(PR NEWSWIRE) DJ: Cashco Management Makes Announcement
DJ: Cashco Management Makes Announcement
NEWMARKET, Ontario--(BUSINESS WIRE)--May 10, 1998--Cashco Management, Inc.
(OTC BB:CSHK) announced today that it has signed a binding Letter of Intent
with Telanis Software Inc. for the exclusive worldwide license to sell,
market and distribute a software program through Cashco's newly formed
subsidiary, Catalyst Software Inc. (CSI). The program will provide Enhanced
Personal Communications including, but not limited to such features as Real
time Friend/Contact Online Awareness, Real time text chat interface,
whiteboard and Real time file transfer. The software which is currently in
development will include, when completed, eight (8) significant features.
CSI also has the first option to purchase/and or distribute other retail and
commercial software produced or manufactured by Telanis.
The Company is also pleased to announce the Mr. George Palmer has been
engaged to handle the responsibility of distributing technology products for
the Company. Mr. Palmer brings over 20 years of experience in the selling
and marketing of high technology products and services. He has a thorough
knowledge of current Internet/Intranet technology, implementation of
multimillion dollar systems involving voice recognition, multimedia
development application tools, data base and applications across client
serve architecture and systems linking worldwide facilities.
Based upon input from Mr. Palmer, the Company believes that the markets for
the Telanis product will include Internet sales, the retail market and
Bundleware sales. The price of the product will be established at a future
date. Scheduled release date of the Beta version of the product is August
1998.
Execution of the final agreement is contingent upon satisfactory results of
the software and evaluation of its marketability by unaffiliated third
parties. As consideration of the exclusive five (5) year license Cashco will
pay a licensing fee of $250,000 over a six month period and CSI will issue
to Telanis, 1,500,000 shares of its' Convertible Preferred Stock into Common
Stock of Cashco.
The Company wishes to clarify an error made in a Corporate Review published
March 6, 1998 in which it was erroneously stated that the Company traded on
the NASDAQ Bulletin Board. The Company trades on the Over the Counter
Bulletin Board; symbol CSHK. The Company regrets the error and apologizes
for any misunderstanding.
CONTACT: Cashco Management Inc.
905-898-0918
16:16 EDT MAY 10, 1998
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