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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: Buckey who wrote (10838)5/4/1999 8:10:00 AM
From: Ara  Read Replies (1) of 62348
 
****GEM NEWS****

American Gem Corporation
(TSE: GEM)
TORONTO, May 4 /CNW/ -
Management Group
American Gem Corporation (American Gem'' or the Company'') refers to
its press release dated April 23, 1999 where the Company announced the
negotiation of acceptable terms with a growth-oriented Internet management
group. American Gem today announces that the Company has entered into
definitive agreements with the management group.
The definitive agreements with the management group are in escrow and
will be either released from escrow at 4:00 p.m. on Wednesday May 5 in which
case the agreements will become effective, or will not be released from escrow
in which case the agreements will not become effective. The escrow
arrangement is necessary pending the satisfaction of certain transitional
matters by the management group. The Company will issue a press release
after the close of trading on Wednesday May 5 to report on the status of the
definitive agreements.
American Gem is confident that the definitive agreements will be released
from escrow, but there is no assurance that this will be the case. In
addition, the agreements are subject to various conditions including
regulatory approval.
/For further information: Vic Alboini, President and Chief Executive
Officer of American Gem Corporation, at (416) 777-6814/
REUTERS
*** end of story ***
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