GVIC Acquires GeoSearch
VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) — GVIC Communications Corp. (TSX: GCT) (“GVIC” or the “Company) announces that it has purchased the business assets of GeoSearch LLC (“GeoSearch”), a provider of environmental risk information based in Austin, Texas. The asset purchase was completed through ERIS Information Inc. and ERIS Information Limited Partnership (together “ERIS”), 55% owned subsidiaries of the Company.
The acquisition of GeoSearch will strengthen ERIS’s US operations and improve the overall scale of its business. The acquisition broadens ERIS’ product offerings with additional proprietary data and historical products and allows the combined ERIS and GeoSearch business to be a single comprehensive resource for environmental risk information. All products and services will be available through a best-in-class web platform and native applications complemented by ERIS’s strong commitment to customer service.The GeoSearch acquisition also strengthens ERIS’s presence in the large markets of Texas and the Southern United States while broadening its customer base and growing its team. The Company’s share of the purchase price is CAD$8.2 million, with CAD$2.0 million payable at closing, and the remaining CAD$6.2 million payable over four years. The upfront portion of the purchase price will be funded with cash on hand. The remainder will be funded in part through cash flow from the business. The Company also has CAD$7.5 million coming due over the next three years (April 2021 to April 2023) from the vendor take-back receivable from its 2019 sale of Fundata. ABOUT GEOSEARCHGeoSearch is a leading provider of environmental risk information in the United States and supports its customers by supplying fast, accurate, innovative tools and reports to assess and manage environmental risk. GeoSearch has a strong market position in the southwest and southeast of the United States and has a developed a reputation for high-quality historical data and customized reports. GeoSearch also provides specialized risk information targeted at the oil and gas and well water industries servicing its primary markets. For more information, visit geo-search.com.ABOUT ERISERIS has been providing critical environmental risk and historical information for residential, commercial and industrial properties since 1999. ERIS now serves the USA, Canada, and Mexico and has global alliances in the UK, Germany, Austria, Australia, New Zealand and Japan. For more information, visit erisinfo.com.For further information concerning this press release, please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.ABOUT THE COMPANYGVIC is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. GVIC’s strategy is implemented through two operational areas: 1) data, analytics and intelligence; and 2) content and marketing solutions.CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTSThis news release contains forward‐looking statements that relate to, among other things, GVIC’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These statements involve known and unknown risks, uncertainties and other factors, including the results and synergies of an acquired business, the achievement of improved operating margins, improved scale of business, the broadening of customer base and the strengthening of its business, which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s Annual Information Form under the heading “Risk Factors”, MD&A under the heading “Business Environment and Risks”, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com. Except as required by law, GVIC undertakes no obligation to update or revise publicly any forward‐looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.