Globalstore.com, Ltd.
Suite 213, Church Street
Hamilton, HM 11
Bermuda
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June 151999 VSE: GSO
NEWS RELEASE
GLOBALSTORE RECEIVES FINANCING
COMMITMENT FROM CABLE ATLANTIC
Globalstore.com, Ltd. ("Globalstore") is pleased to announce that Cable Atlantic Inc. ("Cable Atlantic") has agreed to invest $350,000 in Globalstore by way of private placement. Subject to regulatory approval, Cable Atlantic will subscribe for 140,000 units at a price of $2.50 each. Each unit will consist of one common share of Globalstore and one-half of a warrant to purchase one additional share, exerciseable at a price of $4.00 per share for two years.
Cable Atlantic is the largest cable television operator in Newfoundland, serving 76,000 households and over 250,000 viewers. Concurrently with the completion of the private placement, Globalstore, through its wholly-owned subsidiary, Global eComm Ltd. ("eComm"), will enter into a five year agreement with Cable Atlantic for the purchase of advertising of eComm's internet-based shopping mall on Cable Atlantic's speciality cable channels, using the proceeds of the private placement.
Globalstore intends to pursue similar agreements with additional cable companies in Canada and the United States.
On behalf of the Directors
of Globalstore.com, Ltd.
"Steven Stout"
Steven Stout, President
For information with regard to Globalstore or the contents of this news release, contact Matt Fleming for Investor Relations toll free at 1-877-736-7570 or e-mail to ir@globalstore.com.
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