UTDL) United Leisure Corp. Subsidiary, United Internet Technologies, Signs Letter of Intent for IPO With Investment Banker Sands Brothers of New York
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Business Editors/Entertainment & Multimedia Writers
LOS ANGELES--(BUSINESS WIRE)--March 25, 1999--United Leisure Corp.
(OTC BB:UTDL) Thursday announced that its wholly owned subsidiary,
United Internet Technologies Inc., has signed a letter of intent for an
initial public offering of its common stock with Sands Brothers & Co.
Ltd.
Under the terms of the letter of intent, Sands Brothers has agreed
to raise up to $20 million for United Internet Technologies. The
offering will be made only by means of a prospectus.
Sands Brothers has offices in New York and San Francisco and is a
member of the New York Stock Exchange.
United Internet Technologies has developed and is the owner of
certain proprietary technology, which it has called "Parallel Addressing
Video." The technology is used in providing Internet and intranet Web
sites with zero-wait time, full-motion video and stereo audio to
interactive audiences.
Unlike various forms of streaming video, live media and Internet
video broadcasts, the technology does not rely on bandwidth as the
medium for delivery of video. United Internet Technologies is a wholly
owned subsidiary of United Leisure Corp.
This news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
regarding the company's business strategy and future plans of
operations. Forward-looking statements involve known and unknown risks
and uncertainties, both general and specific to the matters discussed in
this news release. These and other important factors, including those
mentioned in various Securities and Exchange Commission filings made
periodically by the company, may cause the company's actual results and
performance to differ materially from the future results and performance
expressed in or implied by such forward-looking statements. The
forward-looking statements contained in this news release speak only as
of the date hereof and the company expressly disclaims any obligation to
provide public updates, revisions or amendments to any forward-looking
statements made herein to reflect changes in the company's expectations
or future events. |
