Silverline Technologies to consider acquisition of Millennium Care Inc

Silverline Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on September 21, 2006, has reviewed the acquisition proposition of Millennium Care Inc., based in the Toronto Canada, which has a very successful Technology Help Desk Practice as its Main Business Focus. The company has developed and markets a proprietary product based on ITIL (Information Technology Infrastructure Library), an highly accepted international standard for Information Technology Service Management. Majority of Millennium Care’s clients (which are Fortune 500 companies) utilize the ITIL tools and services for their Information Technology support needs.

Millennium Care Inc for the financial year 2005-06 (ending September - 2006) achieved a turnover of Canadian $ 6.7 M and for the year 2006-07 ending September 2007, the company is expected to do a turnover of about Canadian $ 10 M.

As a part of acquisition process, the Board of Directors reviewed the proposition from M/s Millennium Care Inc., agreeing to be a wholly owned subsidiary with all management controls given to the company, on the basis of getting its present holding swapped to the extend of 50,000,000 under lying new Equity Shares equivalent either by way of American Depository Receipts (ADR) or American Depository Shares (ADS), or Global Depository Receipt (GDR) or Global Depository Shares (GDS) as per the "SEBI" Guidelines prevalent. The said ADR or ADS or GDR or GDS will be listed on Luxemburg or any other recognized stock exchange besides the present listing on Bombay Stock Exchange Ltd.

Considering the above, and the Business plan which the company has envisaged with the said company, the Board of Directors after detailed deliberations and discussions think it fit to call for an "Extra Ordinary General Meeting" of the Shareholders for their approval and pass the said resolution under sec 81 and all other provisions of the Companies Act 1956.

The Board wishes to hold the Extra Ordinary General meeting on October 12, 2006.

Source : Equity Bulls

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