Totally Hip announces closing of re-acquisition of WebPainter from Columbia Diversified Software Fund
VANCOUVER, Dec. 16 /CNW/ - Totally Hip Software Inc.
Canadian Venture Exchange: THW
Totally Hip today announces further to its October 27, 1999 news release,
that the re-acquisition of all the rights and title to the award-wining
WebPainter product family of software for Macintosh and Windows from Columbia
Diversified Software Fund Limited Partnership (``Columbia') has closed. In
consideration for the return of the WebPainter family of software and
technology, the Company has issued 3,000,000 common shares in its capital and
returned the $7,000,000 promissory note, issued by Columbia in 1997, to
Columbia. The shares issued to Columbia are restricted from trading until
March 24, 2000.
The re-acquisition 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's (www.totallyhip.com) mission is to add
interactivity to the Web. The company founded in 1995, is a developer and
marketer of interactive Web development tools. These include the
award-winning LiveStage, LiveStage Professional and WebPainter products that
empower users to develop, produce and deliver the most engaging experience on
the Web. The Company is traded on the Canadian Venture Exchange (Trading
Symbol: THW). (C) 1999 Totally Hip Software Inc. All rights reserved.
TOTALLY HIP SOFTWARE INC.
Per: ``David Dicaire'
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David B. Dicaire, Chief Operating Officer
The Canadian Venture 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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For further information: David B. Dicaire, Chief Operating Officer,
(604) 685 6525, E-mail - info@totallyhip.com
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