RRL: Internet Privacy Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : RRL: Internet Privacy

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Rampant who wrote (27)	2/9/2000 5:20:00 PM
From: kidl	Read Replies (1) of 39

Rocca signs $10-million SiegeSoft joint venture Rocca Resources Ltd RRL Shares issued 5,800,000 Feb 8 close $1.22 Wed 9 Feb 2000 News Release Mr. David Hodge reports Rocca Resources has entered an agreement to form a joint venture company (Siegesoft Asia) with a group of Hong Kong businessmen to further develop and market its SiegeSoft privacy software in Asia. The agreement will be financed with $10-million from the Hong Kong group. The group will supply local expertise to market and further develop SiegeSoft products effectively throughout Asia. SiegeSoft Asia will initially be owned 50 per cent by Rocca and 50 per cent by the Hong Kong group. The board of directors of SiegeSoft Asia will be appointed on the same basis. Rocca's consideration to the SiegeSoft Asia will be the issuance of $10-million worth of shares in the capital stock of Rocca Resources at a deemed price of $1.01. The shares issued will be subject to a four-month hold period. The Hong Kong group has extensive experience with the management of public companies on the Hong Kong stock exchange. Any additional capital raised will see the two shareholders being diluted on an equitable basis. SiegeSoft Asia will be headed by Chung Chor Ho, a prominent Hong Kong real estate investor. Mr. Ho has put together a team of financial and business partners for this project. Mr. Ho has realized the growing need for Internet privacy software in Asia. This decision follows a trend by business people in Hong Kong away from the traditional real estate market and into the Internet technology market. "It would be difficult for a foreign company to enter the Asian market alone and exploit the true potential. This joint venture should dramatically speed the effectiveness of SiegeSoft software's entry to this vast market. To our knowledge our privacy software will be the first to enter the Internet privacy market in Asia. Further, the sharing of technological developments will keep SiegeSoft ahead of the competition and assist innovation," said Shaun Ledding, SiegeSoft.com vice-president of corporate development. In addition, the SiegeSoft Asia will be granted a right to purchase the rights to an exclusive licence in Asia for the software program known as MyEdesk. The purchase price will be 50 per cent of the total investment made by Rocca in MyEdesk with any share consideration paid by Rocca at a deemed price of $1.50. A software improvement agreement will exist between Rocca and SiegeSoft Asia where each company will have the benefit of any new developments and/or improvements to the SiegeSoft privacy software. Any business opportunities based in Asia which come to either Rocca or SiegeSoft Asia will first be offered to the SiegeSoft Asia. This will provide Rocca with a vast array of contacts and opportunities throughout Asia. In summary SiegeSoft Asia will have $10-million in cash and $10-million equity in Rocca which will give it the ability to aggressively market the SiegeSoft product in Asia. Rocca will own 50 per cent of the SiegeSoft Asia. The agreement is subject to exchange approval. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next