This looks like great news, comments??
John.
June 10, 1999
Acquisition Agreement Signed in China
ORIOLE SYSTEMS INC ("OOL-V")
- Acquisition Agreement Signed in China
Oriole Systems Inc. and Succeed Technology Ltd. (STL) announced in Hong Kong, the signing of a Share
Purchase Agreement whereby Oriole acquires a controlling interest in STL. The Agreement is based on the
memorandum of understanding signed in Vancouver, BC on April 29, 1999 for Oriole to acquire 51 percent of STL
for US $5 million ($2.5 cash and $2.5 million debenture instrument). The financing will be used to implement STL's
e-commerce Projects in China using Internet technology and software from STL and Oriole and their business partners.
The first customer for Oriole's e-commerce project is expected to be The Beijing International Gem Trading Center
(IGTC). IGTC is a consortium of approximately 100 Chinese wholesale businesses selling high-end jewelry
products, including gold, jade, silver, emeralds, rubies, sapphires, pearls and other precious and semi-precious
stones. Current sales exceed US$1 million per day.
On May 20, 1999 STL signed a Memorandum of Understanding to market IGTC gems and jewelry exclusive for a
minimum of two years over the Internet. STL will receive compensation from each transaction, as well as from
product advertising and electronic marketing.
Stephen Ip, president of Succeed Technology Ltd. notes "Although no one can predict the impact of the Internet
on sales, if we assume a modest 5 percent increase for IGTC, the cash flow for this project over two years would
be approximately US$36.5 million."
Oriole provides Internet software solutions focused on e-commerce and enterprise wide technologies. Oriole's
existing partners include NCompass Labs - ncompasslabs.com, OSS/Magic Software Enterprises -
magic-sw.com, IBM's SanFrancisco Project - ibm.com and Dyad
Systems Inc. - dyadsys.ca.
//st
To request information in English or Chinese,
please phone or fax one of our message centers.
Toronto (416) 352-5899
New York (212) 504-2818
Vancouver (604) 608-5600
San Francisco (415) 707-2170
mailto: investorinfo@oriolesystems.com
//et
This news release may contain forward-looking statements considered genuine by the author and are based upon
the author's experience and knowledge. However, forces of which the author may have little or no ability to affect
will ultimately determine the outcome. Any forward-looking statements should not be considered guarantees of
results.
TEL: 1-800-419-6019 Marie Antoinette Shields,
Market/Finance Development
Oriole Systems Inc.
Email: info@oriolesystems.com
Website: www.oriolesystems.com |
