VIRT finally came back to life after 10 years:
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: TROPIKA INTERNATIONAL LIMITED
Shares Outstanding: 83,877,406 CUSIP #: 96935 20 2
CANADIAN DEALING NETWORK SYMBOL: TPIL
FEBRUARY 28, 2000
Reverse Merger To Put Tropika Subsidiary On NASD OTC BB:
Intellashop Sale Validates Zorro Technology
TORONTO, CANADA--John Ashbee, Chairman and CEO of Tropika
International Limited, is pleased to announce that Tropika's
51%-owned subsidiary, Zorro Systems Ltd., has signed a Letter of
Intent to sell its 100%-owned subsidiary, Intellashop Inc., the
first commercial application of Zorro's scalable data-mining
software. The prospective purchaser, Virtual Reality Inc. of
Nevada (NASD OTC BB: VIRT), has made an arm's-length, all-share
offer, subject to completion of an independent valuation and due
diligence investigation, to purchase all of the issued and
outstanding shares of Intellashop. After the transaction, Zorro
would hold a substantial majority interest in Virtual Reality.
"Tropika's success is rooted in its ability to identify and add
value in all its operations," said Mr. Ashbee. "Building on our
e-commerce strategy and expertise, we have begun to realize
several potentially lucrative opportunities. In my opinion, the
purchase of Intellashop by Virtual Reality confirms once again
Tropika's ability to act as a viable Internet incubator, creating
and developing significant breakthrough technologies in the
e-commerce market."
"Because of its strength and versatility, Intellashop could
revolutionize online shopping," said Casey Shea, President of
Intellashop.com. "The system showed extremely successfully in its
December beta test - so much so that we felt obliged to leave the
site active through January as a result of demand. It is clearly a
strong, marketable entity with real appeal to online shoppers."
"We have looked at the competition, and we see nothing that
matches the potential of Intellashop," said Martin F. Cardone, CEO
of Virtual Reality Inc. "With this technology, we have the
ability to enter a mass market where a transactional sales model
can drive enormous revenues. As the web environment becomes more
sophisticated, Intellashop's elastic, Java-based architecture and
powerful search engine will enable us to adapt and grow, keeping
us at the forefront of online consumer shopping aids."
This transaction is subject to regulatory approval and the
negotiation of a definitive agreement. It will also require
approval by the shareholders and Boards of Directors of the
companies involved.
Involved exclusively with the Internet, Tropika International
Limited is an Internet incubator, identifying and developing
breakthrough business opportunities that have the potential to be
best-of-class in the e-commerce environment. Tropika applies its
resources in IT, finance, and marketing in order to create and
build value in all its operations.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Information
Tropika International Limited
Tel: 416-674-1365
www.tropika.com
info@tropika.com
or
Investor Relations
The Investor Relations Group
Toll Free: 800-444-9214
www.invrel.com
tropika@invrel.com
or
Shareholder Relations
Ciris International Inc.
Tel: 416-368-8770
www.cirisint.com
robins@cirisint.com
INDUSTRY: RES
SUBJECT: NWS
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