PRAV..believe you guys had this one before..I like it.. :)
Tuesday January 11, 10:47 am Eastern Time
Company Press Release
Paradigm Advanced Technologies, Inc. Announces Agreement to Acquire Internet and Surveillance Assets of Pangea Petroleum Corporation
TORONTO--(BUSINESS WIRE)--Jan. 11, 2000--Paradigm Advanced Technologies, Inc. (''Paradigm'') (OTCBB:PRAV - news) announced today that it has entered into a letter of intent with Pangea Petroleum Corporation (''Pangea'') of Houston, Texas (OTCBB:PAPO - news) to acquire the Internet broadcast, iCam and iCare businesses of WorldLink USA, a division of Pangea.
''This acquisition opens new markets for us,'' said David Kerzner, President and CEO of Paradigm. ''We will now be able to apply our video compression technology to Internet applications, while the acquisition of the iCam and iCare businesses will open up new opportunities for our digital video surveillance business. We believe that the convergence of these significant technologies will provide future benefits to our shareholders as we increase our range of security and compression solutions for the multi-billion dollar security and Internet industries.''
''We are very pleased to be entering into this strategic alliance with Paradigm,'' said Charles Pollock, Chairman of Pangea. ''This deal will enable Paradigm and Pangea to concentrate on their core businesses -- Paradigm will be able to significantly expand the market for its leading edge video technology especially in the rapidly expanding Internet market, while Pangea will now be able to concentrate on its oil and gas business as well as other business developments.''
The transaction is subject to a number of conditions and is expected to close prior to March 31, 2000.
Paradigm Advanced Technologies, Inc. of Toronto, Ontario (OTCBB:PRAV - news) develops and distributes PC-based video surveillance products. The Company's VideoBank and Satcom products are designed to record, store and playback full motion, high-resolution color images which can be remotely viewed or transmitted over various types of communication mediums including T1, xDSL, ISDN, Cellular, Satellite, and POTS. The Company also has the exclusive world wide agency rights to a broad-based GPS patent.
WorldLink (http://www.wl.net) is a leading provider of on-site live media production and hosting for Microsoft(c) Windows Media technologies, on-demand content hosting services and ASF production. Founded in Houston in 1994, WorldLink has become an internationally renowned expert in online media production and Internet Services. WorldLink's extensive history of live and on-demand Webcast production includes radio, television, live concerts, press conferences, Space Shuttle launches, and many other events. WorldLink's on-site production services include all audio/video equipment and expertise required for live events, including cameras, lighting, sound, and support crews, and can provide full production services anywhere in the world.
Special Note: Management believes certain statements in this press release may constitute ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made based on management's views and assumptions regarding future events and business performance at the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
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Contact:
Selwyn Wener, 416/447-3235
swener@better.net
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