Signed Term Sheet Includes Equity Position in Facility Team, Inc., Software Development Services and Distribution Rights to its Facilities Management Software
Stuart, Florida, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Information Systems Associates (ISA), Inc. (IOSA: OTCQB) an emerging software and services company focused on the DCIM market, announced today that it has agreed to enter into a joint venture with FacilityTeam, Inc. The joint venture will cover a number of strategic initiatives including the rights to purchase up to a 20% stake in FacilityTeam, software development services, and distribution rights to its facilities management software. FacilityTeam was recently formed to focus on providing leading-edge computer aided solutions for Facilities Management (FM). The FacilityTeam's principals are successful software developers and entrepreneurs with 20 years of experience developing solutions in this market space.
ISA has been working diligently for the past 10 months on transforming the Company from a Professional Services and Consulting organization to a software and integrated solutions provider. As a part of this agreement, ISA has agreed to partner with FacilityTeam to develop the next generation of its Asset Management software. The overall agreement will significantly strengthen ISA's capabilities within the data center market it is currently selling to, and open up a much larger potential market for its software and services.
The understanding calls for FacilityTeam to develop ISA's new data center infrastructure management (DCIM) software, custom interfaces to the facilities management software under development by FacilityTeam, and for a senior executive of FacilityTeam to join ISA's management team as its Chief Technology Officer. As an affiliate of ISA and a strategic partner, the companies are expected to cooperate closely on research & development, sales, and market development.
Adrian Goldfarb, ISA's President and COO said, "I am delighted that FacilityTeam has agreed to engage with us. I am particularly excited that we will be taking a minority ownership in FacilityTeam since it will closely align the two organizations with the possibility of additional earnings per share for our stockholders".
Joe Coschera, ISA's CEO also commented that he feels that ISA's future product strategy is in excellent hands with FacilityTeam. "I have worked with their staff and executives over the past several years and have been very impressed with the quality of the products they build and their attention to customer services".
Chris Dodds, FacilityTeam's President said, "I look forward to a very successful future for us with ISA as a stakeholder. I have watched them execute within their market and feel very comfortable that our individual strategies are well aligned for future growth of both organizations. As a side note, I am also happy to be joining ISA's management team to lead their R&D efforts".
The initial term sheet provides the framework for definitive agreements which are being prepared over the next few weeks. It is anticipated that the software development agreement will be in place by the beginning of November with the completion of the other agreements expected by year-end.
About Information Systems Associates
Information Systems Associates, Inc. (OTCQB: IOSA) based in Stuart, FL, is a leading provider of Mobile Data Center Management systems and turnkey data center management solutions. The suite of products and services include data center asset/inventory management, data center management software and data center data collection. Utilizing a proprietary and patented technology, OSPI (On Site Physical Inventory), customers manage data centers on a mobile basis, bringing data center management out of the office and into the data center. Information Systems Associates holds the trademarks for On Site Physical Inventory, OSPI and Mobile Data Center Management.
For more information visit our website http://www.isa-inc.net
FacilityTeam Inc. based in Toronto, ON develops best of class software solutions for the facility management industry. The company is developing a cloud based service to provide building operators with the ability to manage physical space, assets and maintenance either at their desk or from any mobile device. The unique approach and state of the art technology makes communication and teamwork the core of the software, allowing facility teams to effectively collaborate, share documents and manage projects.
For more information visit our website http://www.facilityteam.com
This press release contains forward-looking statements including statements regarding finalizing the joint venture, purchase of up to a 20% stake in FacilityTeam and expanding ISA's business. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" "project" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include ISA completing a financing to permit it to initially purchase 15%, that the parties will be able to execute a definitive agreement, and the success of ISA in recruiting a sales team that will penetrate this new market. Further information on Information Systems Associates' risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2012. Information Systems Associates does not undertake any duty nor does it intend to update the results of these forward-looking statements.
CONTACT: Stephen Hart Hayden IR 917.658.7878 email@example.comSource: Information Systems Associates
Released October 21, 2013