Xap Enters Into Definitive Agreement to Acquire Bridges Transitions, Inc. to Expand Online College and Career Offerings
Integration deepens Xap's leadership in online college and career planning.
Culver City, CA – May 24, 2006 – Xap Corporation announced today that it has entered into a definitive agreement to acquire Bridges Transitions Inc. (TSX: BIT), a leading provider of software-based online education planning, career exploration, and high school/college test preparation resources designed to help students achieve education and career success.
Over 14,000 schools and other agencies in U.S. and Canada use Bridges' products and services.
The acquisition will occur by way of a plan of arrangement to be approved at a special meeting of Bridges' securityholders expected to be held on or about July 7, 2006.
In addition to the required securityholder approval, the acquisition is subject to applicable governmental clearances and approvals, as well as certain other conditions.
The transaction is expected to close in July 2006.
"We look forward to welcoming Bridges into the Xap family," said Liz Dietz, CEO of Xap Corporation.
"College and career planning are interconnected components for student aspiration and achievement.
The combination of Xap's online college planning and application leadership with Bridges' career planning expertise means comprehensive tools for counselors and parents to support students' exploration of academic and professional dreams.
Together we can facilitate access to higher education for a broad spectrum of students, while providing engaging tools to those who are supporting students in the development of their goals."
"We are excited about the opportunities which will result from the combination of our two great companies," said John Simmons, CEO of Bridges.
"The synergies and efficiencies attained by the combination of these companies are of such magnitude that all constituents – customers, employees, shareholders, teachers, counselors and particularly students – will benefit."
About Xap
Xap Corporation is the leading provider of comprehensive state and regional online college planning portals in the U.S.
During the past decade, more than eight million students have used Xap's planning tools in pursuit of their higher education and career aspirations, as well as submitted nearly six million online college admissions applications for more than 800 higher education institutions.
Xap provides easy-to-use, innovative online solutions that:
1) empower students with online tools to plan, prepare, apply and pay for college;
2) allow colleges and universities to reach more students at a significantly lower cost;
3) equip high schools to better prepare and serve college-bound students; and
4) enable state and regional education organizations to increase college access within their geographic areas.
For more information, visit http://www.xap.com.
