Dexton anticipates sale to close before Aug. 31
Dexton Technologies Corp DXT
Shares issued 6,950,000 Aug 12 close $1.09
Fri 13 Aug 99 News Release
Mr. Abdul Ladha reports
Status of sale of Able Auctions (1991) Ltd.
Further to news in Stockwatch July 21, 1999, Dexton anticipates that the
sale of Able Auctions (1991) Ltd. to Ableauctions.com, Inc. will close
before Aug. 31, 1999. Under the terms of the purchase and sale agreement,
Dexton will receive $1,541,000 cash and shares equal to at least 10 per
cent of the total issued capital of Ableauctions.com after closing. Based
on the current issued capital of Ableauctions.com, Dexton would receive
approximately 7.5 million shares, rather than 1.5 million shares of
Ableauctions.com as previously announced.
Amalgamation of subsidiaries
Effective Aug. 9, 1999, the company's wholly owned subsidiaries, Dexton
Enterprises Inc., BDL's Software Alley Ltd., and 552205 B.C. Ltd. doing
business as Ano Office Automation have amalgamated and continued as one
company under the name Dexton Enterprises Inc. The amalgamation will
eliminate unnecessary corporate entities and duplication of administration
and will consolidate the businesses of the amalgamating companies along
more functional lines, with resulting tax benefits and reduction in costs.
Agreement with Langara College
Dexton Technologies has entered into a two-year partnership agreement with
Langara College.
Under a product and service agreement, the company will provide the
resources for the delivery of computer-based training courses by Langara
for a period two years, beginning July 1, 1999, and expiring June 30, 2001,
for an estimated $199,200.
This is the first of several strategic partnerships with academic
institutions the company intends on developing. |
