Hmmmmmmm...changes at MDTV. Note that the June financing just got a little more dilutive, though I can't say that I am surprised. Perhaps Paul can give us some background on Gary Monaghan as he also appears to be one of the original investors.
biz.yahoo.com
Friday November 26, 5:31 pm Eastern Time
Company Press Release
MDTV Announces New Appointments, Amended Filing of 10SB12G and Other Changes
RICHMOND, British Columbia--(BUSINESS WIRE)--Nov. 26, 1999--MDU Communications International, Inc. (``MDTV' or the ``Company') (OTC BB: MDTV - news) is currently in a strong position to go forward. The announcement of new appointments within the Company, amended filing of the 10SB12g and other changes as outlined below help to position MDTV for the successful implementation of its comprehensive business plan.
MDTV is proud to announce Gary Monaghan has been appointed President of the Company's operating subsidiary, MDU Communications Inc. In addition, Mr. Monaghan has been appointed to the Board of MDU Communications Inc. The Company is further strengthened by the appointment of Robert A. Biagioni, C.A. to Corporate Secretary of the Company and Vice President, Finance and Corporate Secretary of the Company's operating subsidiary. These appointments will facilitate the growth of the Company's Canadian operations.
Sheldon Nelson, Chairman and CEO of MDTV, said ``I am pleased with these recent appointments to add strength in our senior management team in the areas of operations, finance and administration. Everyone at MDTV looks forward to working closely with these key individuals.'
In addition, the Company is pleased to announce that it has filed an amendment to its 10SB12g filing dated May 12, 1999, which has been EDGARized and electronically filed with the SEC effective November 17, 1999. MDTV looks forward to the benefits of being a fully reporting company. The Company's filings, including current financial reports, can be accessed through the EDGAR database at www.sec.gov.
Further to the Company's news release dated June 11, 1999, MDTV wishes to announce the final amount of the financing previously announced is unchanged at US$1,709,000, although the breakdown between equity and debt segments has been altered. The equity breaks down to 670,000 common shares at an issue price of US$1.75 per share for a total equity component of US$1,172,500. The convertible promissory notes have a total principal value of US$536,500, interest between 8.75% and 9.00%, convertible into common shares between US$1.75 and US$2.00 in principal value per common share. The shares issued on November 22, 1999 under the equity segment, and the subsequent conversion of promissory notes, are restricted under rule 506 for a period of one year and then 25% released on the anniversary and every three months thereafter. The convertible promissory notes were due in August and September 1999. The convertible promissory notes have been renegotiated to extend their terms to between February 28, 2000 and June 30, 2000 at their original rates of interest. The conversion privilege has been amended to between US$0.50 and US$0.625 in principal value per common share. MDTV would also like to announce it has received subscriptions for, and closed today, private placements totaling 1,482,750 units, each unit consisting of one common share and one common share purchase warrant. The unit price of US$0.40 was based on a premium to market value of the Company's common shares when the subscription program was undertaken on October 21, 1999. The warrants have a term of 2 years from the date of closing of the private placement at an exercise price of $0.75.
The Company's filings, including current financial reports, can be accessed through the EDGAR database at www.sec.gov. For additional information please see www.mduc.com or contact Investor Relations.
On behalf of the directors:
signed "Sheldon Nelson"
Sheldon Nelson, Director
Corporate Headquarters
108-11951 Hammersmith Way
Richmond, BC, Canada
V7A 5H9
Investor Relations:
Tel: (604) 277-8152?(800) 794-9076
Fax: (604) 277-8301
investor@mduc.com
``Safe Harbor' statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Contact:
MDU Communications International, Inc.
Investor Relations, 604/277-8152 or 800/794-9076
Fax: 604/277-8301
Investor@mduc.com
mduc.com |
