Blond Bear Holdings Inc -
Letter of intent to acquire Mainchan assets
Blond Bear Holdings Inc BBShares issued 36099991998-01-08 close $0.8Friday Jan 9 1998Mr Brent Mainwood reports The company previously announced that it entered into a letter of intent with Mainchan Communications Group to acquire the issued shares and the business and assets of Mainchan including any related businesses which Mainchan may own or have a right to acquire as at the closing of the acquisition. Blond Bear intends the transactions to constitute its major transaction. The transaction is subject to meeting all regulatory requirements, including meeting the minimum listing requirements of the ASE and approval by a majority of the minority shareholders of Blond Bear at a special meeting of shareholders to be called for that purpose. Mainchan is a registered long distance switchless reseller and sharing group administrator which markets discounted long distance services to Canadian residential and commercial customers. Mainchan has recently acquired certain assets from Canadian Rebiller Services, a division of Telus (formerly Alberta Government Telephones - AGT), which is a service bureau providing customer service and billing services. The acquisition included the software and hardware used in the operation of the business, and the assignment of third party agreements. As well, Mainchan has sponsored the formation of Mainchan Limited Partnership which has sold limited partnership units for a total amount of $769,000 of which $464,000 is payable in installments of $35,000 per month commencing January 15 1998. Subject to fulfilling one condition by not later than March 31 1998, an investor has agreed to contribute an additional $1,000,000 for further partnership units. In consideration of the issuance of limited partnership units to Mainchan, Mainchan has assigned to Mainchan Limited Partnership the assets acquired by Mainchan pursuant to the agreement with Canadian Rebiller Services, and has appointed Mainchan Limited Partnership to carry out the marketing activities contemplated under an agreement with Canada Trust. The interest of Mainchan in Mainchan Limited Partnership will be an asset of Mainchan at the time of the major transaction. |
