C-3D Digital, Inc. Rescinds $2 Million Financing Deal
7/14/0 9:46 (New York)
LOS ANGELES, July 14 /PRNewswire/ -- Chequemate International Inc.
(Amex: DDD), doing business as C-3D Digital Inc., the world's first 3D
television network and 3D Internet media company, announced today it has
rescinded a $2 million financing deal.
"The C-3D Digital Board of Directors prevailed upon the investors to
rescind this deal because of the effect we perceived it was having on the
company's stock price," stated J. Michael Heil, Chairman and CEO of C-3D
Digital. "The cost of capital was just too high in this deal."
The original financing deal, announced on May 25, 2000, had the company
entering into two separate convertible promissory notes, each for
$1,000,000, bearing interest at the rate of 12%. Each note would be secured
by a lien on the Company's assets. The Company would receive $2,000,000 cash
from the transaction. Each note was convertible into restricted shares of the
company's common stock at one-half of the market value, but not less than
$2.00 per share. Each note would be accompanied by a warrant to purchase
200,000 shares of common stock at $1.00 per share.
"We are exploring other financing deals that would be more favorable to
the company," continued Heil.
C-3D Digital is a leading innovator in media content creation and
technology for 3D imagery and virtual reality entertainment for television and
the Internet. The company operates several synergistic divisions including
the C3D Television Network, the world's first and only broadcast network to
offer 24-hours, 7 days a week stereoscopic 3D programming; 3D.COM, its
Internet subsidiary and home to the virtual reality/3D portal/e-commerce
community center on the Web; Strata Software, a leading producer of 3D graphic
design software; and the Hotel Movie Network, a private broadcast network
focused on the hospitality industry.
The Company's Strata and Internet division combined to form the world's
first 3D virtual reality portal. The 3D.COM Virtual Reality Portal(TM)
features streaming video over the Internet, real-time online gaming and
e-commerce solutions in stereoscopic 3D. For more information, visit
www.3d.com.
For an Investment Profile, please contact INVESTOR RELATIONS at
800-773-7317.
Any statements released by C-3D Digital, Inc. that are forward-looking are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Editors and investors are cautioned that
forward-looking statements invoke risk and uncertainties that may affect the
Company's business prospects and performances. These include economic,
competitive, governmental, technological and other factors discussed in the
statements and in the Company's filings with the Securities and Exchange
Commission.
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and may trade in the stocks mentioned. Readers are advised to conduct their
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information should be considered for information purposes only. No stock
exchange has approved or disapproved of the information contained herein.
SOURCE Chequemate International Inc. and C-3D Digital Inc.
-0- 07/14/2000
/CONTACT: Investor Relations of C-3D Digital, Inc., 800-773-7317/
/Web site: 3d.com
(DDD)
CO: Chequemate International Inc.; C-3D Digital Inc.
ST: California
IN: CPR MLM
SU: FNC
-0- Jul/14/2000 13:31 GMT
EOS (PRN) Jul/14/2000 09:31 85
-0- (PRN) Jul/14/2000 13:46 GMT |
