This company claims to have a contract with CISI:
MAGRA COMPUTER TECHNOLOGIES CORP - Proposed Acquisition Of Internet-BasedE-Commerce Company
Wed Feb 09 16:33:00 EST 2000
Toronto, Ontario, Feb. 09, 2000 (Market News Publishing via COMTEX) -- Magra
Computer Technologies Corp. ("Magra" or the "Company") announced that it has entered into an agreement with Matdean Technologies ("Matdean"), an unrelated private company for the acquisition of all of the issued and outstanding common shares of Matdean in exchange for the issuance of common shares of the Company.
Alan Smith, the President of Matdean, will become a Director of Magra and assume a senior management role with the combined entity. The transactions outlined below are still subject to the completion of respective due diligence and any
required shareholder and regulatory approvals.
The agreement contemplates Magra issuing from its treasury up to 10 million common shares to the shareholders of Matdean at a deemed price of Cdn. $0.20 per share, the exact number will depend upon the results of an independent valuation being conducted on Matdean. It is expected that the valuation will be completed in the next four weeks, with the closing to occur
soon thereafter. Meanwhile, Magra and Matdean are proceeding with the preparation of definitive legal documentation. A new slate of Directors will be proposed by Magra at its upcoming annual meeting, expected sometime in April of this year.
Matdean is an internet-based e-commerce enabled company which has an agreement to acquire an exclusive license to exploit "internet shopping mall" technology in Canada and Europe developed by CIS.com Inc., a Miami, Florida public company.
Management of Matdean considers that this technology will give the company a significant and sustainable competitive advantage over competition. Matdean will be able to address a wide range of business-to-consumer and business-to-business
e-commerce implementation requirements for its clients. Numerous e-business applications are required by small and medium size businesses and as the e-business environment evolves.
Matdean through its licensing rights will develop on-line retail malls. These malls will be modeled from the initial mall developed by the CIS.com and located at www.ecismall.com., which will be open sometime in the late February of this year. Matdean, through its licensing rights with CIS.com, intends to open comparable malls to service Canada and Europe in the near future. These malls will consist of a variety of retail stores as one would find in any conventional mall and will be e-commerce enabled. The initial emphasis will be on computer
related products, and, subsequently, will expand into other conventional retail products and services.
The on-line malls developed by Matdean will be managed as separate entities. The intention is to source and hire talented, skilled managers to run each mall. Each mall will have "stores" focusing on different products (rather than one store with many "aisles" of different products). The intention is to develop stores in each of over 1500 search categories to break down the selections of brand name computer products offered in the mall.
Magra considers that the acquisition of Matdean will enable it an entre into the developing world of e-commerce shopping malls. |
