, processing and packaging payroll data for all types of companies in a broad range of markets. For more information please visit the Time Spot Web site at https://timespothq.com.
Certain information and comments contained in this press release may be forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2000, its subsequent Form 10-QSB filings together with other factors that appear in this press release or in the Company's other Securities and Exchange Commission filings could affect the Company's actual results and could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.
Copyright 2001, Time Spot, Incorporated, A Vitrix Company. All rights reserved. 51 West Third Street Tempe, AZ 85281 Phone: (800) 561-6366 Fax: (480) 967-5444. Report any errors or difficulties with this page to: