March 6, 2000 09:37 AM
NEW YORK, March 6 /PRNewswire/ -- Martin F. Cardone, CEO of Virtual Reality, Inc. VIRT , is pleased to announce that the
company has signed a Letter of Intent to buy Intellashop Inc., with its scalable data-mining software and revolutionary
applications in online shopping. Intellashop, Inc. was developed by Zorro Systems Inc., a subsidiary of Tropika International
Limited (CDN: TPIL), of Toronto, Canada.
The Letter of Intent contemplates that Virtual Reality, Inc. would purchase all of the issued and outstanding shares of
Intellashop, Inc. in exchange of Virtual Reality, Inc. shares. Upon completion of the transaction, Zorro Systems Inc. would own a
controlling interest in Virtual Reality, Inc., which would subsequently be renamed.
"I believe the competition does not match the extraordinary potential of Intellashop in the retail shopping arena," said Mr.
Cardone. "With the Intellashop technology, we will have the ability to enter a mass market where a transactional sales model
can drive enormous revenues. In addition, as the web environment becomes more sophisticated, Intellashop's elastic,
Linux-based architecture and powerful search engine will enable us to adapt and grow, keeping us at the forefront of online
consumer shopping aids."
"Intellashop will revolutionize online shopping," said Casey Shea, President of Intellashop.com and VP Marketing for Zorro
Systems. "It 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."
This transaction is subject, in part, to satisfactory independent evaluations, the exercise by both sides of appropriate due
diligence investigations, and the negotiation and completion of a definitive agreement.
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. Zorro
Systems Inc., its subsidiary, has developed a highly adaptable, extremely robust, Linux-based search engine -- the software
used by Intellashop, Inc.
This release contains forward-looking statements that are subject to risks and uncertainties. Although Virtual Reality, Inc.
believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ materially
from those expectations.
SOURCE Virtual Reality, Inc. |
