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THINKPATH INC.
201 WESTCREEK BLVD.
BRAMPTON, ONTARIO
L6T 5S6 CANADA
TEL: 905-460-3040
FAX: 905-460-3050
THINKPATH ANNOUNCES THE ACQUISITION OF
THE MULTITECH GROUP
Toronto, Ontario. July 6th, 2006. Thinkpath Inc. (OTCBB:THPHF) today announced
the completion of its acquisition of The Multitech Group (TMG) of South
Plainfield, New Jersey.
TMG is a highly respected engineering services company which has been providing
reliable engineering design services in Material Handling, Pollution Control,
Port Security, Government/Military, and Manufacturing since 1976. Additionally,
TMG develops and implements Technical Documentation and Training programs.
TMG's annual revenues are approximately $3.8 million with an EBITDA of
approximately $500,000. The acquisition adds some long-term, high profile
clients including Fedex, U.S Postal Service, Siemens, Boeing, Smiths Detection,
Sandvik, Port Authority of NY & NJ and many others that Thinkpath currently does
not service. The current TMG management team is joining Thinkpath's lineup in
various capacities, including John W. Kennedy, Ph.D. as VP of Business
Development, James J. McLafferty as General Manager (New Jersey Office) and
Scott A. Nilssen as National Director of Marketing. The combined companies
should reach their goal of $20 million in revenue this year not including
further acquisitions.
The purchase price includes a combination of cash, note payable, common and
preferred shares and is being funded by Thinkpath's financial partner Laurus
Master Fund, Ltd. with non-convertible financing.
"We are excited about the blending of two excellent, growing companies that have
long reputations for solid work and positive service to their customers. The
combined technical strength of the new Thinkpath is truly a competitive
advantage", stated John Kennedy of TMG.
"This is an exceptionally good acquisition for Thinkpath at this juncture as it
means more than the acquisition of a profitable company, but also the addition
of some absolutely awesome leadership talent" confirmed Declan French,
Thinkpath's Chairman and CEO.
"The acquisition not only strengthens our core engineering services but adds
additional engineering capabilities that will aid in future sales growth for
years to come." Added Bob Trick President and COO.
ABOUT THINKPATH INC.
Thinkpath is a global provider of engineering solutions. The company's
engineering and design services cover every facet of the project from concept to
SLA prototyping to complete turnkey packages that deliver a finished, operating
system. Thinkpath engineers handle the drafting, detailing and parametric
modeling. They work in diverse engineering disciplines including aeronautical,
civil, electrical/controls, environmental, mechanical and structural
engineering.
For further information about the company, visit us at: www.thinkpath.com.
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FOR MORE INFORMATION AND INVESTOR RELATIONS
PLEASE CONTACT:
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FINANCIAL MEDIA RELATIONS, LLC
Scott Mac Caughern
Tel: 435 615-6585
Fax: 435 615-2776
Email: smac@financialmediarelations.com
WWW.FINANCIALMEDIARELATINS.COM
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Forward-Looking Statement
This press release contains forward-looking statements regarding Thinkpath Inc.,
its business prospects and results of operations that are subject to certain
risks and uncertainties posed by many factors and events that could cause
Thinkpath's actual business, prospects and results of operations to differ
materially from those that may be anticipated by such forward-looking
statements. Readers are urged to carefully review and consider the various
disclosures made by Thinkpath in this news release and other reports filed with
the Securities and Exchange Commission that attempt to advise interested parties
of the risks and factors that may affect Thinkpath's business.