TRACER AND EZUZ.COM MOVING FORWARD UNDER AMENDED
AGREEMENT
TRACER PETROLEUM CORPORATION (?Tracer? or the ?Company?) announces that further to
the news release dated August 24, 1999, it has amended the agreement to acquire all of the issued and
outstanding capital stock of eZuz.com Inc., an Internet-based retail shopping network company.
Previously, the completion of the acquisition was subject to Tracer maintaining its listing on the
NASDAQ Small Cap Market. This condition has been removed from the agreement. On August 26,
1999 the Company presented its case before a panel chosen by the NASDAQ Board of Directors. A
final ruling has not been issued, however a decision is expected shortly, and the Company is hopeful
regarding its continued listing on NASDAQ.
All other conditions precedent in the agreement with eZuz.com remain in effect. This includes the
transfer of Tracer?s petroleum assets into a new subsidiary, to be called ?Tracer International Petroleum
Corporation?, the shares of which will be distributed to the Company?s shareholders of record as of the
record date of an Extraordinary Meeting of the Shareholders. In this regard, the Company and
eZuz.com intend to hold the Extraordinary Meeting of the Shareholders, seeking approval of the terms
of the agreement with eZuz.com, and to complete the Plan of Arrangement as soon as possible.
As announced on July 27, 1999, the Company arranged a US$1 million private placement financing, and
agreed to loan US$800,000 of this to eZuz.com, prior to closing of the acquisition of eZuz.com. Due
to market conditions, only US$453,500 of the private placement has been successfully completed, and
of this amount, US$230,000 has been loaned to eZuz.com. Tracer has agreed to arrange sufficient
additional financing, by way of private placement, in order to loan a further US$470,000 to eZuz.com.
These funds will be primarily used to further market and develop the eZuz.com web site
(www.ezuz.com). The Company is negotiating with potential investors, and expects to complete this
additional financing by the end of September.
ABOUT EZUZ.COM INC.
eZuz.com Inc. (?eZuz? ? pronounced ee-zee-use) in collaboration with Inktomi Corporation
(Nasdaq:INKT) of San Mateo, California, is developing a comprehensive shopping network on the
Internet. The eZuz.com web site maintains over 400 merchants, offering more than 2 million individual
products that have each been integrated into the eZuz Global Shopping Network. eZuz offers all of
these products without having to purchase, store, or ship them, thereby offering consumers greater
selection and value. As an information distributor, visitors to eZuz can source, research, and purchase
products. Using a product-specific search engine, comparisons are made side-by-side, suited to the
individual?s tastes and budget.
Jim |
