LOS ANGELES, Dec. 23, 2003 (PRIMEZONE) -- Netcoast Communications, Inc. (Pink Sheets:NCST) today announced that it has entered into a Letter of Intent ("LOI") to acquire SmartData, Inc. ("SmartData").
Under the terms of the LOI, upon completion of the acquisition, the management of SmartData will assume management and control of Netcoast and the business of Netcoast will be that of SmartData. Completion of the contemplated transaction is subject to completion of due diligence and executing of a definitive agreement. The parties expect to complete the transaction during the first quarter of 2004.
SmartData has developed and is selling patent-pending middleware software products for interactive data collection, analysis, report presentation and archiving. The company's products extend rather than compete with the functionality of ERP systems. See www.smart-data.com/products.htm for detailed product descriptions.
Note: Any statements released by Netcoast Communications, Inc.. that are forward- looking, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performances. These include economic, competitive, governmental, technological and other factors.