Laval, Quebec - January 31, 2008 - 20-20 Technologies Inc., today announced the acquisition of Icovia, provider of interactive, online space planning solutions for the home furnishings, real estate and interior design industry. This strategic acquisition increases 20-20’s market share of the increasingly popular world of online design with interactive tools and complements its own suite of 3D web applications called 20-20 Virtual Studio.
“20-20 acquired Icovia both because of its complementary product offering, and its expertise and success marketing technology products to the home furnishings industry. Icovia’s space planning solution is a platform we can build upon, extending the capabilities of the product to include 3D visualization,” said Jean Mignault, Co-Chairman of the Board for 20-20 Technologies and Chief Executive Officer.
The integration of the two technologies from each company has already yielded a new product – Icovia 3D, an interactive 3D space-planning tool, home furnishings retailers and manufacturers can use to extend their physical showrooms virtually and in 3D.
“Icovia is excited about the acquisition because it allows us to rapidly roll out new products and features that will help our customers market their products online,” said Steve Street, Chief Executive Officer of Icovia. “20-20’s 3D technology is particularly impressive. We evaluated all the 3D technologies currently available and found nothing as powerful, easy to use and feature rich as 20-20 Technologies. 20-20’s products extend far beyond online 3D space planning to a range of powerful products for design, specification, order processing and e-procurement and more,” he added.
The combination of Icovia’s knowledge of the home furnishings industry and 20-20’s proven expertise as the leading provider of interior design software solutions makes for an offering that is very attractive to home furnishings retailers and manufacturers. “Our clients can link their online planning tool to web analytics software, allowing them to gain valuable insight into consumer preferences, and measure the effectiveness of their marketing campaigns through user registration,” said Jean-Francois Grou, President and Chief Operating Officer of 20-20.
The premiere of Icovia 3D takes place at Las Vegas Market, a world-class showcasing venue for the home furnishings industry.
Icovia also offers tools for homebuilders and homebuyers, and tools for the real estate industry, which will be the subject of further announcements in the near future. After the transaction, 20-20 will hold 51% of Icovia, for a consideration of US$1.6 M, with management of Icovia holding the remaining 49%. Transaction is expected to close on or before February 15th, 2008.
Icovia was founded in 2000 and has become the industry leading online room planning solution for retailers, manufacturers, interior designers and homeowners. The Icovia Room Planner delivers value to businesses and consumers at once with powerful, easy-to-use interior design tools that combine free usage with registration-based features to identify potential buyers as actionable contacts. Icovia's customers span a number of industries including home furnishings, real estate, Internet retailing, consumer electronics and interior design, including La-Z-Boy, Kohler, Nautilus, GMAC Real Estate and Samsung. Icovia is privately-held and headquartered in Londonderry, NH. For more information, visit www.icovia.com or call 1-603-206-6206.
About 20-20 Technologies Inc.
20-20 Technologies is the world's leading provider of computer-aided design, business and manufacturing software solutions tailored for the interior design and furniture industries. Dealers and retailers use its desktop and Web-based products and solutions for the residential and commercial markets. 20-20 offers a unique proprietary end to end solution, integrating the entire breadth of functions in interior design through one platform. It provides electronic data communication from point-of-sale software programs to manufacturing and world-leading enterprise resource planning (ERP) systems, including computer-aided engineering and plant floor automation software. Operating in 13 countries with more than 500 employees, 20-20 is a publicly traded company (TWT) on the Toronto Stock Exchange (TSX). For more information, visit www.2020Technologies.com.
Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws.
Implicit in this information, particularly in respect of future operating results and economic performance of the Company are assumptions regarding projected revenues and expenses. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected.
For more exhaustive information on these risks and uncertainties you should refer to our most recently filed Annual Information Form which is available at www.sedar.com. Forward-looking information contained in this report is based on management’s current estimates, expectations and projections, which Management believes are reasonable as of the current date. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to update this information at any particular time, unless required by applicable securities law.
For More Information, Contacts:
20-20 Technologies Inc
Marketing Communications Specialist
(514) 332-4112 ext. 258
Steve Street, CEO
Becky Stevens, Virtual Marketing LLC