TOTALLY HIP SOFTWARE INC.
Canadian Quotes from Telenium
THW. (ASE)
Attention Business Editors:
Totally Hip Software Inc. announces possible new agreement with Columbia Diversified
Software Fund Limited Partnership
VANCOUVER, Oct. 28 /CNW/ - Totally Hip Software Inc.
ASE Trading Symbol: THW
The Company is pleased to announce that pursuant to an agreement entered
into with Columbia Diversified Software Fund Limited Partnership
(``Columbia'), the Company has re-acquired all the rights and title to the
award-winning WebPainter product family of software for Macintosh and Windows,
which was sold to Columbia in late 1997. In consideration for the return of
the WebPainter family of software and technology, the Company will issue
3,000,000 common shares in its capital and return the $7,000,000 promissory
note, issued by Columbia in 1997, back to Columbia.
This agreement represents an important step in the restructuring that was
announced this past summer by Totally Hip Software Inc. The Company has now
unified all rights and title to the Company's complete line of award-winning
software products and technology assets and has resolved financial statement
complexities and outstanding income tax matters. The completion of this
re-acquisition reflects Totally Hip's focus on providing industry-leading
tools for key customer segments: Web and multimedia developers and graphic
design professionals. The re-acquisition also allows the Company to more
easily form strategic alliances and enter into industry partnerships, and
removes the complexity of the Company entering into a merger or acquisition at
some future date.
Totally Hip Software Inc., founded in 1995, is a developer and marketer
of interactive Web development tools, including its award-winning
LiveStage(TM) and WebPainter(TM) software. The Company is traded on the
Alberta Stock Exchange (Trading Symbol: THW). (C) 1999 Totally Hip Software
Inc. All rights reserved.
TOTALLY HIP SOFTWARE INC.
Per: ``Randall McCallum'_______
Randall McCallum, President
The Alberta Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this News
Release.
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