News release: RIS plan of arrangement proceeds; RIS increases holdings in Ubrandit.com
RIS Resources International Corp RIS
Shares issued 34,663,741 Aug 24 close $1.05
Tue 24 Aug 99 News Release
Mr. Ray Deere reports
The company proposed to adopt a plan of arrangement under the B.C. Company Act. Under the arrangement, the company proposes to transfer its 11,726,246 common shares of Ultra Petroleum and $300,000 in cash to a newly incorporated company. That company has now been incorporated with the name Ultra Holdings Inc. The company as constituted following the asset transfer will continue to own the balance of the company's assets and is referred to hereafter as new RIS. Under the arrangement, each share of the company as
currently constituted will be exchanged for one share of new RIS and .25 of a share of UHI.
The company has now received from the Vancouver Stock exchange approval in principle to the arrangement and has also received the required interim order of the Supreme Court of British Columbia.
An extraordinary general meeting of the members of the company has been convened for Oct. 12, 1999, at which the arrangement will be considered by the members of the company. The arrangement requires approval of the members by special resolution in order to proceed. The record date for the extraordinary general meeting is Sept. 7, 1999. If all necessary shareholder and court approvals to the arrangement are obtained, the company proposes to change its name to Cubix Investments Inc. immediately upon the arrangement becoming effective. The special resolution to adopt the name change will also be considered at the Oct. 12, 1999, extraordinary general meeting.
Mr. Ray Deere reports RIS Resources has acquired 175,000 shares of Ubrandit.com (UBRT -- OTC BB) at $3.00 (U.S.) per share.
When added to the 150,000 shares of Ubrandit.com previously purchased, the company's total investment in Ubrandit.com will total 325,000 shares. Ubrandit.com is focused on becoming a provider of Internet private-labeled or branded financial and e-commerce Web-based systems. Its wholly owned subsidiary, Global Investors Guide, is a World Wide Web development company that provides financial information services via a Web site located at www.gigweb.com.
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