TORONTO, Oct. 25, 2019 /CNW/ - Pivot Technology
Solutions, Inc. (TSX: PTG), ("Pivot", or the "Company"), a
full-service information technology provider, today announced it
has closed the previously announced sale of Smart Edge to Intel
Corporation (NASDAQ: INTC), for gross consideration of $27 million USD.
"I would like to take this opportunity to thank the dedicated
Smart Edge software business employees that developed an
industry-leading innovation and wish them much success as they join
Intel's Network and Custom Logic Group," said Mr. Kevin Shank, Pivot CEO. "We at Pivot are very
excited to be an Intel preferred channel partner for Smart Edge
based solutions and we look forward to leveraging our core
strengths as a technology integrator and service provider to help
drive its adoption."
"We believe the sale of the Smart Edge software business and
entering into the Preferred Partner framework with Intel creates
considerable value for Pivot shareholders. The Preferred
Partnership Agreement puts Pivot in an excellent position to resell
the solution and provide the services required to deploy, support
and install edge technologies. This strategic relationship aligns
us with one of the leading technology companies in the world and
supports our goal of becoming the number one edge services provider
in North America. In addition, the net proceeds from the sale
and the reduced software development costs benefits Pivot's
financial flexibility, reducing operating costs," added Mr.
Shank.
ABOUT PIVOT TECHNOLOGY SOLUTIONS
Pivot is an
industry-leading information technology services and solutions
provider to many of the world's most successful companies,
including members of the Fortune 1000, as well as governments and
educational institutions. By leveraging its extensive OEM
partnerships and its own fulfillment, professional, deployment,
workforce and managed services, Pivot supports the IT
infrastructure needs of its clients. For more information, visit
www.pivotts.com.
FORWARD LOOKING STATEMENTS
This news release
contains statements that, to the extent they are not recitations of
historical fact, may constitute "forward-looking statements" within
the meaning of applicable Canadian securities laws. Pivot uses
words such as "may", "would", "could", "will", "likely", "expect",
"believe", "intend", "anticipate" and similar expressions to
identify forward-looking statements. Any such forward-looking
statements are based on assumptions and analyses made by Pivot in
light of its experience, as well as other factors Pivot believes
are appropriate under the relevant circumstances. However, whether
actual results and developments will conform to Pivot's
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause
Pivot's actual results to differ materially from those expressed or
implied by the forward-looking statements contained in this news
release. These factors include, without limitation: the risks
described in the Company's Annual Information Form for the year
ended December 31, 2018 under the
heading "Risk Factors" available at sedar.com. The
"forward-looking statements" contained herein speak only as of the
date of this news release and, unless required by applicable law,
the Company undertakes no obligation to publicly update or revise
such information, whether as a result of new information, future
events or otherwise.
Intel and the Intel logo are trademarks of Intel Corporation
in the United States and other
countries.
SOURCE Pivot Technology Solutions, Inc