Internet Liquidators International Inc. Released From Control Option By America Online
Business Editors
TORONTO, Ontario--(BUSINESS WIRE)--Feb. 17, 1998--Internet Liquidators International Inc. (TSE Symbol: ILI) announced today that, effective February 15, 1998, a multi-stage special warrant and control option agreement between ILI and America Online, Inc. expired, allowing ILI to cancel subsequent warrant tranches. AOL continues to be a minority equity shareholder in ILI.
"We are very pleased that ILI shareholders are no longer subject to the potentially dilutive effects of millions of AOL warrants, while at the same time we continue to enjoy the massive advertising
exposure generated by our long-term contractual arrangement with AOL Networks. The AOL audience is a foundation that we will be building on for years", said Paul Godin, President & CEO of Internet Liquidators International (ILI).
According to Fred Singer, Senior Vice-President of AOL Studios and ILI Board member, "The complexity and pricing of the original warrant deal, negotiated 1+ years ago, did not serve either
party well in today's context. We believe that ILI continues to be ideally positioned to exploit the
growth in this very large category."
Note to Editors: All other contractual agreements with AOL remain in place.
CONTACT: Internet Liquidators International Inc.
Paul Godin, President and CEO
(905) 672-7467
E-Mail: pgodin@internetliquidators.com
internetliquidators.com
or
Internet Liquidators USA
Jeff Lymburner, President
(813) 636-8205
E-Mail: Jlymburner@internetliquidators.com
internetliquidators.com |
