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Gold/Mining/Energy : SMM on TSE - Simmonds Capital -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (300)	6/22/1999 6:20:00 AM
From: Ed Pakstas	Read Replies (1) \| Respond to of 372

**NEWS RELEASE** Simmonds Capital acquiring Internet service company Simmonds Capital Ltd SMM Shares issued 19,551,951 Jun 21 close $0.81 Mon 21 Jun 99 News Release Mr. David O'Kell reports Simmonds Capital has reached agreement on final terms to acquire ChargNet Inc., an on-line Internet service and e-commerce company. Upon completion of the acquisition, SCL will acquire all of the common and preferred shares of ChargNet in exchange for 1.8 million common shares of SCL and warrants to purchase 100,000 SCL common shares at an exercise price of not less than 90 cents per share. Under the terms of the agreement, 80 per cent of the SCL common shares issued for the acquisition are subject to escrow to be released over a period of one year. SCL intends to change the name of ChargNet to eieiHome.com, which will be a wholly owned subsidiary of SCL. eieiHome operates an Internet service and information site, providing information and related services for homeowners, home buyers, and home service providers. The service is being launched this month to consumers in the Toronto and Vancouver markets. Currently, eieiHome has 55 national accounts for banner advertising plus listings for over 900 local merchant and service companies. John Simmonds, chief executive officer of Simmonds Capital, stated: "We have been working with the eieiHome management for the past eight months, on the development of the service and plans for the eieiHome launch. It is an exciting Internet product filling a useful niche for homeowners and home service providers. Our plan is to build on the Toronto and Vancouver marketing launch to roll the service out to other Canadian markets and into the United States." SCL has also completed the sale by private placement of 1,996,000 common shares issued from treasury at a price of 50 cents per share. One-third of the issue was purchased by employees and the balance of the issue was purchased by independent investors, all of whom are non-insiders to the company. The net proceeds will be used for working capital. After completion of the private placement and the ChargNet acquisition, there are 19,551,951 common shares issued and outstanding. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com