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Avand takes legal action against Objective Corporation

  • 16 October, 2007 16:55

<p>BRISBANE, Australia, October 16, 2007 – Avand Pty Ltd has lodged legal action against Objective Corporation (ASX: OCL) pertaining to misleading statements made in Objective’s announcement of October 12, 2007 titled Objective Withdraws Acquisition offer, regarding its failed acquisition bid for Avand.</p>
<p>Avand has taken this action to protect its reputation, which it considers has been damaged by the contents of Objective’s ASX announcement.</p>
<p>The ASX announcement by Objective contained statements that are untrue and, without clarification, could lead to a view that Objective withdrew as a result of an adverse finding during the due diligence process.</p>
<p>Mr Gorry said Objective Corporation had advised Avand in writing on October 2, 2007 that the company passed the due diligence processes and Objective was proceeding with the offer. While this was seen as a great endorsement for Avand and represented a certainty of settlement for all parties, Avand shareholders wanted to ensure a sound future direction for the business.</p>
<p>“Unfortunately for Objective, the Avand shareholders ultimately chose the TechnologyOne offer as TechnologyOne demonstrated a commitment to embrace clients, staff and products in a long term arrangement. Since the TechnologyOne offer was made public we and TechnologyOne have received an overwhelmingly positive response from our customers.”</p>
<p>About Avand</p>
<p>Avand is an Australian developer of enterprise content management software, DataWorks, used by more than 170 organisations throughout
Australia and New Zealand across State and local government, utilities, education, finance and other corporate industries. DataWorks provides a powerful platform with automated workflow functionality for streamlining information capture, sharing, distribution and management. Backed by expert knowledge and more than a decade’s experience as a market leader, Avand creates comprehensive software solutions that raise productivity, improve customer service, meet industry compliance standards and deliver measurable return on investment.</p>

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