Nework Corp -
Nework signs joint venture agreement with Solution Group
Nework Corp NWK
Shares issued 12,200,000 2000-03-14 close $1.25
Friday Mar 17 2000
Mr. John Wiseman reports
Nework has signed a letter of intent with The Solution Group to purchase Nework Corp.'s on-line recruiting and talent management system.
The Solution Group is a major provider of human resource, consulting and executive search services to the Korean market.
The parties of the agreement are Sang Hoon Han, president & chief executive officer of The Solution Group, and Nework Corp.
The Solution Group will contribute $650,000 (Canadian) to the joint venture which will be owned 70 per cent by Solution and 30 per cent by Nework.
The investment by Solution includes a direct investment of $195,000 (Canadian) into Nework Corp.'s technology subsidiary. This transaction was based on a valuation of the Nework technology subsidiary at $20-million (U.S.) (10 million shares at $2.00 (U.S.)).
"After a global review of the various systems available for the on-line recruiting industry, the system developed by Nework Corp. impressed us the most. Their concept of combining on-line and traditional recruiting methodologies, together with their innovative use of technology, we believe, will give us the opportunity to dominate the Korean recruiting market," said Mr. Han.
"This agreement allows us to launch the Nework Global Network of on-line recruiting sites with a significant presence in the Asian market," said Alan Rootenberg, president and CEO of Nework Corp.
The terms of the joint venture are subject to the execution of a definitive joint venture agreement and are subject to regulatory approval.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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