News out!! 11:50AM
(BSNS WIRE) MSU Announces Balance Sheet Progress; Arrangement Releases S
MSU Announces Balance Sheet Progress; Arrangement Releases Secured Assets
Business Editors
MILTON KEYNES, England--(BUSINESS WIRE)--Jan. 5, 1999--MSU
Corporation (OTC BB: MUCP), an Internet set-top-box technology
company, announced today that a consortium of private investors and
businesspeople allied with the company has completed the purchase of
the final part of the $2.3 million Convertible Promissory Notes issued
in July 1997 to clients of Capitol Bay Securities, the company's
former investment banker.
A previous arrangement with the holders of the notes saw the
release of the company's intellectual property rights from the
security pledged for the notes. The consortium has decided to convert
the remaining notes into stock effective immediately, thereby
releasing the remaining secured assets of the company, which includes
500,000 shares of American Interactive Media, Inc. (OTC BB: AIME).
Wyn Holloway, MSU's chairman, stated, "I am pleased to report
that we have been able to deal with this outstanding issue."
MSU also announced that it is in the process of interviewing and
screening a number of investment banking, strategic and other
professional advisers. Further announcements of the consummation of
these relationships are expected shortly.
MSU Corporation designs and develops computer chips and chip sets
principally for use in consumer electronic products. Most of the
company's chips are capable of multiple functions and eliminate the
need for additional chips. Moreover, they diminish the risk of
malfunction and error, permit more efficient circuit-board designs and
are available at a low cost. In addition to computer chips, MSU
develops consumer electronic products and reference platforms for
itself and other companies. Its SlipStream Internet access technology
enables anyone with a television and regular telephone line to access
the Internet and send and receive e-mail. And when used with MSU's
customized, proprietary browser, SlipStream allows users in Germany,
France, Italy, Poland, Portugal, China and English- and
Spanish-speaking countries to access and interact with foreign web
sites in their native language. The SlipStream technology is also
manufactured and marketed in a TV set-top box. MSU also offers custom
services in chip design, hardware and operating-system development,
computer peripheral-design development and application-software
development, consulting and sourcing. For more information, visit MSU
Corporation's web site at www.msu.co.uk.
This release contains forward-looking statements which are based on
current information available to management and which are subject to
other important factors disclosed from time to time in the company's
Form 10-K and Form 10-Q, Registration Statements and other Securities
and Exchange Commission filings, including specifically, among other
factors, changing market and economic conditions.
--30--cf/ny*
CONTACT: MSU Corporation
Keith Peirson, Managing Director
011-44-1908-232-100
or
Porter, LeVay & Rose, Inc.
Debra Potter, Senior Editor
Elisa Keys, VP-Media Relations
212/564-4700
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET
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