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WNS EMERGENT INC. (TSX-V: WNS)
NEWS RELEASE
For Immediate Release: Thursday, September 18, 2003
Calgary, Alberta WNS AND TCENET ANNOUNCE PROGRESS OF ACQUISITION WNS Emergent Inc. (“WNS” or the “Company”) (TSX-V: WNS) and TCEnet Inc. (“TCE”) (TSX-V: TCE) are pleased to announce significant progress towards consummation of the acquisition of TCE by WNS pursuant to a formal arrangement agreement dated July 4, 2003 (the "Arrangement Agreement"). On September 15, 2003, TCE's shareholders, debenture holders and option holders overwhelmingly voted in favour of the Arrangement Agreement whereby WNS will acquire all of the outstanding shares and debentures of TCE. On September 16, 2003, the Court of Queens Bench gave final approval to the Arrangement Agreement. The Arrangement Agreement is still subject to certain conditions, including final TSX Venture Exchange approval and the negotiated reduction of certain of TCE's debts. Pursuant to a management agreement, WNS and TCE have already moved to quickly reduce duplicate infrastructure and overhead in anticipation of a closing date of September 30, 2003. As such, the Calgary office of both WNS and TCE are already operating out of combined premises, phone system and network infrastructure. In order to better unleash cross selling between the two companies, the sales and marketing arms of each company have been placed under combined leadership. "Last year, when we put together WNS Emergent as it is today, we successfully generated organic growth. In order to maximize potential synergy of this transaction, we have moved quickly to reduce costs and unlock potential cross sales," said George Watson, President & CEO of WNS. "The decisive action and leadership of our combined management team has already benefited our current sales and prospects by securing greater implementation capability and financial stability," said Don Shaw, President & CEO of TCE. TCE's business solutions are based on proprietary intellectual property comprised of Cendec and Simulutions. TCE's Cendec division provides systems to manage information, records and documents to optimize management of a company's materials and assets. Simulutions provides for the acquisition and management of mission critical information and records for pipeline operations for some of the world's largest energy and natural resource companies. WNS Emergent provides technology to clients to assist in the management of their vital information and documents. Our solutions allow our clients to Connect, Communicate and Collaborate. Our Connect solutions team consists of infrastructure specialists who handle everything from the complete outsourced management of networks to the most complex integration of wireless services. Our Communicate solutions include the design, development, implementation and support of specialized information and document management solutions using a team of experts deployed across Canada. Our Collaborate Solutions include proprietary information, document and records management technologies. For more information, please visit www.wnsemergent.com. For further information, please contact:
Mr. George Watson
President & CEO of WNS
Tel: (403) 705-7500
Fax: (403) 705-7555
E-mail: george.watson@wnsemergent.com
or Mr. Don Shaw
President & CEO of TCE
Tel: (403) 237-9500
E-mail: don.shaw@tcenetinc.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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