Attention Business Editors:
Pursuit Enters Into an Agreement for the Development of an Internet Site
TORONTO, April 21 /CNW/ - International Pursuit Corporation (''Pursuit'')
announced today that it has entered into a letter of intent with StockSet
Associates (''StockSet''), of Lawrence, NY, for the development of an Internet
site. The project will be developed by a newly incorporated corporation, the
shares of which will be held 50% by Pursuit and 50% by StockSet. The site will
provide information on a user-friendly basis to enable the active investor to
obtain information quickly with relevant data presented on a comparative basis
as well as providing up-to-date analysis not provided by other sites. It will
be Netword-enabled for ease of access and navigation.
Under the terms of the transaction, each of Pursuit and StockSet will
contribute US$250,000 and StockSet will provide the expertise and people to
launch the project. The principals of StockSet will receive as additional
compensation warrants to acquire up to 3.5 million shares of Pursuit
exercisable after four months and for a period of eighteen months. The
exercise price of the warrants will be 45 cents per share and will be issued
on a formula based on performance criteria.
The StockSet principals have been active in establishing other technology
and Internet businesses, including IMNET Corp. in the electronic document
imaging business.
The transaction is subject to all required regulatory approvals.
Pursuit continues to be active in seeking joint venture partners or other
means to develop its mining properties in the Philippines and Indonesia.
On behalf of International Pursuit Corporation
G.R. Creber
President and CEO
-0- 04/21/1999
For further information: INTERNATIONAL PURSUIT CORPORATION, 172 King Street East, Toronto, Ontario, M5A 1J3, Telephone (416) 947-9216, Fax: (416) 947-1023
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