Message #4 From:
Stock News Bot Date: August 26, 2005 08:36:00 AM
MYCM News Mycom Completes Sale Of Managed Services Division and mailMAX Technology
CINCINNATI--(BUSINESS WIRE)--Aug. 26, 2005--Mycom Group, Inc., a technology products, managed services, reseller and software development company, whose stock is traded on the over the counter market (OTCBB:MYCM), today announced it completed the sale of the assets of its managed services and mailMAX(TM) email filtering business and award winning technology to Secure Pipe Inc.
The sale, valued near $1 million dollars, included cash, Secure Pipe's assumption of certain Notes and liabilities, and agreement to pay Mycom a royalty on new managed services and mailMAX sales during the next 24 months. The business being sold represents about 10% of Mycom's total sales volume. Revenue from the remaining Mycom divisions, which Mycom will continue to operate, was approximately $5.8MM in 2004.
Mycom will continue to operate its largest division, Broughton International, a software, hardware and services reseller to businesses throughout North America. The company will also continue to operate its Professional Services division which provides networking and on-site systems services for businesses in the Ohio, Indiana and Kentucky tri-state area.
Mycom's CEO, Rob Bransom stated, "The sale of mailMAX, secureMAX, and serverMAX technology and our managed services division to SecurePipe provides working capital, reduces our debt and operating expense and better positions us to pursue new business opportunities. Due to capital limitations we have not been as successful as desired in growing the managed services segment of the business. . We believe that the sale to Secure Pipe will strengthen Mycom from a financial perspective while allowing us the opportunity to earn commissions and royalties from the award winning mailMAX service we developed."
Bransom continued, "This sale of some of our technology and assets represents Mycom's second step in a new strategic business plan. Our first step was taken in May of 2005 when we executed a reverse stock split which provided the Company over 82 million shares of common stock that can be used for acquisitions and raising capital."
As part of the agreement between the two companies, SecurePipe has employed certain key personnel and engineering staff. Mycom will continue to distribute mailMAX managed services operating as a reseller for Secure Pipe. "Mycom will make a great addition to our partner network," said Art Roldan, President of SecurePipe. "We look forward to building upon their strong presence in Cincinnati and throughout the tri-state region."
About SecurePipe
SecurePipe, headquartered in Illinois, delivers managed network security services to financial institutions and distributed enterprises wrestling with escalating regulatory requirements. A best of breed blend of disciplined process, expert people and proven technology underlies SecurePipe's comprehensive suite of managed services which are delivered from its state of the art network operations center staffed 24x7x365 by security engineers. No other managed network security service offers a comparable breadth and depth of services at such an affordable price. Please visit SecurePipe at www.securepipe.com. For more information, please contact Jim Brintnall at 847-940-0025 x15 or jbrintnall@securepipe.com
About Mycom Group Inc.
The Mycom Group, Inc. is a technology solutions and professional services provider to businesses and organizations throughout North America. It markets a wide range of software, hardware, enterprise solutions and technology services. Mycom develops and markets new applications and services using the mycomPRO(R) brand name. Mycom, headquartered in Cincinnati, Ohio, is on the web at www.mycom.com. for additional information contact: Mycom Group Investor Relations pr@mycom.com
NOTE: This Mycom Group press release may contain certain forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws. Such statements are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those currently anticipated. Important risks and uncertainties, among others, that could cause actual results to differ materially from those described in these statements include the strength of the U.S. economy and other factors. For additional information about Mycom Group, Inc. please refer to the current Forms 10-KSB and 10-QSB as filed with the Securities and Exchange Commission.
