Acquisition creates entry for 20-20 in Home Furnishings Industry
Laval, Québec – February 14, 2008 – 20-20 Technologies Inc. (TSX: TWT), the world leader in 3D interior design and furniture manufacturing software, today announced it successfully completed the acquisition of 51 percent of Hookumu, Incorporated (“the Icovia business”) for a cash consideration of US$1.6 million, with management of Icovia holding the remaining 49 percent.
The company will be renamed 20-20 Icovia Inc. and will combine Icovia’s 2D product and customer base with 20-20’s 3D Virtual Planner and Virtual Showroom technology as a path to significantly upgrade technology tools. The new Icovia 3D, successfully introduced at the recent Las Vegas Furniture Market, where Icovia presented it to its over 400 customers, is an interactive 3D space planning tool that home furnishings retailers and manufacturers can use to extend their physical showrooms virtually in 3D photorealistic rendering.
Icovia 3D is currently on display at the International Builders Show held in Orlando, at the 20-20 Technologies booth, W 4659. 20-20 Icovia will focus its efforts on selling its existing 2D products and the new Icovia 3D product in the Home Furnishings, Home Builder and Real Estate markets.
About 20-20 Technologies Inc.
20-20 Technologies is the world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries. Dealers and retailers use its desktop and Web-based products and solutions for the residential and commercial markets. 20-20 also offers a unique proprietary end to end solution, integrating the entire breadth of functions in interior design through one platform. It provides a bridge between data communication from a point-of-sale to manufacturing and world-leading enterprise resource planning (ERP) systems, including computer-aided engineering and plant floor automation software. Operating in 13 countries with more than 600 employees, 20-20 is a publicly traded company (TWT) onthe Toronto Stock Exchange (TSX). For more information, visit www.2020Technologies.com.
Certain statements contained in this news release constitute forward-looking information within the meaning of securities laws.
Implicit in this information, particularly in respect of future operating results and economic performance of the Company are assumptions regarding projected revenue and expenses. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.
For more exhaustive information on these risks and uncertainties you should refer to our most recently filed annual information form which is available at www.sedar.com. Forward looking information contained in this report is based on management’s current estimates, expectations and projections, which management believes are reasonable as of the current date. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time unless required by applicable securities law.
Chief Executive Officer
Laval: +1 (514) 332-4110
Chief Financial Officer
Laval: +1 (514) 332-4110