Sorry I should have posted the news release..here it is:
STORAGE ONE INC. TO ACQUIRE BEVERAGE SERVICES COMPANY
CONCORD, ON--
STORAGE ONE INC. ("Storage") (ASE: SOJ) is pleased to announce
that it has entered into an arm's-length letter of intent with
FreePour Controls Inc. ("FreePour") and the sole shareholder of
FreePour, pursuant to which Storage has agreed to acquire
all of the issued and outstanding securities of FreePour for
$725,000 to be payable as to $75,000 in cash, $150,000 in the
form of a three year, non-interest bearing promissory note, and
5,000,000 common shares of Storage with a deemed value of
$0.10 per share (the "FreePour Acquisition").
Also in conjunction with the acquisition of the shares of
FreePour, Storage may also raise gross proceeds of up to $400,000
by way of private placement of up to 4,000,000 units of Storage
(the "Units") at a price of $0.10 per Unit (the "Private
Placement"). Each Unit will consist of one common share of
Storage and one share purchase warrant (the "Warrants"), with
each Warrant entitling the holder thereof to purchase one
additional common share of Storage at a price of $0.15 per share
for a period of two years.
The Corporation has reserved a discounted price of $0.10 per
share for up to 9,000,000 common shares to be issued pursuant to
the proposed FreePour Acquisition and the Private Placement.
Storage may engage registered dealers in the applicable
provinces to assist Storage in the Private Placement and intends
to pay the registered dealers a commission to be negotiated.
The completion of the FreePour Acquisition and the Private
Placement is subject to regulatory approval and Storage is
required to file a formal application with The Alberta Stock
Exchange within 14 calendar days of this press release. In
addition, Storage will be preparing and filing with The Alberta
Stock Exchange a filing statement with respect to the FreePour
Acquisition and the Private Placement. The completion of the
FreePour Acquisition is also subject to several additional
conditions precedent, including satisfactory completion by
Storage of a due diligence review of FreePour, Storage board of
directors approval, the entering into a formal share purchase
agreement among the parties and the entering into of an
employment agreement with the key employee of FreePour.
FreePour is a private company incorporated under the laws of
Ontario that is engaged in the business of providing inventory
control software and hardware to the hospitality industry to be
used to monitor liquor, wine and beer. FreePour's systems
are easy to use, compatible with virtually all point of sale
systems, invisible to customers, and effective at controlling
costs. FreePour is a company founded and wholly-owned by David
McCullough that currently has eleven (11) distributors
across Canada, five (5) in the United States and one (1)
distributor based in the United Arab Emirates. FreePour has five
(5) employees in its Toronto office. During the financial year
ended May 31, 1998 FreePour had earnings before taxes and before
bonuses of $57,071 on revenues of $365,734. FreePour operates
primarily in Canada, although it has recently began marketing its
systems to dealers in the United States, United Kingdom, United
Arab Emirates, New Zealand and Australia. FreePour intends to
continue to establish dealers in major cities in North America in
order to target major chain restaurants and hotels, as well as to
form strategic alliances with major breweries.
Storage provides leading edge and proven storage technology
peripherals and devices to value added resellers, system
integrators and original equipment manufacturers.
In accordance with the initial public offering prospectus of
Storage dated August 18, 1997, Storage intends to continue to
review potential strategic acquisitions.
For further information contact John McMahon, Chairman of the
Board of Storage at (416) 864-3545.
The Alberta Stock Exchange has neither approved nor disapproved
of the information contained herein.
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