VITRIX ANNOUNCES AGREEMENT TO ACQUIRE Time Spot, INC.
Tempe, ARIZ. (February 7, 2001)— VITRIX, Inc. (OTC: VTTX) today announced it has entered into a letter of intent to acquire all of the outstanding capital stock of Time Spot, Inc. (“Time Spot”), a private Arizona-based Time and Attendance software development company. The acquisition will be structured as an all stock transaction and will be subject to, among other things, board approval, the satisfactory completion of due diligence and the execution of mutually agreeable definitive agreements.
“Time Spot is a well established Time and Attendance company that delivers the majority of its products through a strong network of dealers/resellers. We believe that the acquisition will provide VITRIX with excellent marketplace synergies, as there is very little overlap between the product lines and channel strategies of the two companies. We expect to complete the acquisition of Time Spot by no later than April 30, 2001,” said Thomas S. Bednarik, president and CEO of VITRIX, Inc.
“With thirteen years of software development based primarily on feedback from the dealer/reseller, Time Spot has been an industry leader in setting standards for service and customer satisfaction. The combined entity will have a strong market presence, excellent products and a cost effective structure,” said Stephen C. Anderson, president of Time Spot, Inc.
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.
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