ADVA International Inc. Signs Letter of Intent for Share Exchange With Global
Information Group USA, Inc.
COLUMBIA, S.C., April 17 /PRNewswire/ -- ADVA International Inc.
(OTC Bulletin Board: ADII) today announced signing a Letter of Intent to
acquire all of the shares of Global Information Group USA, Inc. (GIG) in
exchange for 12,468,750 common shares of ADVA International Inc. (following a
recent 1 share for 10 shares reverse stock split), or approximately 95% of the
total stock to be outstanding after the transaction.
GIG develops and markets applications software for the LINUX Operating
System. Its current software, believed to be the only complete 3D solid
modeling, animation and rendering system currently available on the LINUX OS,
is used by Digital Media professionals in the production of film and video
special effects; animation; Computer Aided Design (CAD) and scientific
visualization; website and print graphics; game development; and virtual
television.
The LINUX OS is "open-source" software distributed free on the Internet
and developed, debugged and improved by an international community of
programmers in cooperation with companies such as VA Linux (LNUX), Red Hat
(RHAT), Silicon Graphics (SGI), IBM and many other major concerns in the
computer industry. The application software market targeted by GIG is the
high volume/low price segment of the computer market where users are rapidly
embracing LINUX as a robust, stable and lower cost alternative to both UNIX
and MS Windows.
Ronald Moyer, a spokesman for ADVA International Inc., (previously
Advanced Medical Products, Inc., who sold its assets pursuant to 11 U.S.C.
Section 363 of the bankruptcy code in mid 1999), said: "The share exchange
transaction contemplated by the Letter of Intent is subject to, among other
things, completion of satisfactory due diligence, execution of definitive
documentation, any regulatory approval that may be required, and the issuance
by the United States Bankruptcy Court for the District of South Carolina of an
order confirming that the Company will not be dissolved, and the shares of
ADVA International Inc. will not be extinguished unless and until authorized
by the Board of Directors in their discretion, thereby providing for the
continuation of ADVA International as an ongoing corporation capable of
entering into the proposed transaction. Global Information Group USA has
agreed to pay a transaction fee of $300,000 at closing, provided the
Bankruptcy Court agrees to the issuance of the order by May 5, 2000. A
condition of the court order may include assignment of part or all of the
$300,000 transaction fee for payment of the expenses associated with the
transaction and payment of creditors of Advanced Medical Products, Inc."
LINUX is the trademark of Linus Torvalds. GIG is the trademark of Global
Information Group USA, Inc. VA Linux, Red Hat, SGI, IBM and all others are
the trademarks of their respective owners.
Statements contained in this press release that are not historical fact
are "forward-looking" statements and involve important risks and
uncertainties. Such risks and uncertainties could cause Global Information
Group's and therefore ADVA International Inc.'s consolidated results to differ
materially from current expectations as expressed or implied in this press
release.
SOURCE ADVA International Inc.
-0- 04/17/2000
/CONTACT: Ronald Moyer of ADVA International Inc., 803-407-3044/
(ADII) |
