Dejour's younger brother on the move!!
FOR IMMEDIATE RELEASE
February 29, 2000 Vancouver, B.C. - The Company wishes to announce that on February 22, 2000 it entered into an interim agreement to purchase 51% of Data.com International, Inc. ("Data.com"), a developer and provider of business application software that addresses the Enterprise Resource Planning ("ERP") requirements of manufacturers. In consideration, Midasco will issue to Data.com, 1,000,000 Special Warrants at a deemed price of US$0.50 per Special Warrant and will provide Data.com with US$1,250,000 to further develop its products for delivery via an Internet business portal. The Special Warrants are exercisable into 1,000,000 common shares of Midasco at no additional cost to Data.com. Midasco will use its best efforts to qualify the shares issuable pursuant to a prospectus to be filed with the British Columbia Securities Commission, so that the shares will be free of statutory hold periods. The shares however will be subject to the following pooling arrangement:
1. 50% of the shares will be released upon receipt for a final prospectus.
2. the remaining 50% of the shares will be released from pool six months from the date the receipt for the final prospectus was received.
Midasco will also have a six-month option to commit to acquire the remaining 49% of Data.com, conditional upon Midasco providing Data.com with an additional US$2,000,000.
Data.com International, Inc. is a privately held Minneapolis based company incorporated in the state of Minnesota, in September 1998. The company was formed to move its proprietary ERP systems to the Internet in order to provide small to midsize manufacturing companies access to powerful ERP systems on a subscription (monthly rental) basis through an Internet business to business ("B2B") portal. This B2B portal will operate as an exchange or vortex, linking buyers and suppliers in a highly optimized network of communication and commerce.
Data.com has a strong, field proven, full-featured ERP software application, called DataStor. Its suite of e-business software modules utilize a fast, powerful, multi-valued database management system, which currently runs on NT, Unix or Linux operating systems, and has been uniquely designed for the multi-customer demands of the Internet. DataStor fully integrates manufacturing, financial and human resources functions in an on-line, real-time system environment. Data.com will provide manufacturers with the ability to run DataStor products over the Internet through a URL web site that Data.com will provide and maintain.
Data.com currently has a nucleus of customer installations that have proven DataStor's reliability and functionality and the beta sites for delivery of this ERP system through a B2B Internet portal.
Upon completion of the Definitive Agreement, Don Roepke, Chairman, CEO and President of Data.com will join Dustin A. Elford, Jay Sujir and Douglas Brett on the board of directors of Midasco.
Mr. Roepke is an engineering graduate from the University of Minnesota and has spent his entire career in the computer industry. Mr. Roepke started his career as an engineer with Control Data Corporation ("CDC"), the largest data service bureau providing computer time for customer based applications. He quickly rose to key executive positions at CDC and when he left his eighteen-year career at CDC he was the Group Executive in charge of West European operations, a $700 million segment of CDC a business that included 4,000 personnel. Since 1992, Mr. Roepke has run his own closely held technology company, DataTrak International, Inc., which he has used as an incubator for the development of new computer technologies, among which were the DataStor application software products.
Midasco has retained Global Securities Corporation ("Global") to act as Sponsor and Agent with respect to this transaction.
Global has agreed to act as Agent in a brokered private placement of 3,000,000 Special Warrants at a price of $1.00 per Special Warrant for gross proceeds of $3,000,000, subject to regulatory approval. Each Special Warrant is exercisable upon clearance of a prospectus, into a unit consisting of one (1) share and one share purchase warrant exercisable at $1.50 for a period of 6 months. Proceeds will be used to complete the acquisition of 51% of Data.com and the balance of the funds will be used for general working capital.
In connection with this transaction a finders fee is payable in cash in accordance with Canadian Venture Exchange policies.
On behalf of the Board of Directors
Dustin A. Elford
President & Director |
