STORAGE ONE INC.
STORAGE ONE INC. - ANNOUNCEMENT REGARDING SHARE
PURCHASE WARRANTS
Article #:
27375
Date:
2/19/99 4:20:08
PM
Dateline:
TORONTO,
ONTARIO
Stock Symbol:
SOJ
Wire:
ISDN
Storage One Inc. ("Storage") (ASE: SOJ) announces that it has
reserved a price of $0.59 per share for up to 400,000 common
shares to be issued upon exercise of 400,000 share purchase
warrants of Storage (the "Warrants") to be issued in connection
with a proposed investment to acquire 15% of a private company
developing an e-commerce web site (the "Proposed Investment").
Each Warrant will be transferrable and will entitle the holder to
purchase one common share of Storage at an exercise price of
$0.59 per share for a period of two (2) years from the date of
issuance.
The Proposed Investment will be the first investment of SOI
Invests, the new division of Storage that is to provide both
capital and access to the development services of Rollercoaster
Studios Inc. (the proposed new acquisition of Storage), for
companies that want to promote and sell their products over the
Internet.
Storage also announces it has reserved a price of $0.59 per share
for 42,373 common shares to be issued as a finder's fee in
connection with the Proposed Investment Storage also announces
that it has reserved a discounted price of $0.50 per share for up
to 200,000 common shares to be issued as a finder's fee in
connection with the previously announced proposed acquisition of
all of the issued and outstanding shares of Rollercoaster Studios
Inc.
The completion of the issuance of the Warrants and payment of the
finder's fees are 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.
Storage provides leading edge and proven storage technology
peripherals and devices to value added resellers, system
integrators and original equipment manufacturers. Storage is
currently revising its business model to harness the distribution
capabilities of the Internet. Historically, Peripherals Place
(http://www.peripheralsplace.com has been Storage's Web destination for
the marketing and distribution of Storage's end-of-line products
and excess inventory, however, the site is currently dormant.
Storage is currently creating a total e-commerce solution for
Storage through the enhancement of the Peripherals Place
destination and make it the primary vehicle for the sales
of Storage's new data storage products.
In accordance with the initial public offering prospectus of
Storage dated August 18, 1997, Storage intends to continue to
review potential strategic acquisitions.
The Alberta Stock Exchange has neither approved nor disapproved
of the information contained herein.
For further information contact:
John A. McMahon, Chairman
Storage One Inc.
c/o Suite 3100, P.O. Box 830
BCE Place, 181 Bay Street
Toronto, ON M5J 2T3
Telephone: (416) 864-3545
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