Glenbriar and Innovation Networks Defer Proposed Acquisition

September 11, 2014 1:53 PM EDT | Source: Glenbriar Technologies Inc.

Calgary, Alberta--(Newsfile Corp. - September 11, 2014) - Glenbriar Technologies Inc. (CSE: GTI) and Innovation Networks Inc. announced today that they have indefinitely postponed the proposed acquisition of Innovation Networks by Glenbriar.

"This was a mutual decision, and the parties will continue to cooperate on business opportunities over the coming months,"noted Robert Matheson, Glenbriar's CEO. "Our due diligence indicated that there were a few business and legal issues that would benefit from some time to mature, so we hope to revisit this transaction at a future date to see if it would be in our mutual interest to proceed."

"We believe both parties have benefitted from the exchange of business ideas to date,"noted Andreas Karakas, Innovation Networks' CEO. "We look forward to continuing to work with Glenbriar to expand the scope of our client offerings, and expect time will provide a chance to simplify a potential transaction."

About Innovation Networks
Innovation Networks Inc. provides comprehensive, enterprise-class IT solutions to companies across Canada. The Company specializes in the development of network and cloud infrastructure to support continuous server uptime. Other core product and service offerings include specialized managed services to enhance business productivity and performance. See www.innovationnetworks.com for more details.

About Glenbriar
Glenbriar Technologies Inc. (CSE: GTI) is a leading provider of Cloud-enabled business technology solutions. From its offices in Calgary, Vancouver and Waterloo, Glenbriar's IT professionals and software developers design, manage and support solutions that include IT Services, Cloud Services, Portals & Collaboration, Unified Communications and Software Services. See www.glenbriar.com for more details.

For further information call: Robert Matheson, CEO Andreas Karakas, CEO
  Glenbriar Technologies Inc. Innovation Networks Inc.
  +1 (403) 450-7410 +1 (604) 275-5100
     

The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond Glenbriar's control. Some of these risks and uncertainties may be described in Glenbriar's corporate filings (posted at www.sedar.com). Glenbriar has no intention or obligation to update or revise any forward looking statements due to new information or events.

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