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Xap acquires Bridges Transitions for US$11.7 million

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Xap Corporation

On July 21, 2006 Xap Corporation completed its acquisition by way of plan of arrangement of Bridges Transitions Inc., a leading provider of software-based online education planning, career exploration, and high school/college test preparation resources. Under the plan of arrangement, 1239381 Alberta Inc., a wholly-owned subsidiary of Xap, acquired all of the outstanding Bridges common shares and stock options for total consideration of $11.7 million. Xap Corporation is the leading provider of comprehensive state and regional online college planning portals in the U.S. The integration of Bridges' career planning resources will make available additional tools in Xap Corporation's college planning portals. David Doubilet, Rob Mason, Ian Kyer, Angela Di Padova and Mitchell Thaw of Fasken Martineau advised Xap Corporation in this transaction.



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