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Microcap & Penny Stocks : Internet and Technology Resources (IATR) -- Ignore unavailable to you. Want to Upgrade?

To: cornbread who wrote (1763)	8/16/1999 1:14:00 PM
From: Olsinvest	Read Replies (3) \| Respond to of 1836

IATR Secures $4 Million Private Placement LOS ANGELES--(BUSINESS WIRE)--Aug. 16, 1999--IAT Resources Corp. (Nasdaq: IATR) (http://www.iatresources.com) Monday announced that it has concluded negotiations on the principal terms of a $4 million private placement of 6 percent convertible debentures. IATR intends to use the funds to implement its business strategies of acquiring and investing in Internet revenue generating opportunities. The transaction is currently scheduled to close by the end of August, with financing to be received in stages. Consummation of this transaction is subject to a number of conditions, including completion and execution of definitive documents and completion of satisfactory due diligence. "Our goal is to use this capital to grow our bottom line profitability and take advantage of Internet opportunities as we see them," according to Irwin Meyer, president and chief executive officer of IATR. "IATR is in a position to help Internet entrepreneurs and corporations in deploying Internet technologies and it is our belief this strategy will deliver significant value to our shareholders. "We plan to use this capital to rapidly grow our Internet-related business activities by acquiring those companies that we believe are the best and newest Internet companies emerging from Silicon Valley and beyond. With this new funding, we will now be able to begin to execute our vision and hopefully live up to our investors' expectations. "We are working diligently on, and expect this to be the beginning of, a long line of new fundings for future acquisitions and investments in the Internet sector," according to Meyer. Executive Vice President Arthur Bernstein noted: "The new funding enables IATR to rapidly pursue Silicon Valley opportunities on which we've previously done extensive due diligence. IATR can now attempt to close some of the opportunities we've investigated the last couple of months." This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the satisfaction of all conditions to closing the private placement, which are identified in the private placement term sheet, including completing final documentation, completing satisfactory due diligence by the placement agent, general economic conditions and other risks that are discussed in the company's filings with the Securities and Exchange Commission (including the company's Annual Report on Form 10-KSB). The company undertakes no obligation to publicly update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. -------------------------------------------------------------------------------- Contact: IAT Resources Corp., Los Angeles Irwin Meyer, 323/634-8634