VANCOUVER, -- Nov. 12, 2004 -- Infotec Business Systems, Inc. (OTCBB:IFOB) is pleased to announce that the Company has executed a formal agreement to acquire all of the issued and outstanding shares of Galaxy Networks Inc. ("Galaxy"), a fully integrated Application Service Provider ("ASP"), in exchange for 20,000,000 restricted common shares of Infotec to be issued to Galaxy Shareholders and designated affiliates. The Galaxy acquisition will result in a corporate change of control. In conjunction with the transaction, Carol Shaw and Barry Foreman have been appointed directors of the Company. Ms. Shaw has also been appointed as President and CEO and Mr. Foreman has been appointed Secretary and Treasurer. Robert Danvers has resigned as an officer and director of the Company. Additional board appointments are expected to be made next week.
Galaxy Networks, headquartered in Richmond, British Columbia, is widely recognized as an industry leader in third generation video streaming solutions. Galaxy offers a wide variety of ASP products and services, including, but not limited to, web site hosting; e-mail hosting; web-based e-mail; streaming video services and soon to be launched VOIP services to a well established and rapidly growing customer base. Galaxy's extensive and successive experience in delivering high quality, cost effective service solutions to such well known corporate clients as hotSPORTSnetworks Corp., VStreetVenue, Kidzworld.com, Second Avenue Studio and allhollywood.com, to mention a few, has solidified its position as an ASP industry leader.
"Infotec's e-mail communication security solution product, commguard(TM), will enable Galaxy to complete its circle of ASP products, allowing us to cover the full scope of available Internet service offerings and provide us with multimillion dollar revenue streams both now and in the future," states Carol Shaw, newly appointed President and Chief Executive officer of Infotec.
For further information on Galaxy's products and services, please view http://www.yourgalaxy.com.
