Hey Sam, did you or anyone else see or here about this news? Any comments anybody?
poorboy,
ISDN
Date 09/14/99
Company
BLOND BEAR HOLDINGS INC.
Title
Blond Bear Holdings Inc. Announces Major Transaction With
Aeronett Technologies Ltd. Of New Westminster, British Columbia
**START-I0-STORY**
Technologies Ltd. Of New Westminster, British Columbia
BLOND BEAR HOLDINGS INC. (Alberta Stock Exchange Symbol - BB)(the "Corporation"), a junior capital pool corporation, announces
that it has entered into a letter of intent to acquire all of the
issued and outstanding shares of AERONETT TECHNOLOGIES LTD.
("Aeronett") by the issuance of up to 18,696,320 common shares of
the Corporation at a deemed price of $0.25 per share. The letter
of intent contemplates the private placement of up to 7,000,000
common shares of Aeronett at $0.25 per common share, the private
placement of 2,000,000 common shares of the Corporation at $0.25
per share, the surrender of 360,999 directors' options which are
currently issued, the granting of stock options under the Corporation's Stock Option Plan for up to 2,100,000 common shares
of the Corporation at an exercise price of $0.25 per share, the
sale of 1,333,333 escrowed shares held by certain of the
directors of the Corporation to Columbia Diversified Software
Fund, a major shareholder of Aeronett, for a total price of
$13,333.33, and the transfer by certain shareholders of the
Corporation of 216,666 common shares of the Corporation (of which
203,333 common shares are escrowed shares) to a consultant to
Aeronett, for a total price of $21,666.66.
Aeronett is a software development company using advanced
technologies to build and deliver aviation and aerospace computer
based training ("CBT") solutions. Aeronett's CBT solutions
incorporate Aeronett's developed high fidelity courseware visual
simulation training ("VST") approach to CBT. The VST approach
delivers an aesthetically designed user interface that utilizes
realistic visual representations of the subject matter.
The proposed acquisition of Aeronett is intended to be the
Corporation's Major Transaction within the applicable policies of
the Alberta Securities Commission and The Alberta Stock Exchange
and as such, must be approved by regulatory authorities and also
by certain shareholders (majority of minority) of the Corporation
at a special meeting of shareholders to be called for that
purpose. Trading of the Corporation's shares on The Alberta Stock
Exchange will remain suspended pending completion of the Major
Transaction.
Upon the closing of the Major Transaction, Larry D. Whitehead and
Ernie J. Mangulins will serve on the new Board of Directors of
the Corporation. David B. Gregory and Ronald J. Will will remain
on the Corporation's Board.
Larry D. Whitehead is the founder, President and CEO of Columbia
Diversified Software Fund, a limited partnership which invests in and generates revenue from the sale of computer applications software. Mr. Whitehead holds a Master of Business Administration from the University of Washington and has ten years of banking experience and twenty years of consulting and corporate finance experience.
Ernie J. Mangulins is responsible for the day to day operations
of Aeronett, as well as directing its corporate business strategy. Prior to joining Aeronett, Mr. Mangulins was employed by IBM Canada for 16 years where he was responsible for developing, executing and managing the IBM Global Network business in Western Canada. Mr. Mangulins holds a Bachelors of Mathematics from the University of Waterloo as well as a private pilot's license.
The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.
For further information contact:
For Blond Bear Holdings Inc.
David B. Gregory
520-6804
For Aeronett Technologies Ltd.
Frank Port
Seaport Communications Inc.
(604) 541-4188 |
