BasicGov Systems, Inc. Reports Change in Amount Due Former Shareholders
April 08 2010 - 11:28AM
Marketwired
BasicGov Systems, Inc. (TSX VENTURE: BSG) ("BasicGov" or the
"Company") today announced a correction to the calculation in
respect of the Subscription Receipts held by certain former
shareholders. The Company is amending its March 8, 2010 press
release, to reflect the fact that Subscription Receipt holders are
entitled to $133,950 (rather than $74,205 previously reported) of
the $494,697 proceeds received from Harris Computer Corporation
with respect to holdbacks under the Acquisition Agreement by which
the Company disposed of assets in 2008.
As a result of this change Subscription Receipt holders will
receive $.0312 (rather than $.0173 previously reported) per
Subscription Receipt less an adjustment for SBVCA tax credits if
applicable. These amounts will be distributed shortly by
Computershare, the Company's transfer agent.
Since the amount due to Subscription Receipt holders has been
revised, the Company's net proceeds from the holdbacks will be
$360,747 rather than $420,492 previously anticipated. In the third
quarter of 2009 the Company recorded a loss on sale of assets of
$97,750; as a result of revising the net proceeds from the
holdbacks, the total loss on sale of assets for 2009 is expected to
be $276,753.
About BasicGov Systems, Inc.
BasicGov Systems, Inc. (TSX VENTURE: BSG) develops, sells and
supports BasicGov web-based software for cities and local
governments that streamlines permitting and inspections, code
enforcement and planning. BasicGov is a reliable, secure solution
delivered for an affordable price and the only web-based software
for local governments built on the Force.com, the cloud computing
platform from SalesForce.com used by more than 55,000 organizations
worldwide. Unlike enterprise software that is expensive to acquire
and difficult to implement, BasicGov requires no capital investment
and is simple to set up. Users pay a monthly subscription fee per
module and no capital investment is required. www.basicgov.com
Forward-Looking Statements
This news release contains forward-looking statements. Actual
events or results may differ materially from those described in the
forward-looking statements due to a number of risks and
uncertainties, including changes in market and competition,
technological and competitive developments, cooperation and
performance of strategic partners and potential downturns in
economic conditions generally. Forward-looking statements are based
upon management's estimates, beliefs and opinions. The Company
assumes no obligation to update forward-looking statements, other
than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: BasicGov Systems, Inc. Ian Power CFO +1 (604) 729-5142
info@basicgov.com www.basicgov.com
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