To all:
Here is some info on the VCP I mentioned in my #290 post. I've been watching it and it's been staying around $0.40. My boyfriend's interested in this one because he made good money a few years back on a deal called Inflazyme Pharmaceuticals, and two people that were involved in that company are on this company's board of directors. There has been some trading and I'm keeping my ear to the ground, because I'm curious to know what kind of deal is going to go into the company.
IX CAPITAL
6891 MacPherson Avenue
Burnaby, British Columbia
(604) 220-9948
Exchange: VSE
Symbol: IXI
Free Trading Shares o/s: 2.2 million
Escrow: 1.65 million
Current Price: $0.40 - $0.42
52 week high/low: $0.48 - $0.17
IX Capital is a company that came to trade October 1, 1998 under the Vancouver Stock Exchange's new VCP (venture capital pool) rules. The company is currently evaluating businesses and/or technologies for possible acquisition.
Keynotes:
The company is currently exploring a number of different deals that could work well with the long-term goals of the company.
Financially, the company is in a strong cash position, with working capital of $500,000.
At the time of the initial public offering, three hundred investors were required. The average holding is 7,000 shares, with a maximum of 44,000 and a minimum of 2-3,000 shares.
The company has placed 1.65 million Common Shares in Escrow with CIBC Mellon Trust Company. These shares are in escrow and are only released when a ‘deal' is vended in, in three equal, annual installments. This commences 1 year from the shareholders approving the deal.
Four companies are currently trading on the Vancouver Stock Exchange as VCP's. The average price is $0.50 - $0.55 for the ones without a deal, and $0.75 - 0.90 for the ones that do have a deal.
The advantage with IX Capital over an existing shell is that it has cash in the bank, avoiding the need for “start-up” financing, thus retaining shareholder value.
IX Capital has long-term objectives and wishes to attract long-term investors who are looking for a company with solid growth potential.
IX Capital has a solid Board of Directors in place to complete their objectives.
Board of Directors and Key Personnel
Rashid A. Aziz, President, CEO & Director
Mr. Aziz obtained his Chartered Accountancy designation in the United Kingdom in 1976 and in Canada in 1982. Mr. Aziz is a director of three private companies and a director of three public companies. Mr. Aziz has been self-employed since 1992 offering financial and business services to public and private companies. Principal areas of assistance include strategic and business negotiations, financial strategy and the managing of relationships in an entrepreneurial
environment. Previously he was Vice-President and Chief Financial Officer of QLT Phototherapeutics (Quadra Logic) from 1988 to 1991. Prior to that, he was a Senior Audit Manager with Deloitte & Touche, Chartered Accountants, from 1979 to 1988
R. Allon Shapiro, Vice-President, Chief Financial Officer, Secretary and Director
Mr. Shapiro holds a B.Comm. from the University of British Columbia. Mr. Shapiro is a sales and leasing associate at CB Commercial Real Estate Group and prior to 1994 was studying at the University of British Columbia. Mr. Shapiro is primarily involved in retail commercial sales and leasing. Mr. Shapiro also provides consulting services for various real estate developers and investors.
Bruce A. Schmidt, Director
Mr. Schmidt has been President of IGT Pharma Inc. (“IGT”) since 1992. IGT, a Vancouver Stock Exchange listed company, is focused on the discovery of synthetic routes for the production of new anti-cancer compounds. Mr. Schmidt was self-employed as a business consultant to emerging high technology companies from 1987 to 1992. Prior to that, Mr. Schmidt worked as General Manager for the Vancouver office of Burson Marstellar from 1985 to 1987, and was Vice President, Marketing, for KEG Restaurants Ltd. from 1983 to 1985.
David J. Clark, Director
Mr. Clark is a chartered accountant and has been a self-employed consultant since 1992. From November 1983 to July 1992, Mr. Clark was Senior Vice-President, Secretary and Chief Financial Officer of Security Pacific Bank Canada (now Bank of America Canada) and Senior Bank Officer. Mr. Clark has extensive public and management experience covering a wide variety of industries including
environmental, mineral exploration, finance and retail businesses. Mr. Clark has acted as Chief Financial Officer of an environmental and services group public company since 1993. |
