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Polygon Acquired By Mediagrif Interactive Technologies — Mediagrif Press Release 9/04
Montréal, Canada - September 2, 2004 - Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading developer of e-business networks and provider of complete e-business solutions, announced today that it has completed the acquisition of PolyGroup, Ltd., a leading e-business network to the diamond and jewelry industry.
"This acquisition is part of our ongoing efforts to expand into new vertical markets that offer high growth potential. PolyGroup has built over the years an exceptional service that has proved extremely valuable to the diamond industry. We are excited about its future prospects and other growth opportunities in complementary markets such as finished jewelry, watches and colored stones. We look forward to leveraging our technology and operational expertise for the benefit of current and future subscribers," said Denis Gadbois, Chairman of the Board and CEO of Mediagrif Interactive Technologies.
Headquartered in Golden, Colorado, PolyGroup, under the Polygon trade name, provides an Internet-based business-to-business service to retailers, wholesalers and manufacturers of the diamond and jewelry industry. Approximately 3,000 subscribers use the network to buy and sell products such as diamonds, watches, colored stones and finished jewelry. Polygon offers the largest database of polished diamonds in the world, totalling over $1.6 billion of diamond inventory from approximately 500 leading diamond wholesalers. Polygon also offers additional services to its subscribers such as discussion channels, which allow industry participants to share valuable insight on business practices and improve productivity.
The total acquisition price will be approximately US$8.4 million, payable in cash. In the current year, PolyGroup achieved approximately US$3.5 million in revenues and is profitable.
"We are excited that PolyGroup has become part of the Mediagrif team," said Jacques Voorhees, President, CEO and founder of PolyGroup. "Mediagrif's experience in building successful e-business networks, coupled with their exceptional technical development resources and operating practices, will enable us to bring significant enhancements to our service and contribute to our future growth plans."
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a world-leading operator of e-business networks and provider of complete e-business solutions. Mediagrif's e-business networks allow buyers and sellers within specific industries to source, purchase or sell products and to exchange documents more efficiently using the Internet. Mediagrif operates ten networks, including industry leaders The Broker Forum (www.brokerforum.com) Power Source On-Line (www.powersourceonline.com), Telecom Finders (www.telecomfinders.com) and Global Wine & Spirits (www.globalwinespirits.com). The company also owns MERX (www.merx.com), the exclusive provider of e-tendering services to the federal government of Canada, and is a leading provider of government bid aggregation services and e-procurement services in the U.S. Headquartered in Montreal, Mediagrif through its subsidiaries has various offices in Canada and the United States. For more information on Mediagrif please visit us at www.mediagrif.com or call 1 (877) 677-9088.
For further information: Mediagrif Interactive Technologies Inc. Kathy Roberge, Director, Communications Tel.: (450) 677-8797 ext. 3014 kroberge@mediagrif.comMost recent articles
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