I got shafted by IATR's warrant screw up. It left a bad taste in my mouth. It looks like IATR is merging with another company and changing their name to NetCurrents next Tuesday. News today:
IAT Resources Changes Name to NetCurrents
Merger With Infolocity Effective; NASDAQ Symbol to Change to
NTCS
LOS ANGELES--(BUSINESS WIRE)--Dec. 27, 1999-- IAT Resources Corporation
(Nasdaq:IATR - news) announced today that the merger with Infolocity, Inc., a Silicon Valley based Internet company has
become effective. The shareholders of both companies voted overwhelmingly to approve the merger as reported at the IATR
Shareholders' Meeting held in Los Angeles on December 16,1999.
Effective Tuesday, January 4, 2000, the newly combined company, now known as NetCurrents, Inc., will begin trading on the
NASDAQ small cap market under the symbol ``NTCS.'
According to Irwin Meyer, CEO of NetCurrents: ``In the Fall of 1998, we committed to redirect the Company's main revenue
source into the Internet business. With the merger of our Company with Infolocity, we have accomplished that goal. After
reviewing numerous merger and acquisition candidates Infolocity met our four basic criteria: an operating business; good
management; proprietary software; and, a business-to-business operating model.'
Jim Cerna, CEO of Infolocity added: ``Joining forces with IATR has opened avenues of financing that were not available to us as
a private company. During the past few months we have added a number of key executives to our Company, accelerated our
sales program, signed up new clients and scheduled our advertising campaign to launch at the beginning of February in The Wall
Street Journal and Red Herring Magazine. This campaign, along with our planned public relations program to run concurrently, will
support our intensified sales launch to commence in January, 2000.'
NetCurrents provides their clients, public companies, some of which are in the Fortune 500, with intelligence primarily focused on
fraudulent and misinformation carried on the Internet. The Company's proprietary search engine, FIRST (Fast Internet Real Time
Search Technology) scans more than 50,000 Internet locations, e publications and web sites in a matter of minutes advising their
clients of pertinent information that might have an adverse effect on the company's stock price or corporate image as a result of
incorrect information transmitted on the Internet.
NetCurrents recently relocated its Los Angeles corporate headquarters to: 9720 Wilshire Boulevard, Suite 700, Beverly Hills, CA
90212. Telephone: 310/860-0200. The Company's northern California operational offices are located at: 1350 Old Bayshore
Highway, Suite 30, Burlingame, CA 94010. Telephone: 650/401-3200.
About NetCurrents, Inc.
Formerly IAT Resources Corporation, NetCurrents, Inc. will merge with Infolocity, Inc., a Silicon Valley-based Internet company,
to offer a unique business-to-business Internet service using Infolocity's proprietary search engine FIRST (Fast Internet
Real-Time Search Technology). The Company is also engaged in the development of other Internet services dedicated to serving
consumers and businesses on a global basis.
This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number
of factors could cause actual results to differ from those indicated in the forward-looking statements, including the satisfaction of
all conditions to closing the transaction with Infolocity, general economic conditions and other risks\that are discussed in the
Company's filings with the Securities and Exchange Commission (including the Company's Annual Report on Form 10-KSB). The
Company undertakes no obligation to publicly update or revise the forward-looking statements whether as a result of new
information, future events or otherwise.
Contact:
Continental Capital & Equity Corporation
Madison & Wall Financial Services, Inc.
Dodi Zirkle
Phone: 407/682-2001
Fax: 407/682-2544
Email: dodi@insidewallstreet.com |
