Can anyone explain if this is positive or negative ?
Wed, 16 Feb 2000 13:56:41 -0800
>
>World Sports and Bee-trade.com financing oversubscribed
>
>World Sports Merchandising Inc
WSMI
>Shares issued 39,050,775 Feb 15 close
$0.50
>Wed 16 Feb 2000 News
Release
>Mr. Richard Delguardia reports
>World Sports Merchandising's joint venture Bee-Trade.com, an
on-line
>business-to-business auction, marketing and commerce company, has
completed
>its initial private financing of $2.5-million (U.S) from the sale of
one
>million units.
>Each initial unit, priced at $2.50 (U.S.) per unit, comprises one
common
>share in the capital stock of Bee-Trade.com and half of a common
share
>purchase warrant, exercisable for a period of three years from the date
of
>issuance at a purchase price of $3.25 (U.S.) per share. In total,
one
>million shares and 500,000 warrants will be issued. The private offering
of
>one million units is oversubscribed and Bee-Trade.com is
currently
>considering the value of placing additional units; however, the
final
>closing date for this financing will be Feb. 18, 2000.
>The capital will be used for alliances, acquisitions, working capital
and
>the costs of the planned initial public offering of Bee-Trade.com Inc.
The
>financing also allows the partial repayment of debt to WSMI.com
arising
>from a previously announced purchase of the Internet Auction Network
from
>WSMI.com. As announced, Bee-Trade.com will pay the balance of debt
to
>WSMI.com upon completion of the initial public offering, expected
later
>this year.
>"The oversubscription for the initial offering of Bee-Trade.com
has
>confirmed what we at WSMI.com already knew," said Richard
Deleguardia,
>president of WSMI.com, "The Bee-Trade concept is being embraced by
the
>business community as the leading edge of a new wave of Internet
commerce.
>This financing allows Bee-Trade.com and WSMI.com to forge the
strategic
>partnerships that will help us to offer a complete e-solution."
>Bee-Trade.com, a joint venture between WSMI.com of Toronto and Cable
Print
>Network Marketing of Jenkintown, Pa., is the first company on the
Internet
>to build, license and consolidate e-tail and auction e-commerce Web
sites
>and provide each site with strong identity through membership,
cross
>promotions, world-class software and both traditional and
on-line
>marketing. Bee-Trade.com's mandate is to provide a global forum
for
>boutique style auction and e-store sites, allowing member bidders to
buy,
>sell and trade goods and services in a safe and effective environment
over
>the Internet. |
