NASHUA, N.H., May 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- SkillSoft PLC (Nasdaq: SKIL), a leading provider of content resources and complementary technologies for integrated enterprise learning, today announced that it has completed the sale of certain assets and transfer of certain liabilities from its SmartCertify subsidiary. The proposed sale transaction was initially discussed in the Company's March 14, 2005 press release.
On April 29, 2005, the Company entered into a definitive agreement with CBT Direct, LLC, with respect to the sale of certain assets of its retail IT certification business, SmartCertify, in exchange for the assumption by the buyer of certain liabilities of the business. As previously indicated, the consummation of this transaction will allow us to fully focus our attention and resources on our core enterprise business. Robert W. Baird & Co. acted as financial advisor to the Company in this transaction.
SkillSoft has also entered into a reseller arrangement with CBT Direct, LLC. "We are pleased to have been able to successfully conclude our negotiations and look forward to working with the team at CBT Direct to develop a mutually successful relationship going forward," commented Chuck Moran, President and Chief Executive Officer of SkillSoft.
This transaction will be accounted for in the fiscal 2006 first quarter financial close. Any effect on the 2006 earnings outlook would be announced after completion of this close.
SkillSoft is a leading provider of comprehensive e-learning content and technology products for business and IT professionals within global enterprises. SkillSoft's multi-modal learning solutions support and enhance the speed and effectiveness of both formal and informal learning processes and integrate SkillSoft's in-depth content resources, learning management system, virtual classroom technology and support services.
Content offerings include SkillSoft's business, IT, desktop and compliance courseware collections and BusinessPro(TM), ITPro(TM), OfficeEssentials(TM), FinancePro(TM), EngineeringPro(TM), GovEssentials(TM), ExecSummaries(TM) and ExecBlueprints(TM) collections from Books24x7(R). SkillSoft's complementary technologies include SkillPort(R), the company's learning management system with its powerful Search-and-Learn(TM) technology and premium add-on modules, and SkillSoft(R) Dialogue(TM) virtual classroom, a tool that allows customers to create and deliver effective blended learning programs using custom content and off-the-shelf learning resources. For more information, visit http://www.skillsoft.com.
All rights reserved. SkillSoft, the SkillSoft logo, Ahead of the Learning Curve, SkillPort, Search-and-Learn, SkillChoice, Books24x7, Referenceware, ITPro, BusinessPro, OfficeEssentials, GovEssentials, EngineeringPro, FinancePro, ExecSummaries, ExecBlueprints, Express Guide and Dialogue are trademarks or registered trademarks of SkillSoft PLC in the United States and certain other countries. All other trademarks are the property of their respective owners.
Chief Financial Officer
+1-603-324-3000, ext. 4232
Michael Polyviou or Peter Schmidt
Both of Financial Dynamics for SkillSoft PLC