Here it is:
Corporate Vision redefines itself as a holding company and enters into
negotiations with multiple companies
TULSA, OK and Jersey City, NJ--(BUSINESS WIRE)--August 24, 1998--Corporate Vision (OTC: CVIA - news) has defined itself as a holding company and is no
longer actively seeking a merger candidate. Chairman of the Board Raymond Hall and CEO K.A. Anderson have been in negotiations with private companies seeking to
go public through the CVIA shell. Late last week, Anderson returned to the New York City area and began negotiations with investment bankers and private investors.
In order to secure funding in preparation of its first public offering, Phipps and Company, CVIA will be seeking to raise the initial working capital through utilizing low
and non-producing assets, which the company currently owns and through the soon to be issued Preferred Stock. CVIA does not foresee and significant equity dilution
of CVIA common stock currently issued.
CVIA owns 25% of Phipps and Company, a Tulsa based software and CD Rom producer. CVIA has entered into agreement with the Phipps last week and has begun
preparations for this public offering.
Phipps and Company holds the proprietary rights of new technology that has the potential of redefining the use of CD Roms. Phipps CEO Terry Phipps stated, ''Forget
MPEG, DVD and now even VHS duplication. We can transfer video from any format to a standard CD Rom, send it any where in the world and it will play FULL
SCREEN on any computer using the Windows platform, without the use of MPEG conversion or MPEG cards for playback.'' Phipps and Company is currently working
with or in negotiations with several Fortune 50 companies interested in the uses and applications of the new CD Rom technology.
Speaking form Jersey City, CVIA President K.A. Anderson issued this statement. ''After speaking with Phipps and Company President Terry Phipps, touring his
facilities, meeting their staff, seeing the negotiations and contracts on hand, it became obvious we need to fast track this company onto the market, simply because of the
potential his company presents to investors and to also generate the capitol needed for expansion to serve their new clients. After the public offering CVIA will retain a
percentage of Phipps stock. We will be using Phipps and future public offings, to enhance our share holders investment, as we take each company public we will be
issuing those stocks to CVIA share holders also.''
Anderson went on to say, ''during my stay in Tulsa last week we made fantastic progress in all areas concerning Corporate Vision. I went to Tulsa with the intention of
preparing CVIA for a merger with a larger company, as we reviewed the CVIA and spoke with potential merger candidates, it became clear that it is not in CVIA's
best interests to proceed with individual merger talks. Based on existing business models, CVIA has all the tools in place and expertise of the new Board of Directors
needed to become a holding company. As we re-approached our merger candidates we found they were even more enthusiastic with the holding company concept as
opposed to a direct merger with CVIA.''
Corporate Vision is proceeding with its business plan as fast as can be expected. CVIA is also in physical transition, having negotiated new offices and facilities for the
company in Tulsa. CVIA is in the process of relocating our operations this week. This may cause some temporary disruptions with our communications with its
investors. Company operations are being temporarily conducted by K.A. Anderson in Jersey City.
Corporate Vision Inc. is a fully reporting company with the SEC. This press release contains forward-looking statements with respect to the results of operations and
business of the company that involve risks and uncertainties. Risks and uncertainties of the company are detailed from time to time in the company's filing with the
Securities and Exchange Commission. |
