GALAVU ENTERTAINMENT INC (GENI) Message Board

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Gold/Mining/Energy : GALAVU ENTERTAINMENT INC (GENI)

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To: Postman who wrote (14)	6/23/1997 7:51:00 AM
From: aaa	of 21

GalaVu Entertainment Inc - News Release Sale of Tele-World GalaVu Entertainment Inc GENI Shares issued 11988575 1997-06-18 close $1.05 Thursday Jun 19 1997 News Release See Rogers Communications Inc (RCI.B) News Release Mr Alan Horn reports Further to the joint news release in Stockwatch May 22 1997 whereby GalaVu Entertainment Inc and Rogers Cablesystems jointly announced GalaVu's acquisition on May 20 1997 of Tele-World Communications, a division of Rogers Cablesystems, for a price of $5.1 million comprised of $3.1 million in cash and $2 million in GalaVu common stock, Rogers Cablesystems announces that the $2 million of GalaVu common stock was comprised of 1,865,349 shares of GalaVu Entertainment Inc, representing approximately 13.8% of the outstanding shares of GalaVu. A portion of the $3.1 million in cash received by Rogers Cablesystems in this transaction was comprised of a convertible promissory note in the principal amount of $600,000. In the event of default under the convertible note, Rogers Cablesystems has the option to convert the outstanding principal and interest into further additional shares of GalaVu at a conversion price related to the market price of the shares of GalaVu at the time of conversion. Rogers Cablesystems beneficially owns or exercises control or direction over 1,865,349 shares of GalaVu. Rogers Cablesystems and persons or companies acting jointly or in concert with it have no present intention of purchasing additional securities of GalaVu but reserve the right to do so depending on the price and availability of such securities, future developments in GalaVu's business and prospects and general and industry-specific economic conditions. The May 20 1997 transaction was a private transaction and no other party acted jointly or in concert with Rogers Cablesystems. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)

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