Distinctive Devices, Inc. DDI' Executes Definitive Agreement to Acquire EagleView Industries, Inc.
NEW YORK, June 21 /PRNewswire/ -- DDI (OTC Bulletin Board: DDEV) announced today that it has entered into a definitive agreement to acquire approximately 80% of the equity of EagleView Industries, Inc. ("Industries").
The transaction is scheduled to close on August 4, 1999. The remaining outstanding common shares of Industries will be acquired by DDI at a later date.
Upon closing, control of DDI will pass to EagleView Technologies, Inc. ("Technologies"). Technologies is controlled by Michael J. Paolini, its CEO and, indirectly, its largest shareholder. Technologies and Industries are based in Delray Beach, Florida.
Mr. Paolini, who already holds several telecommunications patents, recently filed a patent application relating to his array system for providing high quality, low cost, broad bandwidth wireless connectivity for Internet, data and video-telecommunication services. Industries holds the exclusive worldwide rights to this technology on a royalty-free basis. Industries has had no operating revenues to date although discussions are underway with investor groups who have expressed interest in licensing the technology for
use in several major cities in the U.S. and abroad.
Statements in this news release concerning future events, results,
performance, expectations or intentions are forward-looking statements. Actual developments or results may differ materially from those expressed or implied by such statements as a consequence of known or unknown risks, uncertainties and other factors.
SOURCE Distinctive Devices, Inc.
CO: Distinctive Devices, Inc.; EagleView Industries, Inc.
ST: New York, Florida
IN: CPR
SU: TNM
06/21/99 09:00 EDT prnewswire.com |
