Acquisition of Noesis by Logicom finalised
23/04/2002
Logicom Ltd. announced that the acquisition agreement of DAP Noesis Business Solutions Ltd. (Noesis) by the company was finalised on the 22 April 2002. The company announced the following:

1. The acquisition concerns 100% of the share capital of Noesis from its ex-shareholders (CLR Investment Fund Ltd., Aristotelis Demetriou, Stavros Aristeidou and Georgos Panayiotou) against the sum of CYP 120.003, of which CYP 90.003 was paid on the 22 April 2002 and CYP 30.000 plus 6% interest per annum as of 10 April 2002 will be paid until 15 July 2002 or, against payment, it will be paid by the allotment of 100.000 ordinary shares of the company of 20 cents each, according to the company’s decision.

2. The net value of assets of Noesis is CYP 57.345 and goodwill resulting from the acquisition has been estimated at CYP 62.655, to be written off over a period of 7 years from the date of acquisition. The transfer of rights and obligations of Noesis to the company, for accounting purposes, will be the 1 January 2002.

3. Aristotelis Demetriou, Stavros Aristeidou and Georgos Panayiotou will remain on the board of Noesis and have signed employment contracts with the company. Andreas Koullinos, Lambros Panayiotides and Costas Toumpouris were board members of Noesis and have resigned.

4. Noesis was formed in December 2001 and is an information technology company. According to the company, Noesis can cover the needs of a wide range of businesses, offering complete technology solutions for the automation of operations. Solutions offered include mid-market ERP software and CRM systems. In addition, Noesis has developed a series of high quality services for the correct support of these systems.

5. Noesis has a client list of around 40 businesses and up to 31 March 2002, sales equalled around CYP 50.000.

6. Acquisition of Noesis is within the strategic plans of the company in the software and services sector, implemented through its subsidiary NetVision Ltd. which focuses on offering high quality software and services, covering a wide range of the information technology market.