InfoCast Corporation and i360 inc Merger Completed; Merger to Accelerate InfoCast's Growth
NEW YORK--(BUSINESS WIRE)--Aug. 16, 2000--INFOCAST CORPORATION (OTC BB symbol: "IFCC"), a leading E-enabling application service provider (ASP), announced the closing of the merger with i360 inc., as approved by the shareholders on August 14, 2000.
"We are confident that this merger will be a catalyst for more rapid growth and potentially significant revenue generation from the synergies of the two companies," said Jim Leech, InfoCast's president and CEO. "We have already successfully switched i360's subscribers to InfoCast's ASP hosting services and have developed strategies to introduce InfoCast's e-Learning products to these customers."
Pursuant to the terms of the Agreement and Plan of Merger, the holders of i360's issued and outstanding common stock shall receive .30 shares of InfoCast common stock for each share of i360 common stock (an aggregate of 7,584,000 shares of InfoCast common stock) and all outstanding warrants and options to purchase shares of i360 common stock will convert into warrants and options to purchase shares of InfoCast common stock at a 1:0.3 exchange ratio (an aggregate of 5,446,903 shares of InfoCast common stock). In addition, i360 executives Mr. William Cochrane and Mr. S. Drexel Ridley will serve as directors of InfoCast and Mr. Cochrane will also serve as President of InfoCast's i360 division.
"With our development phase behind us and the acquisition by InfoCast, i360 is positioned to embark on explosive growth through the contracts we have established with major network marketing organizations and affinity groups," said Bill Cochrane, i-360's president.
About InfoCast
InfoCast Corporation is an e-Enabling Application Service Provider (ASP) for the new economy. The company develops, hosts, provides and supports unique e-Enabling solutions for businesses seeking fast, cost-effective ways of employing e-commerce. Core InfoCast offerings include virtual contact center, e-Learning solutions, and custom portal applications, delivered via secure, scalable infrastructure-on-demand. More information about InfoCast Corporation can be found on the Web at www.infocast-corp.com infocast-corp.com.
About i360 inc
i360 is revolutionizing the way businesses, organizations, and affinity groups acquire and retain customers by using Web-based communities to maximize communication and achieve their missions. A provider of customized portals for virtual communities, i360 provides privately-branded Portal and Virtual Community Systems, bundles Internet access with compelling content, targeted business products, e-commerce, and customer support, accessible through PCs or i360's netHomeTV(tm) Internet appliance. The company's headquarters are in Tucson, Arizona. For more information, go to i360inc.com |
