Toronto, Ontario, August 17, 2004 -- Filogix Inc., a premier provider of mortgage and real estate solutions, is pleased to announce today that it has recapitalized its ownership structure by partnering with Monitor Clipper Partners, a strategic financial investor. The partnership provides a platform for Filogix to embark on a new path for long-term growth and continued success.
"This is a very exciting day for Filogix," said Yousry Bissada, President and CEO of Filogix. "This partnership enhances our ability to execute our business strategy. As the mortgage industry in Canada continues to evolve, Filogix will now be in an even stronger position to realize a host of new growth opportunities."
Monitor Clipper Partners (MCP) is the private equity group affiliated with the Monitor Group, one of the world's leading strategy advisory firms. With the new capital infusion and strategic advice available from MCP, Filogix will have a broader scope as it seeks innovative ways to capitalize on a growing industry while providing leading edge solutions for its customers.
MCP has a successful long-term record of investing in innovative and entrepreneurial companies like Filogix and helping such companies enhance growth and profitability. Filogix is the first Canadian company to meet Monitor Clipper Partners' rigorous standards for investment.
"We see MCP as an ideal partner with global reach and strategic capability. Leveraging Monitor Clipper's expertise will serve us well in the future" Mr. Bissada said. "Our customers will find that there will be no change to the people and services they have come to rely upon. They will benefit from our strong independent status and our ability to introduce new and improved products and services to the industry. At the same time, our employees will benefit from a host of exciting new career opportunities."
The Filogix corporate structure remains unchanged, and all existing management shareholders are retaining an equity interest in the company. In addition, Filogix does not expect any changes in its operations or employee base as a result of this recapitalization.
About Filogix Inc.
Filogix Inc. provides business solutions to Canada's real estate and mortgage-related industries. Filogix solutions are based upon a combination of hardware, software, professional services, domain knowledge and relationships that deliver end user solutions, facilitating the flow of data from one source to the next. Information about Filogix is available on the Internet at www.filogix.com.
About Monitor Clipper Partners
MCP is a private equity investment firm formed in 1998 to invest in middle market management buyouts, recapitalizations and growth equity. MCP recently raised its second investment fund with US$800 million in total commitments, bringing total equity under management to over US$1.5 billion. Information about MCP is available on the Internet at www.monitorclipper.com.
For more information please contact:
President & CEO
(416) 360-1777 ext. 3353