... and it's official
Net Shepherd Closes Enhanced Business Transactions With Vanenburg Group
Calgary, Alberta - Tuesday, March 21, 2000, 5:53 PM EST
Overwhelming vote in favour of Transactions
Net Shepherd Inc. (CDNX: WEB) today announced shareholder approval and subsequent closure of the Enhanced Business Transactions with the Vanenburg Group.
"Support for these Transactions unlocks Net Shepherd's potential," said Don Sandford, President & CEO of Net Shepherd. "This brings us a strategic relationship with the Vanenburg group of companies, which opens the doors to resources, technology, capital, new products, new customers and - very importantly - an enhanced delivery capability which will bring our products much faster to the marketplace."
"The very positive reaction of shareholders shows that they appreciate the commercial potential of this alliance between Net Shepherd and the Vanenburg Group", said Jan Baan, CEO of the Vanenburg Group and the new Chairman of the Board of Net Shepherd. "Vanenburg has extensive experience in the Enterprise Resource Planning (ERP) world and is a leading international investor in the next generation, or 'Beyond ERP' world. Vanenburg's focus puts it at the intersection of the 'structured' world of traditional business information - such as orders and inventory - and the new world of 'unstructured' information available on the Internet. The ERP industry faces the challenge of incorporating the mass of information on the Internet into meaningful knowledge for corporations. Combining Net Shepherd's proven ability to find, analyze and report on information available on the World Wide Web with the Vanenburg Group's ERP expertise and investments in "Beyond ERP" is one of the important areas where the groups will mutually benefit from their strengthened association."
"We look forward to actively assisting Net Shepherd in the future in all its markets", concluded Jan Baan. "We want to achieve the full potential of the group and to maximize value for all the shareholders and other stakeholders in the business."
Background Notes:
About the Enhanced Business Transactions:
The Enhanced Business Transactions consist of the following elements:
* Share Exchange Agreement concerning the purchase of ClickChoice.com Inc
* Technology Cross-Licensing Agreement with Vanenburg
* C$11.25 million Software Development Agreement with Vanenburg
* C$9 million private placement by Vanenburg into Net Shepherd at C$3 per share
* C$7.5 million loan, convertible to Net Shepherd Shares on approval of the Enhanced Business Transactions
* C$10 million standby credit facility
About Net Shepherd:
Net Shepherd Inc (NSI) has proprietary technology and know-how that enables businesses to collect information and perform work by using communities of people connected to the Internet. NSI commercializes its technology and know-how primarily through subsidiary application companies (AppCos). The AppCos serve business customers with information services that have paradigm-breaking speed and cost advantages over competitive solutions. NSI's business plan is to acquire and develop AppCos that leverage its technology platform and then spin-off the AppCos through public financial markets. NSI currently supports three AppCos: Answers.com, K Pulse.com and ClickChoice2000.com.
NSI is traded on the Canadian Venture Exchange under the symbol WEB.
About Vanenburg Group:
The Vanenburg Group is a private, limited liability Netherlands Company that was formed in 1994. Vanenburg Group's main activities include providing venture capital funding for technology companies worldwide (Vanenburg Capital Management); support for high quality software development as a service for portfolio companies (Vanenburg Factory); a channel for high-return investments in IT solutions in the "Beyond ERP" world, operating in 20 countries (Vanenburg Business Systems).
About Jan Baan:
Jan Baan, Founder and former Chairman of the Board of The Baan Company N.V., is an acknowledged leader in developing the worldwide market for Enterprise Resource Planning (ERP) software. Baan founded the company that carries his name in 1978, and began development of his first software package in 1979. Reflecting its growth from a small Dutch firm to becoming one of the top five ERP players worldwide. The Baan Company conducted its initial public offering in 1995 on the Nasdaq and Amsterdam Stock Exchanges.
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