NORFOLK, Va., June 25, 2002 (PRIMEZONE) --- Geotele.com, Inc. (Pink Sheets:GTLE) and MaestroSoft, Inc. are pleased to announce today that they have reached an agreement in principle to merge. The combined entity will be called MaestroSoft, Inc. More detailed terms of the formal agreement will be forthcoming over the next week.
William E.K. Hathaway, II, Chairman, said, "We are excited about the prospects of this merger and subsequent value it will bring to the shareholders of both companies."
"Our loyal shareholders have the expectation we would capture a significant market share for our products, and thereby establish ourselves as the leader in event automation software. This merger will go a long way toward providing the tools and national presence we seek, which will make that vision a reality," said Jay Fiske, President and CEO of MaestroSoft, Inc.
"Our existing national customer base, as well as new customers, will be pleased with the product improvements and services we will make available through the additional resources this merger will bring to the table," added Fiske.
MaestroSoft, Inc. is a Bellevue, Washington company that creates and distributes expert software for event management. Their flagship product, Auction Maestro, is the industry standard for automating charity auctions and is used nationally by a "Who's Who" of national, regional and local organizations. Their newest product, Golf Maestro, is receiving rave reviews from golf industry experts. MaestroSoft expects this new product to quickly establish itself as the system of choice for automating first class charity golf tournaments and corporate golf outings. Several national site licenses and distribution channels are being established.
Other products for banquet, meeting, trade show, wedding and reunion management are on the horizon. MaestroSoft recently signed an agreement with US Bank Corporation Merchant Services that establishes an "association" relationship for MaestroSoft clients. As a member of the MaestroSoft Association, users of Maestro products will be able to have their event related credit card income processed through the US Bank Merchant system at a preferred discount rate, with no monthly or annual service fees. MaestroSoft receives a "referral fee" as recurring revenue for each transaction through US Bank. A credit card interface integral to the Maestro series of products is the key ingredient in this relationship with the merchant systems.
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