News update on holdings
NEWS RELEASE TRANSMITTED BY CCN DISCLOSURE
FOR : Pinetree Capital Corp.
CDNX SYMBOL: PNP
February 29, 2000
Pinetree Capital Corp. Announces Recap Of Investments Made In Past Six Months
TORONTO, ONTARIO--Pinetree Capital Corp. ("Pinetree") is pleased to announce that the following Strategic and Significant Portfolio investments were made by Pinetree in the past six months. Strategic investments are those where Pinetree owns at least 5% of the investee company. Significant Portfolio investments are those in which Pinetree has invested at least CDN$250,000, but owns less than 5% of the investee company. In addition to the following, Pinetree has also made a number of other portfolio investments, each of which was valued at less than CDN$250,000.
C ME Run Corp.
Pinetree acquired 100,000 C Me Run Corp. ("C Me Run") Series B Convertible Preference Shares at US$3.00 per share. Each such share is convertible, for no additional consideration, into one Common Share. As part of the purchase of the preference shares, Pinetree received 25,000 Warrants, each Warrant entitling Pinetree to purchase a Common Share at US$2.50 per share.
C Me Run is an emerging business-to-consumer (B2C) Internet Computing Company, pushing application service provision (ASP) down to the consumer level through an innovative technology platform and an aggressive channel partnering strategy. By partnering with Internet Service Providers (ISPs), Web Portals (Portals), telecommunications services companies (Telcos), computer hardware manufacturers (Box Makers) and even other B2B-focused ASPs, C Me Run intends to enable the consumer to access brand name software programs via the Internet in a very cost efficient manner. Co-Branded Internet Computing Service is C Me Runs' primary service offering. C Me Run is currently deploying and beta-testing an internet based, browser-accessible computer platform that its channel partners will license, co-brand and market to their consumers/customers as an integrated component of their own Internet product or service. The partners will select from an array of application software packages to offer to their consumers, and subscriptions will automatically include upgrades to future versions.
C Me Run's shares are traded on the Nasdaq OTC Bulletin Board under the symbol "CMER". For further information on C Me Run, please visit its web site at www.CmeRun.com.
Sparling Capital Corporation
Pinetree acquired 1,000,000 Units of Sparling Capital Corporation ("Sparling") at CDN$0.25 per Unit, each Unit comprised of one Common Share and 1/2 Warrant. Each full Warrant entitles the holder to acquire one additional Common Share at CDN$0.50 for two years. Pinetree holds an approximate 9.7% equity interest in Sparling.
Sparling delivers Linux education through its subsidiary, Red-tail Information Technologies, an internet service provider that provides web-based tutorials in numerous software applications and also specializes in the configuration and operation of Linux networks and computer consulting. Red-tail has training centres in Kelowna, BC, and Winnipeg and can be found on the Web at www.red-tail.com.
Sparling's Common Shares are traded on the Canadian Venture Exchange under the symbol "SAC". For more information, visit the Sparling web site at www.healthcareerschools.com/irmain.html.
Jaws Technologies Inc.
Pinetree acquired 40,000 Units of Jaws Technologies Inc. ("Jaws") at US$4.25 per Unit. Each Unit consists of one Common Share and one Warrant to purchase 1/2 Common Share at US$6.50 per share.
Jaws provides secure information management solutions including managed security services, security software products, consulting services and secure internet and secure network storage services for key client groups including governments, law enforcement, healthcare, legal and accounting, financial services, e-commerce, internet service providers and application service providers. Jaws is based in Calgary, Canada and has offices in Toronto, Canada, Fairfield, New Jersey and Pasadena, California. Jaws has over one hundred employees, thirty strategic partners, approximately 100 corporate clients, over 300 authorized re-sellers and has distributed approximately 580,000 copies of Jaws Xmail, a secure messaging email software program.
Jaws' Common Shares are traded on the NASD-OTC BB, under the symbol "JAWZ". For more information, visit the Jaws web site at www.jawstech.com.
Applied Terravision Systems Inc.
Pinetree acquired 100,000 Applied Terravision Systems Inc. ("ATS") Special Warrants at CDN$3.00 per Special Warrant. Each Special Warrant entitles the holder to acquire, for no additional consideration, one Common Share of ATS and 1/2 Warrant. Each whole Warrant entitles Pinetree to purchase one Common Share at CDN$3.75 per share.
ATS provides mission critical e-business information solutions that effectively manage the complex ownership of revenue-producing assets for blue ship and small business organizations in the government and private sectors around the globe. Over 650 client companies have deployed ATS' robust suite of integrated financial accounting and asset ownership software and services. As a B2B e-Business Provider, ATS delivers its information solutions through an e-business model. Clients access a wide variety of financial, operational and geographical data using private accounts via the Internet.
ATS's Common Shares trade on the Canadian Venture Exchange under the symbol "TER". For more information, visit the ATS web site at www.artesia.com.
OnX Incorporated
Pinetree acquired 70,000 Special Warrants of OnX Incorporated ("OnX") at CDN$10.00 per Special Warrant. Each Special Warrant is convertible, for no additional consideration, into one Unit. Each Unit consists of one Common Share and 1/2 Purchase Warrant and one Bonus Warrant. Each whole Purchase Warrant entitles Pinetree to purchase one Common Share at the IPO price (still to be determined) for one year after the IPO date. Each whole Bonus Warrant entitles the holder, without additional consideration, to acquire a further number of Common Shares which is yet to be determined (based on IPO price and other factors).
OnX implements end-to-end, mission critical e-Business solutions for emerging and evolving companies competing in the New Web Economy. E-Business solutions provided by OnX include: (i) strategic e-Business and marketing consulting, (ii) creative web design, (iii) web-based application development, (iv) mission critical infrastructure integration, (v) e-Business application hosting, (vi) e-Business start-up services, and (vii) incubating and growing hosted e-Businesses such as Book4golf.com, Net Periscope, and Brokercom.
OnX is currently a private company and accordingly there is no public market for its securities. For more information please visit the OnX web site at www.onx.com
Jotter Technologies, Inc.
Pinetree acquired 20,000 Jotter Technologies Inc. Series A Preferred Shares at US$10 per share. Each Series A Preferred Share carries with it 3.9684 Warrants which gives Pinetree 79,368 Warrants. The Series A Preferred Shares pay a non-cash dividend of $0.70 per share or 7% per year. The principal amount paid for the shares together with accrued dividends are convertible into Common Shares at US$1.26 per Common Share on December 31, 2001. The Warrants are exercisable at US$1.26 per share.
Jotter Technologies, Inc. has developed an Internet toolbar and is developing and marketing a proprietary, patent pending Internet microportal known as "Jotter". "Jotter" is an intuitive microportal that provides easy-to-use, value-added functionality for consumers using the Internet by putting them in control of their Internet experience. The service also provides significant benefits to businesses as it drives e-commerce by simplifying and enhancing the consumer's online purchasing experience. As an interactive desktop toolbar, Jotter offers such features as (i) intelligent form completion on the Internet; (ii) interactive alerts to remind users about specified dates and events; (iii) ticker with personalized stock quotes, news updates and more; and (iv) immediate search capabilities; all from an application bar at the bottom of a Windows screen. Jotter gives consumers increased personalized interactivity and control over information they give and receive on the Internet. Jotter has received numerous awards since its April, 1999 launch including a distinguished 5-star rating from ZD Net.
Jotter Technologies, Inc. is currently a private company and accordingly, there is no public market for its securities. For further information on Jotter Technologies, Inc., please visit its web site at www.jotter.com.
ACS Sports.com, Inc.
Pinetree acquired a US$210,000 ACS Sports.com, Inc. ("ACS Sports") Convertible Note. The Note pays interest at 10% per annum and is convertible into Common Shares and Warrants to be determined pursuant to a formula.
ACS Sports' mission is to become a leader in the digitization of local and regional sports content. ACS Sports distributes local and regional sports content, merchandise and ticketing over the Internet through its exclusive internet media rights to the official web sites of sports teams, such as: New York Yankees, New York Mets, Baltimore Orioles, Tampa Bay Devil Rays, Cleveland Browns, Minor League Baseball, and many others. Management's objective is to make ACS Sports the nation's premier developer and marketer of Internet web sites for professional and collegiate sports teams and leagues and to become the dominant provider of regional and local sports content through a network of regionally operated web sites. ACS Sports' current coverage incorporates the convergence of multiple sources of proprietary sports content in the form of text, audio, video, animation, contests, and games. ACS Sport's strategy in achieving these goals will involve (i) focusing exclusively on sports, (ii) establishing strategic relationships to enhance web site traffic and build revenues, (iii) pursuing multiple revenue opportunities, (iv) developing diverse distribution channels, and (v) aggressively pursuing international growth opportunities.
ACS Sports is currently a private company and accordingly there is no public market for its securities. For further information on ACS Sports please visit its web site at www.acssports.com.
ProLessons.com Inc.
Pinetree acquired 698,500 Common Shares of ProLessons.com Inc. ("Prolessons") at US$0.45 per share, representing an approximate 7.4% equity interest in ProLessons.
The Prolessons web site will deliver exclusive entertainment to a wide demographic base of consumers. Men, women and children of all ages and interests will receive high speed, high definition on-line video of their favorite athletes and personalities. These consumers will be guided to the site initially through a marketing strategy comprised of traditional advertising, gaining necessary exposure for the Prolessons brand. To accelerate consumer traffic to the site, Prolessons has devised a sales and marketing strategy directed at vendors of highly visible consumer brands. Prolessons will, in partnership with its vendors, provide in-store promotions using Prolessons gift certificates to be used as value added premiums by the vendor to gain new listings, incremental sales and line extensions with their merchants.
There is currently no public market for the Common Shares of Prolessons. For more information, please visit the Prolessons web site at www.prolessons.com.
JCI Corporation
Pinetree acquired a CDN$500,010 11% Promissory Note issued by JCI Corporation ("JCI") which carries with it Warrants to purchase 33,334 Common Shares at the lesser of US$10.00 or CDN$15.00.
JCI is developing a data transmission and storage communications network, or ExtraNet, to solve the unique needs of the film production and post-production industries. JCI calls its ExtraNet the JCI FirelineTM Network. JCI's ExtraNet will provide customers with an "on demand" transmission and storage management system designed to meet the industry's ultra high bandwidth video and data storage and retrieval requirements. JCI believes that, when complete, the Fireline Network will be the first network capable of transmitting high-definition video and the highest quality digital video (referred to in the industry as ITU-601 or D1) in real time and uncompressed form.
There is currently no public market for the Common Shares of JCI. For more information, please visit its web site at www.jcicorp.com.
Sheldon Inwentash, Chairman and CEO of Pinetree stated "The Company is very pleased with its recent investments, in particular with the performance of those investments which have a public market." Mr. Inwentash added "Some investments were not previously announced as they were not material on their own or at the time they were made and many have just recently closed."
Pinetree Capital Corp. is a publicly traded company that focuses on being first to fund emerging growth businesses with breakthrough proprietary products. Pinetree acts as a catalyst for success by taking a leadership position in its investee companies and committing both financial and human resources to their projects. Pinetree's goal is to maximize both short and long-term investment value for it shareholders. Pinetree's focus is in the e-business sector, and in particular, companies with internet enabling technology. Trading in Pinetree's shares are reported on the Canadian Venture Exchange (the "CDNX") under the symbol "PNP". Visit the Pinetree Capital Corp. web site at www.pinetreecapital.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree's results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.
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FOR FURTHER INFORMATION PLEASE CONTACT :
Sheldon Inwentash
Chairman and C.E.O.
(416) 941-9600
E-mail: info@pinetreecapital.com
INDUSTRY : FIS
SUBJECT : NWS |
