RNS Number:1392G
Stilo International PLC
08 December 2004
Stilo International plc ("Stilo" or the "Company")
Acquisition of Canadian operation
Closure of Knowledge Engineering Division
Acquisition
Stilo today announces that it has acquired certain assets and contracts
comprising the content engineering division of Xia Systems Corporation, Ottawa
for a total cash consideration of approximately #108,000, financed from the
Company's existing resources. Xia Systems Corporation provides project
consultancy and implementation services to major organisations, with leading
expertise in XML-based publishing solutions.
As a result of the acquisition Stilo will take on three new full time employees
and an expanded base of potential sub-contractors. Stilo also acquires certain
existing customer contracts and a prospective business pipeline. This
acquisition provides Stilo with additional project services expertise required
to introduce StiloCF2 into the North American market.
Closure of Knowledge Engineering Division
Stilo also announces the closure of its Knowledge Engineering business, based in
Bristol, as at 30 November 2004. This is in line with the Board's stated
intention, announced on 8 September 2004, to take such steps as may be necessary
to ensure that losses for the Division do not extend beyond 2004. As a result,
Stilo has made 6 staff redundant and has moved to new, smaller premises in
Swindon, reducing ongoing UK operating costs.
Change of Registered Office
Stilo announces that since 29 November 2004 its UK registered address is:
Stilo International Plc, 2 Bloomsbury St, London WC1B 3ST
Commenting on these developments, Les Burnham Chief Executive stated:
"These transactions reflect the continuing implementation of the Group's
strategy to focus on growing the content engineering business".
For further information please contact:
Les Burnham, Chief Executive, Stilo International plc 01793 441 444
Ian Seaton, Bankside Consultants 0207 444 4157
Russell Cook, Charles Stanley Corporate Finance 020 7739 8200
This information is provided by RNS
The company news service from the London Stock Exchange
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