Hot off the press:
Downstream Announces the Appointment of New Management and the Acquisition of X-Real
Intertainment Inc. Ltd.
PR Newswire, Wednesday, June 02, 1999 at 09:55
SALT LAKE CITY, June 2 /PRNewswire/ -- Downstream Incorporated
(BB: DWNS) today announced that the former Officers and
Directors of Downstream have resigned and new Officers and Directors have been
appointed. Downstream's new President is Philipp Kriependorf. Philip Kamp is
the Company's new Treasurer and Olaf Cordt its new Secretary. The same three
are now also the Company's Directors. Downstream's newly appointed management
is currently preparing to change the name of Downstream to Q-Seven Systems and
will then apply for a new trading symbol. The newly appointed management
plans to have the Company trading on either the Berlin and/or the Frankfurt
Exchange(s) as quickly as possible -- in addition to the OTC Bulletin Board in
the US.
Downstream also announced today that the acquisition of X-Real
Intertainment Inc. Ltd., a Bahamian corporation, has been completed. This
acquisition makes X-Real Intertainment a wholly owned subsidiary of Downstream
and adds six highly profitable online pay entertainment sites to Downstream's
business. These sites will soon be converted to Q-Seven's new User Management
Software and used to demonstrate the capabilities of the system to potential
clients. Q-Seven's web site can be seen at: www.q-seven.com.
According to Olaf Cordt, Secretary of Downstream, the new management is
currently in the process of restructuring the company's day-to-day operations.
This will include the appointment of new financial and legal advisors, as well
as several changes in management style in order to make the Company one of the
leaders in the market for online entertainment systems.
The management of Downstream cautions readers not to place undue reliance
on "forward-looking statements," such as "plans to," "is expected to," etc.
which speak only as of the date made, when used in this press release, in
filings with the SEC, in other public or stockholder communications, or in
oral statements made with the approval of an authorized executive officer of
the Company. Such statements are based on certain assumptions and
expectations which may or may not actually occur and which involve various
risks and uncertainties.
SOURCE Downstream Incorporated
-0- 06/02/99
/CONTACT: Philipp Krienpendorf of Q-Seven Systems, 011-49-2173-330-3630,
for Downstream Incorporated/
/Web site: q-seven.com |
