INTERNATIONAL PURSUIT CORP ("IPJ-T") - Sale of StockSet Position
G. E. Creber, President and Chief Executive Officer of International Pursuit Corporation ("Pursuit") reports:
Following shareholder approval at the Annual and Special General Meeting of Shareholders held on June 25, 1999 (the "Meeting"), Pursuit acquired fifty (50%) percent of the shares of StockSet.com, Inc. ("StockSet").
Pursuit has, up to this date, invested U.S.$20,000.00 in cash in this transaction and its partners earned the right to receive warrants and shares of Pursuit, all as set forth in the material for the Meeting. It is a condition of Pursuit's letter of intent and agreement with Exchangebet.com Holdings Ltd. ("Exchangebet") that Pursuit dispose of its investment in StockSet.
Pursuit has entered into an agreement with Regent Mercantile Bancorp Inc. ("Regent") to sell its position in StockSet for an aggregate consideration consisting of U.S.$500,000.00 of which U.S.$250,000.00 will be payable on closing and the balance on December 31, 2000. Regent is a company associated with Stephen R. Dattels, the Chairman of Pursuit.
While there are many other steps which must be taken before the transaction with Exchangebet can be completed, this is a step in the furtherance of that transaction. TEL: (416) 972-0091
G. E. Creber, President and CEO FAX: (416) 972-0071
International Pursuit Corporation |
