JDX.T here's the June 21 release, whoa, closed at at $1.39, next stop $1.65 IMO.
VANCOUVER, BRITISH COLUMBIA--Jordex Resources Inc. (''Jordex'') is pleased to announce that it has invested through a private placement US $1.0 million in Medsite.com, Inc., the leading internet based provider of e-Services to the medical industry. Medsite.com, Inc. provides its services to the physician and medical community via various channels that provide e-Commerce, e-Communication and e-Information within this $31 billion industry.
Medsite.com, Inc. has built an outstanding list of strategic partners with whom they are working to build an internet based network with medical professionals.
The structure of the private placement is an 8 percent Subordinated Exchangeable Note due June 30, 2000 that gives Jordex the right to convert the Note to either Convertible Preferred Stock or Common Stock of Medsite.com, Inc.. The instrument has an interim maturity date of November 30, 1999, by which date Jordex must announce its conversion decision. The final maturity for the Note is June 30, 2000. This financing represents the fourth round of financing for Medsite.com, Inc. which has grown rapidly since its inception in 1997.
Jordex is particularly pleased to be joining a prestigious group of institutions in this private placement.
''Against a six month backdrop of intense internet based speculation and volatility, we have carried out a search for quality businesses that center on the real
advantages that the internet offers. We believe Medsite.com, Inc. represents such an opportunity and will be a profitable investment for Jordex shareholders'', stated
Brian Hinchcliffe, Jordex's Chairman. ''Moreover, the unique, conservative structure of this, our first internet investment, along with the quality of our co-investors
should give an extra degree of confidence to the marketplace''.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian A. Hinchcliffe, Chairman & CEO
Contact:
Jordex Resources Inc.
Jim Graham |
