I still hold a few shares. This looks interesting.
INTERNATIONAL PURSUIT CORPORATION
PURSUIT ENTERS INTO A LETTER OF INTENT
TO ACQUIRE 50% OF EXBET.COM
Toronto - Thursday, January 6, 2000 - International Pursuit Corporation ("Pursuit") (IPJ-TSE) has entered into a Letter of Intent with Exchangebet.com Holdings Ltd. to acquire fifty (50%) percent of the equity in Exbet.com Ltd. ("Exbet.com"), in exchange for shares of Pursuit representing forty (40%) percent of the issued and outstanding shares of Pursuit upon completion of the transaction.
Exbet.com intends to be the first financial betting site on the Internet to offer fixed odds financial bets. The site, which can be found at www.exbet.com, is operational in beta with all the requisite software programs in place. The site will be released from beta as soon as its usage is formally approved by appropriate jurisdictions, which Exbet.com expects within three (3) months.
Exbet.com revolutionizes the world of financial betting by introducing the concept of fixed-odds financial bets. A customer of Exbet.com who buys a financial bet from Exbet.com is entitled to receive a payout which is a fixed multiple of the amount staked. Bets will be available for international stock indices and equities in a broad range of betting options. Exbet.com customers' bets will be aggregated into its global portfolio which is hedged around the clock in the underlying financial markets. The payouts on each bet are calculated using Exbet.com's proprietary mathematical formulas.
Exbet.com is a well-capitalized company with a subsidiary in the Isle of Man. Exbet.com is an affiliate of Regent Pacific Group Ltd., an international financial group listed on both the Hong Kong and Frankfurt Stock Exchanges.
The Letter of Intent is subject to a number of conditions including the sale by Pursuit of its investment in StockSet.com for approximately US$500,000 and the obtaining of all required regulatory and shareholder approval.
The principals behind Exbet.com are Regent Pacific Group Ltd., whose Chairman, Jim Mellon, is reputed to be one of Britain's most successful Internet investors, and Jean-Yves Sireau, the founder of Fortitude Securities (Hong Kong) Ltd., a leading provider of online dealing systems in Hong Kong. Pursuit is excited about this opportunity to participate in the start up of an exciting new venture with experienced and successful partners.
ON BEHALF OF THE BOARD
G. E. Creber
President and Chief Executive Officer |
