Toronto -- The GATX/MM Venture Finance Partnership ("the Partnership") is pleased to announce
that it has completed a $2.0MM venture loan financing with Triple G Systems Group,
Inc. ("Triple G"). The proceeds will be used in conjunction with Triple G's May/99
acquisition of intellectual property and other assets of an Australian company
and for general corporate purposes.
Triple G develops and distributes laboratory information systems ("LIS") combining
software tools and client-server technologies. Triple G's comprehensive laboratory
information systems provide functionality and flexibility in all areas of the
clinical laboratory and focuses on cost reduction, scalability, and integration.
The worldwide operation of Triple G is headquartered in Markham, Ontario with
Lee Green as Chairman and Chief Executive Officer. With its recent acquisition
Triple G will operate two divisions, Triple G North America led by Paula Hucko,
President and COO, and Triple G Asia Pacific headed by Graham Thomson, Managing
Director. Research and Development will operate on a global basis out of two centres
in each of the North American and Asia Pacific regions.
"As a result of this transaction (the acquisition), we significantly strengthen
our operations, client base and R&D activities," said Green. "We welcome the synergies
that will benefit our clients on a worldwide basis. The company will aggressively
channel its research and development investments in its products to maintain and
grow its customer base in the global healthcare marketplace"
Triple G Corporation now has 167 combined active customers operating in more than
350 sites in seven countries. Approximately 66% of revenues are currently generated
within the United States.
"Triple G has positioned itself as the leader in North America for large scale
LIS systems with its proprietary software, prestigious client base, strong management
team, and excellent track record. With its recent Australian acquisition it now
has a global platform to execute on its business strategy. As the healthcare industry
worldwide continues to find better solutions to balance the growing demand for
its services and pressures to reduce costs there should be substantial opportunities
for Triple G to capitalize on." said Minhas Mohamed, Managing Partner of the Partnership.
For further information please contact:
Chief Financial Officer
Triple G Systems Group, Inc.
Long Distance: 1-888-874-7534
Mr. Ron Patterson
MM Venture Partners