A little something from your home town Jim,
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 15,
1999--Golden Arch (VSE:GAI.) (OTC BB: GARCF) Golden Arch Resources
Ltd. is pleased to announce that pursuant to letters of agreement
exchanged on June 11, 1999 with VDC Electronics, Inc. of Englewood,
New Jersey, Golden Arch has acquired exclusive license to market and
distribute, world wide, a unique group of electronic "Battery
Management" tools created to enhance Performance and Life of lead
acid storage batteries.
Patent pending, state of the art microelectronic circuitry is
utilized for the BatteryMINDer(TM) group of products. The cutting
edge technology recently received recognition from the premier
provider of deep cycle batteries who after a spending $25 million to
improve its own products, and, "based on extensive research"
recognized BatteryMINDer(TM) electronic technologies as "world
class". Recent field tests of two different BatteryMINDer(TM)
products by a branch of the US military resulted in immediate
recommendation for use by the military of both items. Since the
technology was first discussed by Golden Arch in a news release dated
June 4, 1999, the Company received a most encouraging response from
various agencies responsible for managing environmental impacts due
to premature failure, and, discard of 85% of the hundreds of millions
of automotive, marine, gel cell and deep cycle storage batteries in
use world wide. Positive economic and environmental consequences
resulting from the use of BatteryMINDer(TM) technology are, improved
operating efficiencies, extended useful battery life, lower initial
and operating costs. BatteryMINDer(TM) is sold with a money back
performance guarantee, and a 5 year "no hassle" warranty. First
Canadian Deliveries are expected to start within 60 days.
Distribution of the product line in Europe is expected to commence in
the first quarter of 2000. The cost of a BatteryMINDer(TM) is less
than the replacement cost of a good quality car battery. The new top
of the line, BatteryMINDer(TM) Model 12112 is the first of a new
generation of "Computer-on-a-Chip" units which automatically charge
any type lead acid storage battery, without ever overcharging, or
boiling. The innovative device dubbed the "charger with a brain ",
the BatteryMINDer(TM) Model 12112 is believed to be the first charger
of its kind to dramatically reverse the primary cause of early
battery failure known as "sulphation". Some batteries that would not
take a charge and were considered unrecoverable can now be brought
back to long term useful condition.
To finance marketing and distribution of BatteryMINDer(TM), and,
to retire existing debt, the company has arranged in the principal
amount of $1,000,000CDN a seven (7) year convertible redeemable
debenture at an interest rate of 9.75 % per annum, payable
semi-annually commencing February 15, 2000. The Debenture financing
was arranged by D.R. McKay & Associates, London, U.K. The Company
may repay all or any of the principal amount of the Debenture at any
time. The lenders shall have the right, at their option, prior to
June 14, 2006, to convert the Principal amount of the Debenture into
fully paid non-assessable common shares of the Company, attached to
each share so issued will be a share purchase warrant. The initial
conversion and exercise price of the shares and the warrants are
$0.15C and the convertible share price escalation provisions,
thereafter, will be in accordance with the rules and regulations of
the Vancouver Stock Exchange. Both the above referenced technology
licensing agreement and its related financing are subject to both
regulatory and shareholder approval. Shareholder approval is
expected to be obtained at the companies annual meeting scheduled to
be held in Vancouver on July 9th 1999.
On behalf of the Board of Directors of Golden Arch Resources Ltd.
W.T. Styffe, Director |
