Oriole Systems Inc OOL (vancouver stock exchange)
Shares issued 20,740,597 1999-05-18 close $0.48
Wednesday May 19 1999
Mr. Frank Stama reports
The board of directors of Oriole Systems Inc. has declared a major addition to its e-China on-line project: the gems and jewellery catalogue of the International Gem Trading Center (IGTC) of Beijing. Oriole will bring the reach and scalability of the Internet and its current e-commerce site to the project. At the present time, the range of IGTC's gems and jewellery sales exceeds $1-million (U.S.) per day.
The Beijing International Gem Trading Center comprises approximately 100 businesses selling high-end jewellery products, including gold, jade, silver, emeralds, rubies, sapphires, pearls and other precious and semi-precious stones.
A memorandum of understanding (MOA) has been signed with the Beijing based Gem Trading Center and Succeed Technology Ltd. (STL) of Hong Kong, in which Oriole has negotiated a 51 per cent interest.
The enterprise will use a reserved bid and Dutch auction format to market international specialty items, including IGTC's gems and jewellery over the Internet. Oriole will receive compensation from each transaction, as well as from product advertising and electronic marketing.
Stephen Ip, president of Success Technology Ltd notes "the MOA will be followed in the next 30 to 60 days with a working pilot of the new Web mall."
CEO Frank Stama notes that the "agreements have the potential to bring immediate cash flow to Oriole. They will expose the company's Internet solutions to a worldwide audience of both investors and consumers. The e-China catalogue and related sites will be available in both English and Chinese." |
