HAWTHORNE, N.Y., Feb. 14, 2006 (PRIMEZONE) -- SmartPros Ltd. (AMEX:PED), a leader in the field of accredited professional education and corporate training, today announced that it has entered into an agreement to acquire Skye Multimedia, Inc., a privately held developer of training and marketing applications for the pharmaceutical industry. Following the completion of the acquisition, which is expected to occur in the first quarter, Skye will maintain operations in Bridgewater, N.J.
Skye Multimedia, (www.skyemm.com), established in 1995, specializes in developing high-quality, custom interactive marketing and training applications for CD, DVD, Internet and Learning Management Systems. Skye offers a broad range of services including content development, design, animation, audio/video production and application development. Skye's clients are a diverse group of companies from pharmaceutical, financial, technology and other industries.
Seth Oberman, currently Vice President of Skye, will become President of SmartPros' new subsidiary following the acquisition. The other employees of Skye will also join the new subsidiary.
"The technology, resources and expertise that SmartPros brings to the table creates instant growth opportunity for Skye Multimedia and enables Skye to deliver turn-key product offerings to our client base," said Oberman. "We look forward to providing considerable value to SmartPros and its shareholders by bringing new vertical markets to its roster and through the implementation of Skye's proven production capabilities."
Allen Greene, Chairman and CEO of SmartPros, said, "We are excited to be able to join forces with such a fine group of talented people. The growth opportunities and ability to enhance our existing production capabilities through this combination are compelling. We believe we can leverage Skye's proven talent, customers and sales process with existing SmartPros resources to achieve higher levels of performance and success for our company."
About SmartPros Ltd.
Founded in 1981, SmartPros Ltd. is an industry leader in the field of accredited professional education and corporate training. Its products and services are primarily focused in the accredited professional areas of corporate accounting, financial management, public accounting, governmental and not-for-profit accounting, engineering, and ethics and compliance. SmartPros is a leading provider of professional education products to Fortune 500 companies, as well as the major firms and associations in each of its professional markets. SmartPros provides education and content publishing and development services in a variety of media including Web, CD-ROM and video. Our subscription libraries feature hundreds of course titles and 1,000+ hours of accredited education. SmartPros' proprietary Professional Education Center (PEC) Learning Management System (LMS) offers enterprise distribution and administration of education content and information. In addition, SmartPros produces a popular news and information portal for accounting and finance professionals that services 300,000+ visitors and 100,000+ subscribers per month. Visit: www.smartpros.com
Safe Harbor Statement
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include expectations about the timing of the acquisition, the satisfaction of closing conditions to the transaction and the effect of the acquisition on SmartPros' business, operations, financial condition and results of operations. Actual results may differ materially from those contained in the forward-looking statements in this press release. SmartPros and Skye Multimedia undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.