SKG Interactive Inc. Completes Acquisition of Paralight Laser Technologies,
Inc.
Business Editors
RICHMOND HILL, Ontario--(BUSINESS WIRE)--March 23, 2000--SKG
Interactive Inc. (TSE:SKG.)
SKG Intention to Develop Joint Venture for Multi-head Optical
Disc Drive Technology Marketing
SKG Interactive Inc. today announced that they have received
approval from the Board of Directors of both SKG Interactive and
Paralight Laser Technologies, Inc., and a majority of the shareholders
of Paralight have voted in favour of the proposed acquisition of
Paralight by SKG Interactive. The legal documentation relating to the
acquisition has been finalized and signed by both parties, and the
issue of shares relating to this transaction will follow shortly,
subject to review and approval of the final documentation by
regulatory authorities.
SKG Interactive also wishes to announce that it has entered into
negotiations with a major corporation with respect to forming a joint
venture to develop and market Paralight's proprietary multi-head
optical disc drive technology. The acquisition of Paralight represents
a major strategic move by SKG Interactive into proprietary optical
disc drive technology and related products with significant e-commerce
business-to-business applications. By entering into a joint venture
arrangement to develop, market and licence the Paralight technology,
SKG intends to create immediate value from this acquisition, while at
the same time maintaining focus on its primary business area, being
the immediate expansion of its 2-D, 3-D and wireless online shopping
platforms.
Paralight has pioneered the world's first multiple head optical
disc drive. The core product of Paralight is the multiple head optical
disc drive as applicable to CD-ROM and DVD drives. This product
provides powerful multi-head technologies for writing and reading
data, enables high-speed writing with full interruptability, and
allows simultaneous data verification and error correction on-the-fly
as the data is written, and provides ultra-fast data transfer and
retrieval rates. Paralight's technologies have been clearly
demonstrated in prototype machines to several major corporations in
the computer peripheral industry.
Paralight has been granted one broad, fundamental patent and has
three significant patents pending relating to the technology that they
have developed.
Paralight has progressed from the fundamental invention to the
construction of development drives that confirm the operation and
capability of the multi-head technology. Paralight has developed
compact CD-ROM feasibility prototypes, which demonstrate that its
technologies are both practical and economically viable. Paralight
intends to develop 2-head drives for the DVD/CD-RW market, and both
2-head and 4-head drives for the DVD+RW market. About SKG Interactive
Inc.
SKG Interactive Inc. (TSE:SKG.) is focussed on creating Canada's
premiere e-commerce destination. NorstarMall.ca Inc., a division of
SKG Interactive Inc., offers consumers access to over 160 Canadian
e-tailers and over 275 American e-tailers, all at a single
destination. NorstarMall.ca is also home to Canada's first and only
wireless shopping portal and 3-D cybermall, which features the
combination of entertainment, information services and brand name
Canadian retailers including Holt Renfrew, Indigo Online, Future Shop,
La Senza Lingerie, Roots Canada, Danier Leather, HMV.com, and
SportMart.ca, creating a uniquely Canadian destination for online
shoppers.
--30--jsk/in*
CONTACT: SKG Interactive Inc.
Investor Relations
Tel: 905/985-9687
Fax: 905/985-8238
Email: investorinquiries@skginteractive.com
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