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CALIAN ANNOUNCES SETTLEMENT OF ALL CLAIMS RELATING TO ITS ACQUISITION OF PPI CANADA Ltd. ("PPI")
Kanata, Ontario, June 27, 2002: Calian Technology Ltd (TSE.CTY) today announced that the Company and the selling shareholders of PPI have agreed to an out of court settlement of their respective claims. This settlement will not have any impact on the results of operations of the Company for the period ended June 30, 2002.
PPI was acquired in April 2000 to complement the Company's eServices business. The Company transitioned out of the eServices business in May 2001 and realigned its business strategy to focus on its core strengths in Systems Engineering and Resourcing
"We are very happy with the resolution of this matter. Our management team can now focus exclusively on managing the exciting opportunities we see in Systems Engineering and Resourcing", said Larry O'Brien, President and CEO.
About Calian: Calian Technology Ltd. (TSE:CTY) provides systems engineering and resourcing services to industry, government and major organizations in Canada, the United States and around the world. With two decades of success and over $125 million in annual revenues, Calian provides customers with ready access to an exceptional team of over 2,200 engineers, telecommunications and technology professionals, and other highly qualified staff. The Resourcing Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering and other skilled professionals. The Systems Engineering Division plans, designs and implements solutions for many of the world's space agencies and leading communications satellite manufacturers and operators.
For further information, please contact:
Larry O'Brien
President & CEO
Telephone: (613) 599-8600 ext. 271
Jacqueline Gauthier
Chief Financial Officer
Telephone: (613) 599-8600 ext. 277
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