Gran Colombia completes acquisition of Wavve
Gran Colombia Resources Inc GRM
Shares issued 35,553,321 Sep 30 close $0.76
Fri 1 Oct 99 News Release
Mr. Don Ford reports
Gran Colombia has completed its previously announced acquisition of Wavve
Telecommunications, Inc. As part of the transaction, Gran Colombia will be
changing its name to Wavve Telecommunications, Inc.
At a special shareholders meeting held on Aug. 31, 1999, the shareholders
overwhelmingly approved the issuance of approximately 23 million shares in
exchange for 100 per cent of the shares of Wavve.
Wavve is a facilities-based provider of high-performance managed data and
voice networking services providing physical and virtual hosting to
e-commerce operations, commercial and industrial businesses and ISPs with
critical internet operations.
Wavve is located in Sacramento, Calif., and while it is a relatively new
company, its management has almost 50 year's combined experience in
telecommunications management, engineering and operations.
Renovations to Wavve's corporate headquarters and first co-location centre
in Sacramento are under way, with operations to commence this month. A
marketing program has recently been initiated and a number of service
agreements have already been executed, including one with Amalganet.com
Inc., a provider of virtual ISP marketing services for affinity group
dial-up users.
At the request of the Toronto Stock Exchange, Gran Colombia advises that as
a result of this transaction, the company will not meet the original
listing requirements of the TSE as it is considered by the TSE to be a
start-up situation. The TSE has, however, agreed to allow the common shares
of the company to continue trading in the interim, allowing the company
time to make alternative trading arrangements with another exchange. It is
anticipated that the common shares will commence trading on this
alternative exchange during October, 1999. The company will keep
shareholders advised as to future markets for its common shares.
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