BCE Emergis - global e-commerce Message Board

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Gold/Mining/Energy : BCE Emergis - global e-commerce

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To: Factfinder who wrote ()	8/4/1998 5:37:00 PM
From: sPD	Read Replies (1) of 1341

DD completed, Bell deal to close on August 31 DUE DILIGENCE COMPLETED; ENTERS INTO MERGER AGREEMENT WITH BELL CANADA August 4, 1998 MONTREAL, QUEBEC-- MPACT Immedia announced today that it has completed due diligence and has entered into a Merger Agreement with Bell Canada pursuant to which MPACT Immedia Corporation has agreed to acquire the Bell Emergis electronic commerce operations known as "Electronic Business Solutions" from Bell Canada. Following closing of the transaction, Bell Canada will assume a 65 percent controlling interest in MPACT Immedia Corporation, in exchange for Bell Emergis' EBS unit and a cash investment of $54 million. Under the Merger Agreement, MPACT Immedia Corporation has granted to Bell Canada an option to repurchase certain contracts which relate to Internet access services. The option may be exercised by Bell Canada at any time during the period of twelve months following closing of the transaction, at a price equal to the fair market value of the contracts as determined by a nationally recognized investment dealer, payable by the transfer by Bell Canada to MPACT Immedia of revenue generating assets related to the core business activity of MPACT Immedia Corporation or cash of equivalent value. The transaction is subject to regulatory and shareholder approval. A special meeting of shareholders of MPACT Immedia Corporation will be held on August 31, 1998 to approve the Merger Agreement. If approved, closing is expected to occur on the same day. For further information, contact: Barry V. Engel MPACT Immedia Tel. (514) 397-9747, ext. 202 Email: engel.barry@mpact.net

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