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Microcap & Penny Stocks : USVO - USA Video Interactive
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To: harddog who started this subject8/14/2001 11:13:15 AM
From: Halbert   of 648
 
USA Video Interactive Corp US
Shares issued 80,695,088 Aug 13 close $0.53
Tue 14 Aug 2001 News Release
Mr. Tony Drescher reports
USA Video Interactive (USVO) will ship its first StreamHQ system to a
leading Internet data centre (IDC) within two weeks, culminating more than
14 months of design and development of a rich-media streaming
infrastructure that will be unsurpassed in the industry. The first StreamHQ
system is complete and operational in USVO's technology lab in Mystic.
In light of numerous developments in the technology market over the past
few weeks, USVO considered several companies to provide the IDC services.
USVO is finalizing arrangements with one IDC and will announce its
selection when the StreamHQ system is shipped.
The company has arranged a non-brokered private placement of up to a total
of five million units in the capital stock of USVO to various investors at
a price of 27 U.S. cents (41 Canadian cents) per unit. Each unit consists
of one common share and one non-transferable share purchase warrant. Each
one warrant entitles the holder thereof to purchase an additional one
common share at a price of 27 U.S. cents (41 Canadian cents) per share,
exercisable for a period of two years from the date of payment for the
units. The five million common shares to be issued as part of the units and
the five million common shares that may be issued upon conversion of the
warrants are subject to a 12-month hold period from the date of payment for
the units. The issuance of the private placement units is subject to
regulatory acceptance.
The private placement proceeds will be used for the continuing development
and marketing of USVO's StreamHQ technology and for general working
capital.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com
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