Consolidated Magna receives approval for amalgamation
Consolidated Magna Ventures Ltd CMV
Shares issued 21,484,464 Nov 18 close $0.05
Fri 19 Nov 99 News Release
Mr. Robert Archer reports
At the extraordinary general meeting of the company yesterday, Magna
shareholders gave their overwhelming support for the amalgamation of their
company with CoyoteNet Inc. CoyoteNet owns and operates Canada's largest
network of public access Internet terminals.
Magna announced in Stockwatch June 15, 1999, that the company had acquired
an option to amalgamate with CoyoteNet, a private company based in
Richmond, B.C. In a management information circular mailed to Magna
shareholders on Oct. 12, 1999, members were asked to vote upon the proposed
amalgamation with CoyoteNet, among other matters. Almost 95 per cent of
shareholders voted in favour of the amalgamation, giving Magna's board of
directors a clear mandate to proceed with the transaction. As soon as all
of the requisite conditions in the option agreement have been met, the
company will now be able to apply for the approval of the court and the
Vancouver Stock Exchange.
Meanwhile, CoyoteNet is continuing to grow at a rate of almost 70 per cent
per quarter and currently has 74 reporting Internet terminals installed.
Ten more are scheduled for installation in November, bringing the month end
total to 84. With 10 additional orders already pending, the company is well
positioned to meet its objective of 100 terminals by year-end. In addition,
CoyoteNot has installed its first three terminals in the United States and
several more are on order.
Magna's board of directors is very pleased with the outcome of yesterday's
meeting and is looking forward to completing this transaction in a timely
fashion.
|
