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Tom Hauetter
President
SmartWare Corporation
(913) 721-1600
FOR IMMEDIATE RELEASE:
ANGOSS ANNOUNCES
SALE OF SMARTWARE BUSINESS
Data Mining Industry Leader To Record
Gain On Sale of Non-Core Business
Toronto, Ontario January 14, 2002 (CDNX: ANCÂ www.angoss.com)Â ANGOSS
Software Corporation announced today the sale, effective December 31, 2001, of its SmartWare business, formerly conducted through wholly-owned subsidiary SmartWare Corporation. The
SmartWare business, including all related licensing, distribution andrelated rights and obligations, has been acquired by current SmartWare management.SmartWare has represented a small and declining
segment of ANGOSS revenues forthe past several years but remains a strong software offering in its market segment commented ANGOSS Chief Financial Officer Lon Vining. As a result of this
transaction,both organizations will be able to better focus on their core businesses and this will benefit our respective investors and customers. I am excited about this transaction commented
SmartWare President Tom Hauetter.We look forward to continuing to support current SmartWare developers and clients and to expanding our business under this new venture.
The sale, together with a related restructuring of the SmartWare business will result in a one time non-operating gain for ANGOSS of approximately $525,000. This gain will be reflected in
the financial results of ANGOSS for the fiscal quarter ending February 28, 2002. In addition to this gain, ANGOSS is also entitled to receive, in certain circumstances, a minimum of $400,000
additional cash consideration over the next five years.
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