CMEK, on the list, merger is off.
(COMTEX) B: SE Global Seeks U.S. Listing Through Merger with Future T
B: SE Global Seeks U.S. Listing Through Merger with Future Technologies Inc.
CDNX Symbol: CPT
VANCOUVER, Dec 12, 2000 (Canada NewsWire via COMTEX) -- SE Global Equities
Company Limited ("SEG"), a subsidiary of Capital Alliance Group Inc., and Future
Technologies Inc. (FTUT) have signed a letter of intent outlining a merger
between the two companies. FTUT is a fully reporting company in the United
States and is listed on the NASD OTC Bulletin Board. SEG will not be proceeding
with the proposed merger with Comet Technologies Inc. announced on September 27,
2000.
Toby Chu, SEG's President and Chief Executive Officer, states: "This merger with
Future Technologies will allow us to maintain our schedule for entering the U.S.
equities market with terms consistent with enhancing shareholder value." This
merger is anticipated to take place during first quarter 2001.
Immediately following the merger with FTUT, the total issued and outstanding
shares of the new company will be approximately 14.37 million shares. Capital
Alliance Group Inc. will hold approximately 12.07 million shares, 84 per cent of
the issued and outstanding capital stock of this new company. Participants of
previous SEG offerings and existing FTUT shareholders will hold the balance of
the shares. A defined portion of these shares will be escrowed and released
according to a time-based formula.
SEG is a premier financial Internet centre, which enables investors to trade
stocks online through SEG's global network of alliance brokers, 24 hours a day,
at discounted rates on stock exchanges around the globe. SEG's goal is to build
a network of over 100 reputable brokerage firms, which will provide investors
with direct access to over 50 of the world's established and emerging stock
exchanges.
This merger is subject to a due diligence review by both parties, the
negotiation and execution of definitive agreements, and, if necessary, the
approval of SEG's and FTUT's boards of directors and shareholders, as well as
the approval of the applicable Canadian and U.S. regulatory agencies.
On Behalf of the Board of Directors of
CAPITAL ALLIANCE GROUP INC.
"Toby Chu"
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Toby Chu
President and C.E.O
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS
RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO
BUY SECURITIES IN ANY JURISDICTION.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT
HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.
CONTACT: For further information: Toby Chu, Tel.: (604) 871-9909
News release via Canada NewsWire, Vancouver 604-669-7764 -ME-
Copyright (C) 2000 CNW, All rights reserved
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