Nstein Technologies Acquires Picdar

Nstein Technologies Inc. (TSX-V: EIN) announced that it has acquired Picdar Established for over 20 years, Picdar provides Digital Workflow and Asset Management (DAM) solutions to newspapers, magazine and corporate publishers. Co-founder of Picdar and principal architect of the Media Mogul product suite, Andy Heather will continue to support local UK operations, as well as contribute to Nstein's combined product strategy as VP Worldwide Publishing. Lesley Steinitz, currently Chief Executive of Picdar, will now lead Nstein's UK offices as Director of Operations (UK). Jeff Carson, who initially joined Picdar as a software engineer will continue to act as Director of Engineering, responsible for local development and technical services. Nstein has acquired all of the outstanding common shares of Picdar for a purchase price equivalent to the sum of (i) the business' enterprise value set at between $6,595,000 and $9,245,000, plus (ii) the working capital excess at closing estimated at $4,545,000. An amount corresponding to 75% of the enterprise value, namely $6,595,000 is payable at closing, and the balance of up to $2,650,000 contingent on meeting certain future revenues and EBITDA targets. http://www.nstein.com