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| Acquisition of Boston Based Technology Consulting Firm Strengthens Push in Financial Services
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Tuesday, July26, 2005
For Release at 2:30 PM EDT
Pittsburgh, PA: Allin Corporation (OTCBB: ALLN), a Microsoft Gold Certified technology consulting company, announced that it has acquired CodeLab Technology Group, Inc., a technology consulting company based in Wakefield, Massachusetts, outside of Boston. CodeLab develops mission critical applications for financial services firms in need of flexible, high-value software solutions. Allin acquired all of the outstanding capital stock of CodeLab. David Ritchie, CodeLab’s founder and CEO, and John Francis, CodeLab’s President, will remain with the company in their current positions.
“We are delighted that we were able to add the CodeLab team to our operations,” commented Rich Talarico, Allin’s chief executive officer. “CodeLab has an extremely talented group of developers and an excellent position in the financial services sector. It was instantly clear to us that CodeLab was both talented and well run, but even more importantly, they are a great fit from a technical, professional and cultural perspective. Microsoft’s current focus on the financial services sector made this transaction all the more attractive to us.”
David Ritchie, chief executive officer of CodeLab, added, “Allin’s ability to consistently earn accolades from both their clients and from Microsoft, where they are a multi-location Gold Partner and have recently been named Partner of the Year for Northern California, impressed us tremendously. As an independent company, we have made excellent progress within the financial services industry working with top-tier clients such as Thomson Financial and Citigroup. We were very careful to ensure that this merger clearly benefited our existing clients, while providing us with the resources and visibility to continue to expand within this sector. This transaction provides both our employees and, critically, our clients with tremendous benefits.”
“Addressing the range of technical requirements that our larger financial services clients require can stretch the capabilities of an independent entity. By joining with Allin and leveraging their impressive relationships and technical expertise, we can extend our client relationships, while continuing to focus on the things that we do best,” stated John Francis, president of CodeLab Technology Group.
About Allin Corporation
Allin Corporation is a leading provider of solutions-oriented application development and technology infrastructure consulting and systems integration services. Allin specializes in interactive media and Microsoft-based technologies with operations centered on four practice areas: Interactive Media, Technology Infrastructure, Collaborative Solutions and Business Process. Allin leverages its experience in these areas to work with clients through a disciplined project delivery framework to ensure that solutions are delivered on time and on budget. Allin delivers these services through the trade names Allin Consulting, Allin Interactive and CodeLab Technology. The Company maintains offices in Pittsburgh, Pennsylvania, Ft. Lauderdale, Florida, Wakefield, Massachusetts and San Jose and Walnut Creek, California. For additional information about Allin, visit the Company’s Internet site on the World Wide Web at http://www.allin.com/.
About CodeLab Technology Group
CodeLab Technology Group develops mission critical applications for Financial Services firms in need of flexible, high-value software solutions. Their high quality, rapid development methodology is supported by a robust, extensible framework, extensive financial industry domain expertise, and a track record of successful application development within this sector. Whether creating applications that address new legislative mandates or that improve existing business processes, CodeLab Technology Group consistently delivers solutions that are on time, on budget and on point. The Company maintains their headquarters in Wakefield, MA. For additional information about CodeLab Technology Group, visit the Company’s internet site at http://www.codelabtech.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the safe harbors created thereby. These forward-looking statements are based on current expectations and projections about future events and financial trends. The words or phrases “continue to expand,” “can extend” and similar words or expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. The forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among other things, a concentration in the Company’s revenue from certain services and clients, a limited backlog, the Company’s ability to expand its markets, limited financial resources, dependence on key personnel and competitive market conditions. These are representative of factors which could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general domestic and international economic conditions and future incidents of terrorism or other events that may negatively impact the markets where the Company competes. The Company undertakes no obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
CONTACT: Dean C. Praskach Phone: (412) 928-8800
Chief Financial Officer Telefax: (412) 928-0225
Allin Corporation E-mail: Dean.Praskach@allin.com
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