Ownership Transfer

Somerset, NJ: (Mar-18-08) Software International, Inc. (SII) brought charges against the Amsol Companies, comprising of American Solutions, Inc., Amsol, Inc., IK Solutions, Inc., Anthony Information Technology, Inc. and Indtech Info Solutions Private Limited, and Subba Raju Indukuri, the former Chief Executive Officer and a director of SII and the principal officer and stockholder of the Amsol Companies, over the acquisition of the Amsol Companies. The suit was filed in order to determine whether SII had completed the acquisition of the Amsol Companies pursuant to a Stock Purchase Agreement dated Mar. 30, 2006.

In a recent development in the case, Software International spokespersons announced that the company had reached a settlement in the case, in which the Amsol Companies agreed to pay SII the sum of $5.625 million, which would be payable on a monthly basis through October 2008. In exchange, SII will relinquish any ownership rights with respect to the Amsol Companies. In addition, Subba Raju Indukuri forfeited all ownership rights with respect to securities of SII. Sources said that as per the terms of the settlement agreement, $1.5 million of the cash settlement is required to be held in escrow to protect certain indemnification obligations SII has to the Amsol Parties. [PR NEWSWIRE: SOFTWARE INTERNATIONAL REACHES SETTLEMENT OF AMSOL LITIGATION]

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Published on Mar-19-08