Looks like these guys are expanding into something. Will Vianet play a part?
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: SIMMONDS CAPITAL LIMITED
TSE SYMBOL: SMM
APRIL 15, 1999
Simmonds Capital to Acquire Internet Home Service Company
TORONTO, ONTARIO--Simmonds Capital Limited announced today that it
has reached agreement to acquire all of the shares of ChargNet
Inc. in exchange for common shares of Simmonds Capital Limited.
The completion of the transaction is subject to the final
negotiation of terms, the approval of ChargNet shareholders, and
regulatory approval.
ChargNet operates the Canadian Home and Real Estate Guide
(www.charg.net), which is an online reference service for
consumers providing information, products and services. For
local home service providers and product manufacturers, ChargNet
provides an entry into Internet promotion, e-commerce sales and
distribution to the homeowner. Since its launch in Toronto
earlier this year, ChargNet has secured agreements with over 40
national alliance partners, large national accounts for whom
ChargNet provides advertisising and e-commerce marketing
services, plus local merchants and service professionals within
the 80 service categories segmented on the ChargNet web site.
The ChargNet service will be introduced in Vancouver this month,
with other Canadian markets to follow later in the year.
Paul Dutton, President of ChargNet, stated "We have been pleased
with the initial reception of ChargNet by both advertisers and
homeowners. Our goal is to make ChargNet the single source for
homeowners who are looking for do-it-yourself information,
qualified service providers and/or products. As part of the SCL
group of companies, we expect to be able to rapidly expand our
market penetration into more cities and e-commerce categories."
John Simmonds, CEO of Simmonds Capital, stated "We are enthused
about the potential of ChargNet and the synergy with our existing
subscriber and distribution businesses. The immediate
opportunity is to roll out the ChargNet service across Canada and
into the United States. In the longer term, we will examine the
opportunity to exploit e-commerce and distribution opportunities
using the ChargNet home network as a platform."
Simmonds Capital Limited (TSE:SMM) is a diversified management
company involved in the contract manufacturing, electronics
distribution and wireless communications markets.
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