ASIA PACIFIC ENTERPRISES, INC.
Business Wire
Jun 24 1999 10:06AM ET
Announces It Has Closed The Transaction to Acquire eVideo USA Inc.
Business Editors/Technology Writers
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 24, 1999--Asia Pacific Enterprises Inc. (0TC BB:APEP) is pleased to announce that it has closed the transaction to acquire eVideo USA Inc. The Company has issued, in escrow, 6,623,016 shares for the acquisition of eVideo USA Inc.
These escrow shares will be released as certain milestones and business developments are achieved. In addition, the Company has issued 307,693 shares and 307,693 purchase warrants at US$3.25 for the private placement of US$ 1 million previously announced by the Company on May 25,1999. The Company now has a total capitalization of 15,588,360 shares of which 6,968,016 are escrow restricted.
Coinciding with the closing of this transaction, Mr. Roy Bennett, Mrs. Eileen Bennett, Mr. Robert Dinning and Mr. Peter Wilson have been appointed to the board of directors. Mr. Bennett has been appointed president.
Additionally, the Company is pleased to report that its new web site is open for viewing at www.e-videotv.com.
The Company's management has thoroughly reviewed the participants and their latest developments at the "Cable 99" conference in Chicago, Illinois. No other service provider appears to have the technology to provide video on demand on as cost effective a basis as eVideo USA. The Company expects to be able to implement its systems at half the cost of competing technology.
Management believes this new business allows the Company to participate in the rapidly expanding e-commerce, entertainment, Internet and telecommunications industries. The Company will be changing its name to e-VideoTV Inc.
Asia Pacific Enterprises, Inc. is quoted on the OTC BB under the symbol "APEP".
On behalf of the Board,
Roy B. Bennett
President and Director
Certain statements in this news release may constitute "forward looking" statements within the meaning of section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward-looking statements to differ. |
