IBI CORPORATION UPDATE
TORONTO, ONTARIO--
IBI Corporation ( IBIC: CDN ) (the "Company"), a junior mining company, announces the following updates:
Web Site - " www.thenewibi.com "
Effective today, the Company has established and launched a new web site which will become an important "link" to our supportive shareholders and the investment community.
Gary A. Fitchett, President and CEO, commented that a key feature will be the President's Page which will be updated as of 5:00pm on the last day of each month, and will be a timely "message board" for news and views on the progress of the NEW IBI. Shareholders and the public are reminded of the limitations under securities regulations of disclosure and release of "inside information".
Sale of MEMEX Investment
Further to the sale of the shares owned by the Company in MEMEX Electronics Inc. for Cdn $200,000, as disclosed in the Press Release dated November 22, 1999 (PR#99-102), the Company advises that the transaction closed as scheduled on November 26, 1999 and the sale proceeds were received.
These funds were used to settle a number of outstanding trade and supplier accounts, and for general working capital.
Accounts Payable
Adrienne Shillinglaw, executive assistant, advises that settlements have been reached and documented with most suppliers and ordinary creditors of the Company. In most cases, a partial payment on account was made up front, and further installments are due December 31, 1999 and March 31, 2000.
In all instances, important services were restored to the Company, on normal credit terms.
Financial Results
The Company has filed its unaudited interim financial report for the nine months ended September 30, 1999, reflecting a net loss for the year to date of $262,750, which is after recording a gain on forgiveness of shareholder loan of $209,252; as compared to a loss of $665,372 for the same nine months of 1998.
The loss for the third quarter of 1999 was $53,538.
Bukusu Project
The Company's agreement with International Mining and Development ("IMD") to earn a 70% interest in the Uganda phosphate and vermiculite projects continues in default for failure to pay the sum of US $450,000 for the project, which was due on June 30, 1999.
However, the Company is advised that the mining license in the name of IMD was extended by the Government of Uganda for a further year, from October 26, 1999.
Registered Office
The Company advises that, effective December 31, 1999, the Company's registered office will be changed from Scotia Plaza, 40 King Street West, Toronto to 110 Ambleside Drive, Port Perry, Ontario, L9L 1B4.
Share Capital
The Company has 200,720,169 common shares issued and outstanding.
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FOR FURTHER INFORMATION PLEASE CONTACT :
IBI Corporation
Gary A. Fitchett CA,
President & CEO
(416) 367-3274
(905) 985-1249
or
Adrienne Shillinglaw
Investor Relations
(416) 367-3274
(905) 985-1249
email: ibicorp@think.iprimus.ca
INDUSTRY: MNG
SUBJECT: NWS |
