Glacier Media Acquires GeoSearch
December 01 2020 - 3:00PM
Glacier Media Inc. (TSX: GVC) (“Glacier”) announces that its
associate, GVIC Communications Corp. (“GVIC” or the “Company”), has
purchased the business assets of GeoSearch LLC (“GeoSearch”), a
provider of environmental risk information based in Austin, Texas.
The asset purchase was completed through ERIS Information Inc. and
ERIS Information Limited Partnership (together “ERIS”), 55% owned
subsidiaries of GVIC.
The acquisition of GeoSearch will strengthen
ERIS’s US operations and improve the overall scale of its business.
The acquisition broadens ERIS’ product offerings with additional
proprietary data and historical products and allows the combined
ERIS and GeoSearch business to be a single comprehensive resource
for environmental risk information. All products and services will
be available through a best-in-class web platform and native
applications complemented by ERIS’s strong commitment to customer
service.
The GeoSearch acquisition also strengthens
ERIS’s presence in the large markets of Texas and the Southern
United States while broadening its customer base and growing its
team.
The Company’s share of the purchase price is
CAD$8.2 million, with CAD$2.0 million payable at closing, and the
remaining CAD$6.2 million payable over four years. The upfront
portion of the purchase price will be funded with cash on hand. The
remainder will be funded in part through cash flow from the
business. The Company also has CAD$7.5 million coming due over the
next three years (April 2021 to April 2023) from the vendor
take-back receivable from its 2019 sale of Fundata.
ABOUT GEOSEARCH
GeoSearch is a leading provider of environmental
risk information in the United States and supports its customers by
supplying fast, accurate, innovative tools and reports to assess
and manage environmental risk. GeoSearch has a strong market
position in the southwest and southeast of the United States and
has a developed a reputation for high-quality historical data and
customized reports. GeoSearch also provides specialized risk
information targeted at the oil and gas and well water industries
servicing its primary markets. For more information, visit
geo-search.com.
ABOUT ERIS
ERIS has been providing critical environmental
risk and historical information for residential, commercial and
industrial properties since 1999. ERIS now serves the USA, Canada,
and Mexico and has global alliances in the UK, Germany, Austria,
Australia, New Zealand and Japan. For more information, visit
erisinfo.com.
For further information concerning this press
release, please contact Mr. Orest Smysnuik, Chief Financial
Officer, at 604-708-3264.
ABOUT THE COMPANY
Glacier Media Inc. is an information &
marketing solutions company pursuing growth in sectors where the
provision of essential information and related services provides
high customer utility and value. Glacier’s strategy is implemented
through two operational areas: 1) data, analytics and intelligence;
and 2) content and marketing solutions.
CAUTIONARY NOTE CONCERNING
FORWARD-LOOKING STATEMENTS
This news release contains forward‐looking
statements that relate to, among other things, Glacier’s
objectives, goals, strategies, intentions, plans, beliefs,
expectations and estimates. These statements involve known and
unknown risks, uncertainties and other factors, including the
results and synergies of an acquired business, the achievement of
improved operating margins, improved scale of business, the
broadening of customer base and the strengthening of its business,
which may cause actual results, performance or achievements of the
Company to be materially different (either positively or
negatively) from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers
should refer to the risks discussed in the Company’s Annual
Information Form under the heading “Risk Factors”, MD&A under
the heading “Business Environment and Risks”, and subsequent
continuous disclosure filings with the Canadian Securities
Administrators available at www.sedar.com.
Except as required by law, Glacier undertakes no
obligation to update or revise publicly any forward‐looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release.
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