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Eforce Completes Acquisition

Eforce Completes Acquisition Of Product Sourcing International And Imagic

Eforce Ltd has successfully acquired international supply chain management specialists Product Sourcing International Limited (PSI) and web development and hosting agency Imagic Graphics Limited (IGL) today. The acquisitions signal the creation of a fully integrated end-to-end e-commerce company in New Zealand.

Eforce shareholders approved the purchase of Product Sourcing International and Imagic at today's Annual General Meeting. The acquisitions confirm Eforce's new emphasis on the business-to-business e-commerce sector, and will complement the Eforce community portal at www.eforce.co.nz. Both acquisitions will be settled immediately.

Eforce chairman Richmond Paynter says that the acquisitions will give the company greater global potential and infinite scalability. "With the purchase of Product Sourcing International and Imagic, we are reinforcing our reputation as a dynamic company with tremendous potential for growth. Our goal is to help businesses operate more efficiently by providing true end-to-end e-commerce business solutions using existing and developing technologies."

Auckland-based Product Sourcing International is a supply chain management company that began operating in 1991. It manages the electronic procurement and fulfilment of products, servicing major New Zealand retail companies with a wide variety of merchandise. PSI has office in China and Hong Kong, affiliate offices in Malaysia, Indonesia and Vietnam, and recently opened a branch in Australia.

Imagic is a Christchurch-based web design development and hosting company. It has major national and international clients. They include Merino New Zealand, a company recognised as the Supreme Marketer of the Year for 1999. In response to client demand, Imagic is currently establishing offices in Wellington and Auckland.

Shareholders also approved special business resolutions to issue further shares for acquisitions and raising of capital.

ENDS

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