First Press Release - Globalstore.com does a reverse takeover of Sheffield Resources.
GLOBALSTORE.COM, INC.
1304 - 925 West Georgia Street
Vancouver, BC V6C 3L2
Telephone: (604) 736-7570
Toll Free: (877) 736-7570
Facsimile: (604) 736-7509
April 29, 1999 Trading Symbol: VSE-GSO
NEWS RELEASE
GlobalStore.com (formerly Sheffield Resources Inc.) announces Corporate Update
Globalstore.com, Inc. ("GlobalStore.com or the "Company") is proud to provide an update on the progress of its acquisition of Global Ecomm Ltd. ("Global Ecomm"), and the development of its "Global Store" Internet commerce business.
At the meeting of the Company's shareholders held earlier this year, the acquisition of Global Ecomm and all related transactions were approved overwhelmingly by shareholders. The Company has now continued its corporate jurisdiction from British Columbia to Nova Scotia, and has changed its name from "Sheffield Resources Inc." to "Globalstore.com, Inc.". The Company's ticker symbol is now "GSO".
The Company has entered into a Sponsorship Agreement with Yorkton Securities Inc. ("Yorkton") pursuant to which Yorkton has agreed to sponsor the Company's application to the Vancouver Stock Exchange for approval of its acquisition of Global Ecomm and related transactions.
To finance the Company's new "Global Store" business, the Company, through Yorkton, is offering by way of a private placement 2,666,667 special warrants at an offering price of $0.75 each to raise gross proceeds of $2 million. Each special warrant will convert automatically four months after the closing of the private placement into one free-trading share and one warrant (the "Warrants"), subject to the Company filing an annual information form prior to such date to qualify such securities. Each Warrant will be exercisable to purchase a further share at a price of $1.25 for six months from closing of the private placement.
Yorkton will receive a cash commission equal to 5% of the gross proceeds from the sale of the special warrants issued, and will also receive that number of agent's special warrants as are equal to 10% of the number of special warrants sold. Each agent's special warrant will be convertible into one agent's warrant exercisable for one year from the date of closing of the private placement at a price of $0.75 to acquire one share and, if the agent's warrant is exercised within six months of closing, one Warrant.
The private placement and the acquisition of Global Ecomm and related transactions, remain subject to regulatory approval, and the Company's shares remain halted on the Vancouver Stock Exchange until such approval is received.
Global Ecomm is a Bermuda based company in the business of selling premium quality merchandise via the Internet. Global Ecomm has just acquired the domain address, www.globalstore.com, and is in the process of setting it up as the primary address at which it shall display merchandise for the Global Store. For the next week, shoppers can visit the Global Store at www.globalstore.net.
In the last four months, Global Ecomm has secured agreements with 20 merchants who will offer to sell approximately 15,000 products via the Global Store. Global Ecomm is actively pursuing other relationships.
Global Ecomm has embarked on a multidimensional marketing strategy to bring awareness to its merchants. This strategy includes search engine positioning, media advertising, media coverage of the company's merchants, and strategic marketing relationships with other online companies. The company was recently featured in an article in the April 19th issue of Time Magazine. The article was written about the Global Store's first vendor, SeafoodNow. SeafoodNow displays its seafood on the Internet at www.seafoodnow.com.
Global Ecomm has entered into a relationship with the Bank of Bermuda which provides Global Ecomm the ability to settle international credit card transactions via the Internet for its vendors. Global Ecomm is proud to offer Verisign encryption technology for every purchase of goods via credit card at the GlobalStore.
GlobalStore.com is also pleased to announce the addition of Mssrs. Edward L. Mercaldo and Victor Wolters to the Board of Directors. Mr. Mercaldo has enjoyed a successful career in the field of international banking and corporate finance with The Bank of Montreal, BT Bank of Canada, First Marathon Securities, and Diamond Field Resources. Mr. Wolters has a solid background in the computer and Internet industries and will enhance the Board with his technical expertise.
The Company also wishes to announce that, subject to regulatory approval, it has granted incentive options to purchase up to 1,145,000 shares exercisable for a period of five years from closing of the private placement at a price of $0.75.
Due to the nature of the Internet industry, Global Ecomm has enjoyed rapid development. For further information on the Company and Global Ecomm, please contact ir@globalstore.net.
On behalf of the Company
"Steven R. Stout"
Steven R. Stout, President
No stock exchange has approved or disapproved the information contained herein.
Barrie Einarson
Globalstore.com On-Line Investor Relations
mailto:ir@globalstore.com
Phone: 1-877-736-7570 (Matt Fleming) |
