Mandorin Goldfields Inc -
Mandorin completes review of acquisitions
Mandorin Goldfields Inc
MGD
Shares issued 28,273,547
2000-02-23 close $0.73
Thursday Feb 24 2000
Mr. Malcolm Stevens reports
The company has completed its review of several e-commerce acquisition
opportunities, and has signed a memorandum of understanding to acquire 50 per
cent of a multicurrency e-billing business from Hawkesbridge Ltd., an e-business
incubation and management company with head offices in Sydney, Australia.
Malcolm Stevens said: "The e-billing business is a state-of-the-art provider of
real-time, secure billing for e-commerce payment solutions. Every on-line business
must have a secure on-line billing solution if it is going to transact over the Internet.
e-billing provides the fundamental building blocks of business-to-business (B2B)
and business-to-market software.
"With the ever increasing takeup of e-commerce by businesses and individuals, the
board of Mandorin is pleased to have the opportunity to become an integral part
of the rapidly expanding e-commerce world.
"The e-commerce revolution is only just beginning and there are millions of
businesses around the globe that haven't yet installed a quality e-commerce
transaction package. We intend to be one of the preferred choices when they
make that decision.
"The opportunities for e-commerce are significant. For example, e-commerce
billing company, EDS, gained $1.4-billion (U.S.) in new business in 1999 from
e-solutions alone. First Data is the world's largest provider of processing services
for Visa and MasterCard; transactions exceed 10 million per day ($750-million)."
The founders of e-billing, D.J. Batts, Karen Gold and Anthony Fulton, have
extensive experience in IT and e-commerce solutions. Their respective projects
include:
IT development contracts for various United States government agencies;
American Express Australia international phone card service;
on-line development of the magazine and database for Washington's premier IT
magazine;
branch information service for one of Australia's top four national banks;
created share ware diagnostic tools which were given a five-star rating by Ziff
Davis of Z-DNet;
the help desk and tech share registration software for Novell Australia & New
Zealand; and
innovative national payment solution for a premier Australian real estate agency.
In addition, the founders of e-billing have already created payment processing
systems for several successful e-commerce businesses, incorporating
state-of-the-art security and fraud detection components.
Mr. Stevens further noted, "It is rare that one has the chance of being at the
beginning of any movement, but on this occasion we are privileged to be and more
importantly we are looking forward to being involved in a major way in a suite of
products which will become products of choice by e-commerce aspirants."
The consideration for the acquisition of 50 per cent of the e-billing business is 15
million common shares in Mandorin Goldfields Inc. In addition, 1.5 million options
will be issued under the Mandorin employee/consultant stock option plan, at a
strike price of 75 cents, to Oyster and e-billing key executives.
The transaction is subject to due diligence and regulatory approval.
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