Equess clarifies stock halt
Equess Communications Inc EQS
Shares issued 16,172,900 Mar 9 close $1.31
Fri 10 Mar 2000 News Release
Mr. Darren Moore reports
Equess was halted yesterday pending clarification of the news release dated
March 9, 2000. Equess in its role as a communications billing consultant is
currently billing approximately $4.5-million per year.
To date, the corporation has invested $5,250,008 into PTD Technologies Inc.
and received 5,250,008 non-voting common shares of PTD. PTD is a privately
held research and development company in the biomedical field with
particular focus on early detection of prostate and ovarian cancer, using a
sophisticated Internet-related data network for the transfer of
information. PTD has no intentions currently to go public. Equess will act
as a passive equity partner and will not undertake any operational role
with PTD.
Monies invested into PTD have been raised through placements under
exemption 107(1)(D). The corporation has issued a total of 50,191
convertible preferred shares and convertible debentures at a principal
amount of $558,520.00. The conversion rights of the preferred shares are
that each share may be converted into 10 common shares of the corporation.
Each convertible preferred share is issued at $100 per share. Of these
placements, 94 per cent of monies raised is invested directly into PTD.
President, Darren Moore, said: "Today, we are pleased to announce the
signing of a letter of intent dated March 9, 2000, with the Auto Toy Store
of Toronto, Ont., to purchase 33.3 per cent of their issued and outstanding
shares for approximately $250,000, with equity of Equess and cash. The Auto
Toy Store utilizes the Internet and e-commerce to market and distribute its
specialty aluminum wheels around the world. Our background in
communications makes this business relationship beneficial to both
companies." The Auto Toy Store Web site currently has exposure to
approximately six million hits per month and it has access to a world
inventory of wheels and specialty wheels. It has also just made an
agreement with a European manufacturer to act exclusively in Canada for its
line of replica aluminum wheels for BMW, Mercedes, Porsche and V.W. Equess
will act as a passive equity partner and will not undertake any operational
role with PTD.
Equess also has an equity interest in Netgateway, an Internet-based
e-commerce backbone provider, which the corporation purchased in 1998.
Netgateway trades on Nasdaq, under the symbol NGWY.
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