To: jerry janko who wrote (103 ) 10/7/1999 7:16:00 PM From: The Barracudaâ„¢ Respond to of 2127
From: Meteor Technologies Inc. (MMI) meteortechnologies.com mailto:info@MeteorTechnologies.com --------------------------------------------------------------------------- Re: News Releases - Thursday, October 07, 1999 Two B.C. Science Organizations Provide $400,000 To Thoughtshare Communications =========================================================================== Two British Columbia science organizations - one of them representing the BC government - have agreed to contribute up to $200,000 each to ThoughtShare Communications Inc. (TSCI) of Vancouver, for a total new funding of $400,000. The funds, from the Science Council of British Columbia and the BC Advanced Systems Institute, are to help TSCI develop its unique organizer for Internet web browsers. The funds will be provided in stages based on TSCI reaching specific milestones in its development of the application, which is expected to be released commercially next Spring. "We're pleased by the level of support shown by these two provincial science and technology funding agencies at this early stage of the development of ThoughtShare," said Meteor director Fred Fabro. TSCI, which is also partly owned by Simon Fraser University of Burnaby, is an investment of Meteor which has the right to purchase a 35% interest in TSCI for $500,000. TSCI demonstrated a working prototype of the program for Meteor directors and management a week ahead of schedule in September and intends to develop it into a user-friendly software program called ThoughtShare. TSCI believes that its product will "enhance user interactions with the Internet by making it easier for users to structure and share information gathered during an online session with popular web browsers." TSCI is expected to launch the commercial version of the program next Spring. In the Science Council's case, the funding is a grant that comes from the BC provincial government's Technology BC program, which is administered by the Council, and the money will not have to be repaid. According to its agreement with TSCI, the Science Council will fund 34% of specific TSCI expenses up to $200,000 in four stages over the next 12 months. TSCI has acknowledged the first payment, $50,000, which was provided when the agreement was signed. A further three payments totaling up to $130,000 will be forwarded as the Council receives quarterly reports on ThoughtShare's progress. The final payment, up to $20,000, will be made when the Council approves the schedule's last quarterly report, which is expected about the end of next year. The BC Advanced Systems Institute, on the other hand, is providing its $200,000 as a loan. TSCI can take up to seven years to repay the loan, but the repayment terms are flexible. They are tied to specific milestones being met by TSCI -- such as ThoughtShare being released within two years -- and can be converted into equity of TSCI at the discretion of the Institute. ON BEHALF OF THE BOARD Jonathan George, President THE ALBERTA STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.