Thinking Long,
Rightly so...
Tri-Vision shares acquired by Nichimen of Japan
Tri-Vision International Ltd
TVL
Shares issued 48,577,396
1999-05-13 close $2.2
Friday May 14 1999
An anonymous director reports
Nichimen Corporation of Japan has acquired 2.5 million common shares of
Tri-Vision in private transactions, representing approximately 5 per cent of the
48,757,396 common shares of Tri-Vision currently issued and outstanding. The
shares were acquired equally from Najmul Siddiqui, president and chief executive
officer, and Qamrul Siddiqi, vice-president, engineering, research and
development. Mr. Najmul Siddiqui indicated that the share transfers were effected
to satisfy Nichimen's desire to acquire a meaningful equity interest in Tri-Vision
while at the same time not being dilutive to existing shareholders.
In connection with this transaction, the vendors have agreed to make a portion of
the proceeds available to Tri-Vision to further develop its technologies and to
continue to expand its market opportunities.
Established in 1892, Nichimen Corporation is one of the world's leading
international trading companies, with net sales in the fiscal year ended March 31,
1998, totalling $29.1-billion (U.S.). Nichimen is a diversified Japanese business
group with an extensive network of overseas offices in 96 cities around the globe.
It has interests in power generation, chemicals, pipelines, water treatment,
telecommunications and construction and is energetically expanding its operations
in such growth industries as information processing, communications and
environmental protection.
In March, 1998, Tri-Vision started working with Nichimen Corporation and the
two companies agreed to form an exclusive working relationship to jointly apply
expertise, resources and commitment for the purpose of deploying Tri-Vision's
patented, flexible V-gis v-chip technology in Japan, Asia and Europe. Nichimen is
currently assisting Tri-Vision in the licensing of the V-gis v-chip technology to
major television manufacturers in those regions.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
