XFormity and XML Global Announce Letter of Intent to Merge
June 24 2004 - 12:45PM
PR Newswire (US)
XFormity and XML Global Announce Letter of Intent to Merge
Combination to Advance the Development of Quick Serve Restaurant
Technology DALLAS, June 24 /PRNewswire/ -- Software architecture
and engineering company XFormity, Inc. announced today that it has
signed a non-binding Letter of Intent to merge with XML-Global
Technologies, Inc. (OTC:XMLG) (BULLETIN BOARD: XMLG) . The formal
combined company will focus on the development of Quick Serve
Restaurant (QSR) business intelligence and technology solutions.
Consummation of the merger is subject to the execution of a
definitive agreement, completion of audited financial statements,
compliance with regulatory requirements and other conditions
customary to transactions of this nature. If and when consummated,
the transaction will result in a change in a majority of the
XML-Global Board of Directors and executive management. "XML Global
first entered into an OEM license with XFormity over one year ago,"
said Sheldon Drobny, Chairman of XML Global. "Since that time,
XFormity has taken large steps in fulfilling its mission of
becoming the leading data management company in the franchise
universe. Our shareholders are delighted to be a part of XFormity's
future through this merger." XFormity's flagship solution, QSRx,
automatically integrates data captured from several sources,
including point of sale, suppliers, payroll, finance, and corporate
franchisor. Dirk Dozier, President of Austaco, an Austin, TX- based
franchisee with 72 Taco Bells and 2003 winner of the Glenn Bell
Award, given to the Taco Bell franchisee of the year, stated, "Much
of our success is directly related to QSRx. Our field managers are
delighted with the results from this important business tool. We
look forward to the future offerings of XFormity." "XFormity has
come a long way in its first two years," said Mark Haugejorde,
Chairman of XFormity. "The challenges first presented to us by
successful Taco Bell franchisees have been significant, and our
team has surpassed the high performance expectations set by these
industry leaders. The opportunity in this space is tremendous, and
we look forward to executing our plan. The merger with XML Global
will provide the resources to potentially reap significant
shareholder benefits." According to SEI Vice President of
Commercial Operations, Paul Dwyer, "This merger positions XFormity
to expand its retail solutions to deliver more value to retail
clients, and represents a commitment to serve the larger
retail/franchise market." About XFormity XFormity, Inc., based in
Dallas, designs and implements superior Business Intelligence
software for large and mid-size clients, with a focus in the Quick
Service Restaurant industry. The Company, along with its strategic
partner SEI, is able to rapidly roll out flexible, extensible
solutions to offer an immediate ROI to the customer. About
XML-Global Technologies, Inc. XML-Global Technologies, Inc.
(OTC:XMLG) (BULLETIN BOARD: XMLG) sold substantially all of its
business assets to Xenos Group Inc. in November 2003. Since then,
the Company has been engaged in efforts to identify potential
business acquisition candidates. Safe Harbor for Forward-Looking
Statements The statements contained in this press release may
include certain projections and forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements involve a number of risks and
uncertainties. Such statements reflect the company's current views
with respect to future events and financial performance. No
assurances can be given, however, that these events will occur or
that such expectations will be achieved and that actual results
could differ materially from those described. Actual results of
future operations of XML-Global Technologies, Inc. may differ
materially from those indicated by these forward looking statements
as a result of various important factors, including, but not
limited to, those discussed in the Risk Factors sections of reports
filed by XML-Global Technologies' with the Securities and Exchange
Commission. About SEI Information Technology SEI Information
Technology is a premier technology support specialist with
expertise in customer support, managed IT services, and custom
software. Since 1969, SEI has helped its clients optimize their IT
operations and remain focused on their core business. Recognized by
Crain's Chicago Business in 2004 as one of the region's largest
privately held firms, SEI employs more than 500 technology and
business consulting professionals and maintains its headquarters in
Oak Brook, IL, with a network of offices in Fargo and Grand Forks,
ND, Los Angeles, CA, Merrillville, IN, London, England, and
Debrecen, Hungary. To contact SEI, visit http://www.sei-it.com/ or
call (888) 734-7343. For further information, contact: Jack Rabin,
CFO, XML-Global Technologies, Inc. (847) 562-0700 Mark Haugejorde,
Chairman, XFormity, Inc. (972) 661-1200 x 306 DATASOURCE: XFormity,
Inc. CONTACT: Jack Rabin, CFO of XML-Global Technologies, Inc.,
+1-847-562-0700, or Mark Haugejorde, Chairman of XFormity, Inc.,
+1-972-661-1200 ext. 306 Web site: http://www.sei-it.com/
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