***NEWS***
Friday November 5, 9:40 am Eastern Time
Company Press Release
InvestAmerica Inc. Announces Details of Agreement
PARK CITY, Utah--(BUSINESS WIRE)--Nov. 5, 1999--InvestAmerica Inc. (OTCBB:INVT - news) announced that the following sets forth the principal terms of the agreement between InvestAmerica Inc. (``INVT') and FiberX, a partnership controlling and representing Optica Communications Inc. (``Optica'), pursuant to which all of the issued and outstanding stock of Optica will be acquired by INVT in exchange for a control position in INVT.
INVT will acquire all of the issued and outstanding shares of capital stock of Optica held by the selling stockholders in exchange for 450,000 shares of Preferred Stock of INVT, which will be convertible to Common Stock of INVT one year following the completion of the reverse acquisition. There are currently no options, warrants or other securities exercisable for, or convertible into, capital stock of Optica.
Upon closing of the reverse acquisition, Optica will be a wholly owned subsidiary of INVT.
Promptly following the reverse acquisition, INVT will undertake to file an appropriate registration statement to become a fully reporting company pursuant to the rules of the Securities and Exchange Commission.
Brian Kitts, who is currently president, chief executive officer and a director of INVT, will remain as a director of INVT for at least one year following the reverse acquisition.
Following the reverse acquisition, Optica will undertake to develop and implement the business described in the Business Plan of Fiber Exchange Inc., dated April 15, 1999.
The closing of the reverse acquisition shall take place on or before Nov. 22, 1999.
The company intends to disclose further details of the business plan next week.
Statements about the company's future expectations and all other statements in this news release other than historical facts are ``forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term defined in the Private Securities Litigation Reform Act of 1995.
The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve certain risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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Contact:
InvestAmerica Inc.
Brian Kitts, 801/808-6096, 435/615-8801 |
