Tuesday August 8, 10:44 am Eastern Time
Press Release
SOURCE: Networks North Inc.
Networks North to acquire ASP assets, investments and operating infrastructure, of Chell.com
-- Name to Change to Chell Corporation, Operating as Chell Merchant Capital Group --
NASDAQ: NETN
TORONTO, Aug. 8 /CNW/ - NETWORKS NORTH INC. (NASDAQ:NETN - news) today announced that it intends to acquire ASP assets, investments and operating infrastructure of Chell.com Ltd. and Cameron Chell for US$28.6 million, in a stock transaction. As part of this transaction, the name of Networks North, Inc. will change to Chell Corporation, operating as Chell Merchant Capital Group. The entire management and staff of the Chell Merchant Capital Group, including Cameron Chell will continue with the new company. The company will continue to trade on NASDAQ and a new ticker symbol will be announced in conjunction with the closing.
The agreement requires shareholder approval and a Special Meeting of Shareholders has been set for September 8, 2000.
"We believe this strategic transaction, gives us the ability to transition into leading strategic aspects of the ASP industry," said Peter Rona, President and CEO of Networks North. "As a result, all the companies in our portfolio will have the opportunity to become market leaders in the ASP Industry."
"This transaction gives the Chell Merchant Capital Group the opportunity to expand its role in leading the ASP industry," said Cameron Chell. "By developing strategic start up companies and acquiring industry leaders in specific vertical markets, it is our goal to become the dominant player in the ASP Econet. To achieve this we will continue to partner with technology industry leaders and leading financial institutions."
About Chell Merchant Capital Group
Chell Merchant Capital Group was founded by Cameron Chell to start and reengineer companies by using the latest in technology and service innovation to maximize value. Cameron Chell, Chairman and Chief Executive Officer of Chell.com, is also a Founder and the Vice Chair of the ASP Industry Consortium www.allaboutasp.org and founder of FutureLink Distribution Corp, co-founder of JAWS Technologies Inc. www.jawstech.com, and C Me Run Corp. www.cmerun.com. Chell Merchant Capital Group is comprised of a group of professionals specialized in the areas of technology, finance, investor relations, public relations, marketing and human resources. For more information on Chell Merchant Capital Group, visit the website at www.chell.com.
Forward-looking statements and comments in this press release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Certain statements which describe Networks North's intentions, expectations or predictions, are forward-looking and are subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors which could cause results or events to differ from current expectations include, among other things: the impact of rapid technological and market change; general industry and market conditions and growth rates; international growth and global economic conditions, particularly in emerging markets and including interest rates and currency exchange rate fluctuations; and the impact of consolidations in the technology industry. These risks may further be discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
For further information
Marilyn Schaffer, Senior Vice President, Global Communications, Chell.com, Tel: (416) 598-9910, Cel: (905) 301-8388, mschaffer@chell.com
Peter Rona, President & CEO, Networks North Inc., Tel: (416) 675-6666, Cel: (416) 618-6694, prona@networksnorth.com
Glenn Lachowiez, Director of Investor Relations, Chell.com, Tel (403) 303-2352, glenn@chell.com
Email this story - View most popular stories emailed
--------------------------------------------------------------------------------
More Quotes and News: Networks North Inc (NasdaqSC:NETN - news)
Related News Categories: computers, internet, telecom |
