Data Systems & Software Inc. acquires 23 percent of Paketeria GmbH
Data Systems & Software Inc. (OTCBB: DSSI – News) today announced that it has completed the purchase of an approximately 23% stake in Paketeria GmbH. Privately held Paketeria is Germany’s first Services Supermarket, combining five service businesses under one roof — Ebay dropshop, post and parcels, photo processing, photocopy and printer cartridge refilling.
In addition to its initial purchase, the Company entered into agreements with certain existing Paketeria shareholders, including the President and Chief Executive Officer of DSSI, John Moore, by which the Company would be able to purchase a majority interest in Paketeria over the next year. In addition to its initial purchase, the Company entered into agreements with certain existing Paketeria shareholders, including the President and Chief Executive Officer of DSSI, John Moore, by which the Company would be able to purchase a majority interest in Paketeria over the next year.
Commenting on the investment, John A. Moore, President and CEO of the Company, stated, “To me, Paketeria is exciting on several levels. I have had a successful business relationship for over 20 years with Paketeria’s founder, Andy Roesch. Through a public company in which I was the largest shareholder, I bought a stake in Andy’s former company, for USD 1.7 million, which he took public in 2000 and returned USD 100 million to us. That year, Andy was named ‘One of Germany’s Top 5 Entrepreneurs of the Year’ by Ernst & Young and the German Stock Exchange. With Paketeria, Andy has built a business that is growing explosively, approaching profitability, and exploiting a huge vacuum being created by the privatization of Deutsche Post in Germany. I feel that this will be a very successful investment for DSSI’s shareholders.”
Moore added, “Our investment in Paketeria is in keeping with the Company’s commitment to actively seek out businesses worldwide that solve macroeconomic problems and have ‘ready for market’ strategies that hold the promise to provide strong shareholder returns with limited downside risk.”
In addition to its initial purchase, the Company entered into agreements with certain existing Paketeria shareholders, including the President and Chief Executive Officer of DSSI, John Moore, by which the Company would be able to purchase a majority interest in Paketeria over the next year.
About DSSI
Data Systems & Software Inc. (OTCBB: DSSI – News) is a provider of software consulting and development services. In addition, its Comverge Inc. equity affiliate is a leading Demand Response company enabling utilities, industry and consumers to better manage peak electricity usage. Additional information about DSSI is available at www.dssiinc.com and at www.dsit.co.il. Additional information regarding Comverge Inc. is available at www.comverge.com.
This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. The ability of Paketeria to continue to grow and reach profitability is subject to a number of risks and uncertainties some of which may be outside of Paketeria’s control. Three is no assurance that the Company’s investment in Paketeria will be successful or provide strong returns to shareholders. A complete discussion of the risks and uncertainties which affect the Company’s business generally is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
Contact:
Bibicoff & Associates, Inc.
Terri MacInnis, 818-379-8500
Dir. of Investor Relations
[email protected]
www.dssiinc.com
