here is a news release!
Thursday June 3, 01:41 PM Eastern time
Company Press Release
Power Direct Inc. --
Announcement
VANCOUVER, British Columbia--(BUSINESS
WIRE)--June 3, 1999-- Further to the pending lawsuit
against LANSource Technologies, Power Direct Inc.
(OTC BB:PWDR) reports that while the company has not
yet fully resolved its suit with LANSource, it is taking every available measure necessary to resolve this matter as
quickly and efficiently as possible.
Chairman Mike Wright states, "Power Direct's main focus
will be to build a world class greeting card site which will be fun and profitable for all participants and visitors to the site."
Pursuant to the news release dated Feb. 18, 1999,
regarding the stock dividend share issue that Power Direct
will be offering to its shareholders, a record date for the
closing of this transaction will be announced within the next
two weeks. The company is waiting for the assignment of a
CUSIP number, required for the issuance of shares in
PDTech.com, the spin-off company.
PD Tech.com is in the process of changing its name to
CardStakes.com. CardStakes.com will better reflect the
business of the company as Power Direct will be vending in
51 of Greeting Card Lotto.com to CardStakes.com for a
50 stake in Cardstakes.com with the majority of the
remaining shares going to Power Direct Shareholders in a
formula equivalent to 1 (one) CardStake.com share for
approximately every 4 (four) to 8 (eight) Power Direct
shares held at the record date. The definitive ratio will be
announced at the same time as the closing date.
On behalf of the Board of Directors Jack Sha, President
For further information, please contact Investors Relations
at 604/664-0484 or toll-free at 888/488-6882 or please
visit powerdirectinc.com e-mail:
ir@powerdirectinc.com
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: The statements contained
herein which are not historical fact are forward-looking
statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in the forward-looking statements, including, but
no limited to, certain delays in testing and evaluation of
products and other risks detailed from time to time in
Power Direct Inc.'s filings with the Securities & Exchange
Commission.
Contact:
Power Direct Inc., Vancouver
Jack Sha, 604/664-0484
(www.powerdirectinc.com)
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