Wow, where'd everyone go? Here's a couple of N.R.'s that might lure some folks out from hiding:
TECHNOVISION SYSTEMS INC.
dba UNIServe Online
iTCANADA.com INC. PURCHASE AGREEMENT FINALIZED
Aldergrove, BC, October 16, 2000 - Technovision Systems Inc.
(CDNX:TVS) is pleased to announce that a definitive purchase
agreement has been executed between TVS and the principals of iTC.
Option agreements held by iTC to purchase up to 28 independent ISPs,
representing approximately 175,000 subscribers across Canada, can
now be dealt with by TVS directly. The consideration for the
purchase of iTC consists of a total of 9,090,918 shares of
Technovision that will be issued into trust subject to regulatory
authority approval. The shares will be released from trust in
increments as the various option agreements are closed and the
subscribers are moved into the customer base of TVS. All the shares
will have been released upon completion of the acquisition of target
ISPs representing 100,000 subscribers. The shares will still be
subject to a voting trust agreement and the CDNX rules for Tier 2
Surplus Securities.
“The period that has elapsed since we signed the LOI covering this
transaction on August 8th, has been a time of focused negotiations”
said Gordon Tremain, President and CEO of Technovision. “We have
exercised a number of the underlying option agreements subject to
the execution of this definitive agreement which has caused a number
of people to test their levels of patience and understanding. I
really appreciate the efforts they have made to be positive
contributors to the process. Now that the governing agreement is in
place, we can move forward rapidly and bring these companies into
the Technovision family, as well as welcome some of the senior
executives of iTC onto our Board of Directors and into our
management team”.
Technovision is a Canadian company listed on the Canadian Venture
Exchange under the symbol TVS. For more information visit
www.tvs.net or call investor relations at 604.856.6281 ext. 331, or
e-mail jwise@uniserve.com .
ON BEHALF OF THE BOARD OF DIRECTORS
“Gordon Tremain”
____________________________
Gordon Tremain, President & CEO
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
---------------------------------------------
Technovision posts profit of $3,467,556 at year-end
Technovision Systems Inc TVS
Shares issued 11,205,188 Oct 13 close $1.25
Fri 13 Oct 2000 News Release
Mr. Gordon Tremain reports
Technovision Systems has released its annual audited financial statements
for the fiscal year ended May 31, 2000. The results reflect continuing
significant growth in both gross revenue and profit when compared with the
previous year. Highlights are:
FINANCIAL HIGHLIGHTS
12 months ended May 31
2000 1999
Gross revenue $ 6,443,393 $ 5,038,939
Gross profit 3,467,556 2,688,947
Profit before tax 1,075,532 1,110,936
Total assets 4,879,856 4,121,519
Working capital 730,940 632,654
Shareholders'
equity 3,238,462 2,619,623
"These numbers are in line with our projections," said Gordon Tremain,
president and chief executive officer, "and reflect the soundness of our
policy of growth through both marketing campaigns and acquisitions. We are
putting in place a solid financial foundation that will allow the company
to consider much larger targets such as the iTCANADA deal which is close to
completion. Solid growth also gives us credibility with major financial
institutions who will be financing some of the iTC purchase. At this time
next year I should be talking about gross revenue of $18-million, and
higher for the year following."
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com |
