HAWTHORNE, N.Y., March 1, 2006 (PRIMEZONE) -- SmartPros Ltd. (AMEX:PED), a leader in the field of accredited professional education and corporate training, today announced that it has completed the acquisitions of Skye Multimedia, Inc., a developer of training and marketing applications for the pharmaceutical industry, and Sage Online Learning, a leading provider of nationally certified online training solutions for the banking, securities and insurance industries. The agreement to acquire Skye Multimedia, Inc. was originally announced on February, 14, 2006, and the agreement to acquire Sage Online Learning was originally announced on February 15, 2006.
Seth Oberman, current Vice President of Skye, will become President of SmartPros' new subsidiary following the acquisition, and the other employees of Skye will also join the new subsidiary. Skye will maintain operations in Bridgewater, N.J. Deborah Dilley, the founder and President of Sage Online Learning, will join SmartPros as Director, SmartPros Banking.
Skye Multimedia was established in 1995 and 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. Visit: www.skyemm.com
Sage Online Learning's content library will be integrated into SmartPros as part of its core offerings. Sage's library features 58 accredited courses in the areas of banking compliance, general banking, general bank management, insurance, lending, retirement and estate planning, and industry-related sales and service. Courses are accredited by the Institute of Certified Bankers (ICB) and many state insurance departments across the United States. In addition, these courses meet the requirements of the Certified Financial Planner (CFP(R)) Board of Standards, Inc. Visit: www.sageonlinelearning.com
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 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, Skye Multimedia, and Sage Online Learning 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.