UTDL UTDLW
Thursday March 25, 8:02 am Eastern Time
Company Press Release
United Leisure Corp. Subsidiary, United Internet
Technologies, Signs Letter of Intent for IPO With
Investment Banker Sands Brothers of New York
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.
Contact:
United Leisure Corp., Los Angeles
Harry Shuster or Brian Shuster, 310/441-0900 |
