To Acquire Controlling Interest in an Israeli Medical Technology Co.
March 3, 2000
via CDS
Harry Z. Bristman, Chairman & CEO of Starpoint Goldfields Inc. is pleased to announce the Company has
completed due diligence on the Israeli medical technology company, and have reached an agreement in principal to
acquire a 51% equity in Labour Control Systems Ltd. for US$3.5 million. The Haifa based company is arms length
to Starpoint and its principals. It develops products using fibre-optic probes for use in the medical field. Already at
an advanced stage of development and testing, the Israeli company will market worldwide vital sign fetal monitoring
equipment which reduces infection and provides more accurate data during labour before childbirth. The probes
complements fetal monitoring and represents a unique scientific breakthrough with universal application. A formal
contract remains to be signed, and is expected to occur on or before March 22, 2000. Terms will include an
exchange of directors with payments and the equity interest acquired to be made in stages over a period of two
years.
The Company has made one initial payment of $100,000USD and a further payment of $100,000USD is to be
made on or before May 1, by which time the Company anticipates receiving regulatory acceptance to the
transaction. The Company will remain halted until it satisfies Canadian Venture Exchange 'Change of Business'
requirements including securing a member sponsor.
Completion of the transaction is also subject to a number of conditions, including but not limited to, Exchange
acceptance and shareholder approval. Investors are advised that there can be no assurance that the transaction will
be completed as proposed or at all.
CONTACT: TEL: (604) 988-3600 Starpoint Goldfields Inc.
FAX: (604) 988-3605 Harry Z. Bristman, Chairman & C.E.O.
EMAIL:sts@starpoint.com |
