Hi folks.
Well it looks like the NR from MMR will be of interest to you at Blonde Bear. MMR has agreed to acquire Mainchan Communications. This was what Blond Bear was after.
Following is the NR form MMR today...
MICRO MINERALS RESOURCES INC.
June 8, 1999
FOR IMMEDIATE RELEASE
Micro Minerals Resources Inc. of Vancouver signs Letter of Intent with Mainchan Communications Group Inc. of Calgary
Vancouver, BC - Micro Minerals Resources Inc. ("Micro Minerals" or "the Company") is pleased to announce that management has signed a letter of intent with Mainchan Communications Group Inc. ("Mainchan"). Mainchan is a distributing corporation, based in Calgary, Alberta. The Company intends to offer to purchase all of the issued and outstanding shares of Mainchan. Micro Minerals intends to pay for the Mainchan shares with shares of Micro Minerals. Both companies believe that it is in the best interests of the shareholders of both companies to effect a consolidation of their respective share structures. Both companies have agreed that the acquisition will be consummated only after completion of satisfactory due diligence and execution of a legally binding purchase and sale agreement. Micro Minerals has requested the Vancouver Stock Exchange to halt trading of Micro Minerals until both companies complete their due diligence review, a formal agreement is concluded and required regulatory approvals obtained.
Mainchan is a Calgary-based long distance service provider that has been in operation since 1995. In March of 1998 Mainchan acquired Westcomm International Sharing Corporation ("Westcomm") of Toronto, Ontario as Mainchan's wholly-owned subsidiary. Westcomm is a telecommunications company that offers the following services: a) comprehensive bundled telecom solutions (to commercial clients across Canada); b) revenue sharing, affinity and loyalty telecommunications programs (to large corporations, institutions, associations and not-for-profit organizations and their customers, members and employees); and c) its licensed billing and customer care system and SMS (short messaging service) technology.
Westcomm is one of the few Canadian companies able to bundle long distance, wireless, internet and other telecom products and services together, and provide one integrated and simplified bill for all those products and services.
For the last several years, Micro Minerals has been involved in the development of horizontal oil well production, with properties located in the state of California, U.S.A. In October, 1997 Micro Minerals entered into an agreement with an Asian Group to negotiate the acquisition of oil producing properties and production facilities in China. With the depletion of these oil producing properties and the world oil prices at its low, the board of directors of Micro Minerals decided not to purchase the 60% interest in these wells. Further financing was also required to complete the joint venture agreement; however the financing of the purchase, operations and drilling of new wells in the concession area in China proved to be difficult given the instability of the world oil prices. It was in the best interests that management of the Company to explore other ventures.
Mainchan was the intended "major transaction" acquisition target of Blond Bear Holdings Inc., a junior capital pool corporation listed on The Alberta Stock Exchange ("ASE"). On April 30, 1999 Blond Bear issued a press release to the effect that Blond Bear would not be proceeding with the acquisition of Mainchan. Mainchan encountered difficulty in completing additional equity financing to raise capital in support of its business plan and was therefore unable to meet ASE's minimum listing requirements.
For the last month, the Company has been in discussion with the principals of Mainchan. Micro Minerals sees the high growth potential and opportunity in the telecommunications business and has agreed to further discuss the possibility of the Company's takeover of Mainchan. Micro Minerals and Mainchan have agreed to arrange for additional capital injection to fund Mainchan's sales and marketing expansion plans in order to achieve its previously forecasted sales and revenue objectives.
Micro Minerals is a publicly traded company on the Vancouver Stock Exchange trading under the symbol MMR.
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For more information, please contact:
Stephanie Ho Lem, Director Brent Mainwood, Director
Micro Minerals Resources Inc. Mainchan Communications Group Inc.
#333, 1333 - 8th Street SW 5945 Signal Ridge Hts. SW
Calgary, AB T2R 1M6 Calgary, AB T3H 2K1
Phone: 403-228-9872 Phone: 403-313-9922
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein.
Just htought you might be interested folks.
Toy |
