Company Press Release
GTR Group Inc. Announces Registration with the U.S. Securities and Exchange Commission
BRAMPTON, Ontario--(BUSINESS WIRE)--Aug. 16, 1999--(TSE:GTR. - news) GTR Group Inc. (formerly Games Trader Inc.) is pleased to announce that the 20-F Registration Statement which was filed with the United States Securities and Exchange Commission (''SEC'') on June 3, 1999 is now effective.
As a result, the Company now intends to seek a listing for its shares in the United States, as previously disclosed.
As a result, GTR Group will in the future be filing with the SEC its financial statements and other material. This will broaden the information available to potential U.S. investors concerning GTR Group, with the view of increasing the company's shareholder base in that country.
''There are several compelling reasons for this filing,'' stated Mr. Peter Kozicz, the President and CEO of GTR Group Inc. ''66 percent of our company's revenues come from the U.S. market as does 95 percent of our game unit supply. In addition, all our peer group companies are U.S. listed and our strategic objectives will be increasingly focused on the United States.''
GTR Group Inc., through its subsidiary, is a leading supplier of value-priced and previously played video games for Nintendo, Sega and Sony video game systems to mass merchant retailers and specialty retailers in the United States and Canada. GTR group shares are listed on the Toronto Stock Exchange and trade under the ticker symbol ''GTR''.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are market and general economic conditions and the risk factors detailed from time to time in the company's periodic reports and registration statements filed with the Securities and Exchange Commission.
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Contact:
GTR Group Inc.
Peter Kozicz, 905/799-4700
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