MANCHESTER, N.H., April 4, 2011 /PRNewswire/ -- QED Connect, Inc.
(OTC: QEDN), a New York
corporation ("QED Connect"), today announced that it has signed a
Stock Purchase and Consulting Agreement with Sonasoft Corporation
("Sonasoft"), a San Jose,
California based company.
Under the terms of the agreement, QED has the right to provide
up to $500,000 in financing in
exchange for shares of Sonasoft. Additionally QED will
receive royalties on sales of Sonasoft products and services for
the US market. QED will hold a seat on the Sonasoft Board of
Directors and will act as an advisor for marketing, business
development and financial matters including funding and corporate
structure.
Andy Khanna, President and CEO of
Sonasoft said, "We have been positioning ourselves for the last
nine years finalizing the development and marketing of our
products. We are now prepared to take the next steps to
expand our business and look forward to working with QED to assist
us in achieving those goals."
Mr. Khanna added, "In particular, our email archiving product,
SonaVault, has been well proven across a wide range of SMB
installations. These satisfied customers tell us that Sonasoft has
provided software with exceptional features they had previously
found only in more expensive and difficult to implement products."
Tom Makmann, CEO of QED Connect
stated, "We are excited to be working with Sonasoft and believe we
can help them achieve their business plan. The Software as a
Service (SaaS) market continues to be one of the fastest growing
sectors as companies move away from in-house support to Managed
Services Providers (MSP). QED expects to realize revenue from the
royalties during this quarter."
Mr. Makmann, added, "Previously on February 24, 2010, QED Connect announced that
it had executed a Letter of Intent to acquire 100% of
StockProfile.com that was expected to finalize a definitive
agreement by April 4, 2011. Due
to the conflicting schedule of counsel involved in the transaction,
the parties have mutual agreed to extend the date to finalize a
definitive agreement to on or before May 20,
2011.
About QED Connect, Inc.
QED Connect, Inc. is a New York
corporation holding company which makes acquisitions, investments,
and enters into strategic business partnerships. The Company
seeks businesses with strong potential which QED can assist in
achieving their plans and realizing their maximum potential.
This business model achieves the Company's goals and expands
its overall revenue and profits and diversifies through entry into
the multiple market segments. It is QED's intention to help
its partners and subsidiaries realize growth, and that growth
would, in turn, enhance QED's ability to increase shareholder
value. www.qedconnect.com
About Sonasoft®
Sonasoft is a privately held developer and provider of Archiving
and Business Continuity Software on the Microsoft Windows platform
specifically for Small to Medium Businesses. The company's products
provide separate business continuity applications that can become a
server agnostic fully integrated solution that includes Backup,
Disaster Recovery, Replication, Email Management and Archiving.
Founded in 2003, the company is headquartered in San Jose, CA. For more information, please
visit www.Sonasoft.com.
Safe Harbor Statement
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of QED Connect, Inc., (the "Company")
to be materially different from those expressed or implied by such
forward-looking statements. The Company's future operating
results are dependent upon many factors, including but not limited
to the Company's ability to: (i) obtain sufficient capital or a
strategic business arrangement to finance the joint venture with
SoFame Technologies, Inc., and to fund QED's overall expansion
plans; (ii) successfully obtain and fill potential joint venture
product orders; (iv) generate sufficient revenue and efficiently
manage operations to obtain profitability; (v) competitive factors
and developments beyond the Company's control; and (vii) other risk
factors.
SOURCE QED Connect, Inc.