MICROTEC ENTERPRISES BOOSTS ITS ACCOUNTS BY 19,000 IN 2000
SAINT AUGUSTIN, Quebec, Canada
Microtec Enterprises Inc. announces that it has made five new acquisitions, totaling nearly 2,000 subscribers. All of the acquisitions were paid for in cash. In sum, more than 9,000 subscribers have been added through acquisitions in 2000. The company has also recruited more than 10,000 new subscribers during 2000 through its network of authorized dealers. Microtec also announces that it has completed the sale of the assets of its Argus medical emergency activities, as planned. The profit derived from the transaction will be accounted for as an extraordinary item for discontinued operations. In addition, the company has decided to record a loss equal to the residual value of the amount already provided for in an account receivable for the sale of the activities of Microtec Internet in 1997. Taking into account the tax recovery, these decisions will translate into a net loss of $655,000 for the fiscal year ending Dec. 31. Microtec Enterprises is Canada’s leading provider of residential security services.
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