WSI INTERACTIVE CORP - Completion of Share for Debt Settlement and iaNett Acquisition [1094]
Theo Sanidas, Director of WSI Interactive Corp. announces:
Share for Debt Settlement
Further to the CDNX bulletin dated March 30, 2001, the Company has issued 2,974,061 common shares to its creditors at a deemed price of $0.10 per share to settle a total of $297,405.99 in debt. These shares are subject to a hold period under CDNX policies and may not be traded until after July 30, 2001.
The Company's remaining accounts payable after completion of the above settlement total approximately $780,000 and the Company is continuing negotiations with its other creditors to settle this outstanding debt. The Company is currently negotiating with the lender to arrange a mutually agreeable repayment schedule for the $500,000 loan made to the Company and announced in a news release dated November 1, 2000.
Completion of iaNett acquisition
The Company has issued 320,000 shares to the existing shareholders of iaNett.com Internet Technologies Ltd. ("iaNett") to increase the Company's ownership of iaNett to 54.5%. The WSi shares issued for the acquisition are subject to a hold period expiring on July 21, 2001.
The iaNett shareholders have also granted WSi an option to acquire all of the remaining shares of iaNett by the issuance of an additional 3,680,000 shares of WSi. This option was originally subject to WSi completing a financing of $250,000 by April 15, 2001. WSi has obtained the consent of the iaNett shareholders to extend this financing deadline to May 31, 2001. If these additional WSi shares are issued, they will be subject to a four month hold period from the date of issuance.
If WSi does not exercise its option to acquire all of the iaNett shares, and if iaNett has not become a public company or been sold to a public company by June 19, 2001, then WSi's interest in iaNett will be reduced to 49.5% and the other iaNett shareholders' interest will be increased to 50.5%.
The business of iaNett.com Internet Technologies Ltd. is twofold; the company's focus is to develop and market scaleable Internet search engine technology as well as turnkey e-commerce solutions. IaNett develops and markets scaleable Internet searching technology, empowering websites to fully integrate Internet search engine content to enhance visitor retention and site appeal. The unique search engine technology is based on a progressive parallel-computing infrastructure. In a previous news release dated September 7, 2000, iaNett launched its newly developed Theme Based Search Engine (TBSE). The TBSE allows users to search within a topic specific database. iaNett developed the database through the use of custom written data mining software. The databases are segregated into popular themes such as health, travel and sports to allow the engine to focus on content specified by the user and ignore unrelated topics.
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