VICTORIA, BRITISH COLUMBIA - (Marketwire - July 18, 2008) - Municipal Solutions Group, Inc. (TSX VENTURE:MSZ) (the "Company") announces that it has closed the previously announced transaction (the "Transaction") which resulted in the sale of substantially all of the assets of the Company to N. Harris Computer Corporation ("Harris") pursuant to a share purchase agreement and an asset purchase agreement with Harris, a wholly owned subsidiary of Constellation Software Inc. (TSX:CSU). Details regarding the distribution of the proceeds of the Transaction to the shareholders of the Company, as contemplated by the information circular sent to shareholders for the annual and extraordinary meeting on July 14, 2008, will be announced shortly.
The Company also announces that, pursuant to a resolution passed by its shareholders on July 14, 2008, the Company has changed its name to "CloudBench Applications, Inc.". The Company's shares will continue to trade on the TSX Venture Exchange, under the new trading symbol "CBH".
About CloudBench Applications, Inc.
CloudBench Applications, Inc. provides a web-based solution, called Local Government Manager, to meet the needs of local governments who wish to employ the growing SaaS (software as a service) software model, rather than an On Premises solution. Local Government Manager offers new levels of security, flexibility and efficiency for the permitting and inspections, code enforcement and planning needs of local governments.
Forward-Looking Statements
Certain statements in this news release are not historical and may constitute forward-looking statements reflecting CloudBench Applications, Inc.'s current expectation in the local government sector. These statements are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual events or results.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Email: droberts@cloudbench.com
Tags: Real Estate, Building and Construction
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