Thursday April 13, 11:34 am Eastern Time
Company Press Release
GETGO Mail.com Inc. Announces Completion of Private Offering of Securities
HONG KONG--(BUSINESS WIRE)--April 13, 2000--GETGO Mail.com Inc. (the ``Company') (Nasdaq:GTGO - news) announced that it completed a private offering of securities for total subscriptions of $1,375,000. The proceeds from this offering will be used for the continued development of the GETGO Mail(tm) card, its initial marketing and the registration of its shares of common stock of GETGO Mail.com USA Inc., a wholly owned subsidiary of the Company.
The Company anticipates filing a Registration Statement with the United States Securities and Exchange Commission to register the shares of common stock of its wholly owned subsidiary GETGO Mail.com USA Inc. being spun-off to its shareholders during the second calendar quarter of this year. At this time, the Company expects to distribute 90% of the issued and outstanding shares of the subsidiary to shareholders of record at the time of the spin-off with 10% of the shares being retained by GETGO Mail.com, Inc. GETGO Mail.com USA Inc. will retain all assets associated with the Company's development of Unified Messaging products and services including patent license agreements with Visual Access Technologies, Inc., prototype engineering and design work and software development. |
