International CanAlaska Resources Ltd -
Int'l CanAlaska to acquire 30% of Expresto Software
International CanAlaska Resources Ltd
ICA
Shares issued 20,113,073
1999-09-10 close $0.23
Monday Sep 13 1999
Mr. Harry Barr reports
International CanAlaska Resources has completed an agreement allowing ICA to
acquire up to 30 per cent of Expresto Software Corp., a Toronto-based private
company. This agreement evidences ICA's commitment to provide venture capital
financing to companies with significant and global information technology
initiatives.
Expresto is in the final stage of rolling out, CineKit, which is best described as a
word processor for movies. CineKit, a fully integrated desk top video publishing
tool, delivers unparalleled ease of use in conceiving, creating, editing, and
distributing dynamic visual documents such as movies and multimedia
presentations. For the first time, this capability is now available to individuals with
no specialized computer, video or multimedia training. CineKit productions can
easily be transmitted over the Internet and posted and used on the World Wide
Web. CineKit is also cross-platform, and currently runs on both the MacIntosh
and the Windows 95/98/NT platforms.
ICA Management is convinced that CineKit has the potential to become an
industry standard because of its extreme ease of use and projected low cost.
Expresto has developed a comprehensive marketing strategy for CineKit to
dramatically boost its global profile. ICA believes the success of this strategy is
already evidenced by Expresto's current negotiations with several major
corporations active in e-commerce and software distribution.
Since incorporation in 1998, Expresto has attracted a strong management team.
Dr. Ronald Baecker, the founder and chief executive officer, is professor of
computer science and management at the University of Toronto. He received his
PhD from M.I.T. and is also founder and chief scientist of the University's
Knowledge Media Design Institute. The Expresto board and management team
also includes successful software entrepreneurs and individuals with extensive
backgrounds in high-technology research and development, marketing, sales and
finance, as well as Internet technology.
Terms of the agreement with Expresto, subject to regulatory approval, call for a
staged investment by ICA of $250,000 to acquire 14.5 per cent of Expresto, with
an option to increase this to 30 per cent by a further $750,000 investment. These
funds will be used to advance product and market development, and to secure
additional strategic partners.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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