IDX closes on the acquisition of Delphi SuperNet for 1,031,789 shares of common stock and $432,880 in cash. Based on the current stock price of $5.95, that works out to approximately $822 per subscriber. While that is a bit pricey, I am sure that it was negotiated prior to the recent increase in the stock price.
biz.yahoo.com
Thursday May 20, 12:53 pm Eastern Time
Company Press Release
SOURCE: I.D. Internet Direct Ltd.
I.D. Internet Direct announces completion of merger with Delphi SuperNet
VANCOUVER, May 20 /CNW-PRN/ - I.D. Internet Direct Ltd.
VSE SYMBOL: IDX
The Company today announced the acquisition of the shares of Delphi
SuperNet Inc. for 1,031,789 common shares of the Company and $432,880.
The shares issued to the vendors of Delphi are subject to resale
restrictions pursuant to applicable securities laws. The merger
increases the Company's subscriber base by 8,000 to approximately
135,000, and expands the Company's presence into Quebec.
The announcement on May 17, 1999 of the merger between Internet Direct
and Look Communications (with operations in Ontario and Quebec) brings
to the company a considerable presence in Quebec that solidifies the
fulfillment of an aggressive Business Plan to grow Internet Direct into
Canada's leading Internet service Provider.
Two of the founders and senior officers of Delphi have become officers
of the Company. They have deposited in escrow 568,759 common shares of
the Company to be released as to 25% on May 20, 2000 and 37% on May 20,
2001, with the balance to be released on May 20, 2002 provided certain
conditions have been satisfied, failing which the balance or a portion
of it will be cancelled.
About I.D. Internet Direct Ltd. (www.idirect.com)
I.D. Internet Direct Ltd. (VSE:IDX - news) provides a full spectrum of
Internet solutions to customers in the provinces of British Columbia,
Alberta, Manitoba, Ontario and Quebec with headquarters in Toronto. Now
the largest Canadian independent Internet service solutions provider,
I.D. Internet Direct serves over 135,000 subscribers and businesses
through 24 local access points nationally.
For additional information about ID Internet Direct Ltd., please contact
Gordie Campbell, Investor Relations by telephone at 1-888-439-2897 or by
email to netgains(at)direct.ca
(signed)
________________________
JOHN A. NEMANIC
PRESIDENT/CEO
I.D. INTERNET DIRECT LTD.
SOURCE: I.D. Internet Direct Ltd. |
