COLORADO SPRINGS, Colo., April 14, 2004 (PRIMEZONE) -- Maximum Dynamics, Inc. (OTCBB:MXDY), a projects management and back office services company with subsidiaries focused on technology solutions, business process management and wireless communications, announced today that it has signed a term sheet to acquire 40% of Khumo (Pty) Ltd. ("Khumo"), a South African banking technology solutions company.
In exchange for its 40% equity stake, Maximum will provide the technology solutions, financial integration systems and software and infrastructure required to service the banking contracts of Khumo. Khumo is a new South African company positioned with several contracts to provide funds management and banking technology software and hardware upgrades to over 20 South African community bank branches. The banking solutions will include business process management, funds management and banking regulatory requirements management systems. At the request of the banks, the names of the particular banks and locations will be announced after the initiation of the project.
Khumo was impressed with Maximum's experience in developing the Datalus Funds Management System, and related business process management solutions as well as with products like MPOS (www.mpos.net). Maximum was approached by representatives of Khumo over two months ago for assistance with their banking project, which has evolved far beyond its original scope. Khumo has been evaluating several off-the-shelf banking systems and several potential International and well-recognized IT partners to fulfill the new requirements for full financial back office systems integration of several banks and branches.
Khumo was introduced to Maximum by Enigma, one of Maximum's project management partners currently developing software applications to run on MPOS. The principals of Khumo felt comfortable with Maximum's management and their ability to deliver a financial IT project that will substantially enhance the customer service of the banks.
"This is precisely what we originally set out to do," said Eric Majors, Maximum's C.E.O. "We have patiently been developing and integrating a total solution targeted towards the financial community, particularly banks and money managers. I am very pleased that the first clients for our financial integration and software systems will be banks. This is only the tip of the iceberg as there are hundreds of other banks and branches that will need these same solutions. After evaluating several companies, Khumo chose to not only work with us but to also become a significant equity partner. I think this is a powerful statement and we are honored to be chosen."
While the project will undoubtedly make use of several off-the-shelf banking systems, Maximum's systems will form the core of the solution. As a result of this acquisition, Maximum is now penetrating the banking infrastructure of South Africa with meaningful solutions that enable higher standards of customer service in the banking community of Africa.
For more information on Maximum Dynamics, visit the company's website at http://www.maximumdynamics.com.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. Maximum Dynamics assumes no obligation to update the information contained in this press release. Maximum Dynamics' future results may be affected by its ability to continue to implement its hedge fund administration services, its newly acquired Internet marketing capabilities, its dependence on procuring highly competitive hedge fund administration contracts, its dependence on hiring and retaining qualified professionals, potential fluctuations in its quarterly operating results, its dependence on certain key employees and its ability to timely and effectively integrate the businesses it may acquire.