PowerCerv Finally Overpowered By The '02 Hurricane Season
P.J. Jakovljevic - October 25, 2002

Event Summary

What has long loomed as inevitable fate has finally happened at the beginning of October, when PowerCerv Corporation (OTCBB: PCRV, www.powercerv.com ), a Tampa, FL-based provider of enterprise software solutions for small-to-medium sized discrete manufacturers and distributors, announced that it has signed a definitive agreement to sell substantially all of its assets to ASA International Ltd. (NASDAQ:ASAA, www.asaint.com ), a holding company of vertical enterprise software business-to-business (B2B) software solutions and value-added services, based in Framingham, MA. Under terms of the agreement, in addition to ASA assuming certain PowerCerv liabilities, upon closing ASA will pay PowerCerv $500,000 cash and issue a $90,000 note due in six months, although the purchase price may be subject to certain post-closing adjustments. Following the closing, PowerCerv will reportedly use its best efforts to settle its remaining liabilities and possibly buy another operating business. Closing of the transaction is subject to the satisfaction of various conditions, including the approval of PowerCerv shareholders...