Hanny Holdings Ltd. to Invest CDN $4.7 Million in Common Shares of Subsidiary of
Multiactive Software
VANCOUVER, British Columbia, Feb. 16 /CNW/ -- Multiactive Software
Inc. (Toronto: E), a leading provider of e-business front office solutions,
announced today that a subsidiary of Hanny Holdings Ltd. has committed to
invest CDN $4.7 million in Multiactive's Asia Pacific subsidiary, Multiactive
Pacific, for 9.1 percent of the shares of Multiactive Pacific. Multiactive
Pacific is to be formed under the law of Bermuda and headquartered in Hong
Kong. Multiactive Software recently announced that it is acquiring
70 percent of ABC Data & Telecom Ltd. though its subsidiary,
Multiactive Pacific.
Hanny Holdings is a public company operating from Hong Kong. Its shares
trade on the Stock Exchange of Hong Kong. Hanny Holdings' shareholders include
ITC Corporation Ltd. and Hutchison Whampao Ltd. ITC Corporation is a
diversified conglomerate traded publicly on the Stock Exchange of Hong Kong.
ITC Corporation has recently made an investment in the Stareast network in
which Pacific Century and Hikari Tsushin Inc. are also principal shareholders.
Hanny Holdings recently raised approximately CDN $300 million for venture
capital activities. Hanny Holdings' investments include: one of the largest CD
and storage device production and distribution operations in the world, the
Memorex brand and lines of production, and other computer device distribution
operations.
As a result of this investment, Multiactive will now hold 68.2 percent,
and members of the family of Terence Hui, the Chairman of Multiactive, will
hold 22.7 percent of the shares of Multiactive Pacific. The investment by the
Hui Family in Multiactive Pacific was approved last week by the independent
directors of Multiactive.
"Hanny Holdings Ltd. and ITC's involvement is strategic to
Multiactive Pacific's activities in Asia," said Hui.
Charles Chan, Chairman of ITC Corporation, said, "The Asian market is just
starting to discover the opportunity offered by e-business, and the growth
potential for e-business solutions offered in this market will be tremendous."
Allen Yap, Deputy Managing Director, Hanny Holdings Ltd., added, "We are
very excited about Multiactive Pacific's line of award-winning e-business
products that are established in the North American market and its leadership
position in the brokerage software market in Hong Kong."
About Multiactive Software
Multiactive Software Inc. is a leading developer of innovative e-business,
sales, marketing, and customer management software, including the Entice!(TM),
ecBuilder(R), and Maximizer(TM) product lines. Designed to attract and retain
customers, these award-winning applications are used by more than a million
people worldwide.
Multiactive Software has won numerous awards over its 13-year history.
This includes the recent distinctions of the "Best of COMDEX/Fall 1999" award
from PC WEEK, the Computer Reseller News "Recommended" award, and finalist for
the Software & Information Industry Association's 2000 Codie Awards in the
category of "E-commerce Software - Best Product." Multiactive also won a Codie
award for developing the "Best Internet Commerce Software" of 1999.
The company has offices located throughout North America, Latin America,
Europe, and Asia Pacific and a customer base that includes such leading
companies and institutions as Siemens, BancBoston, Travelers Insurance,
Virgin Records, and Pennzoil. To find out more about Multiactive Software and
its products, call 800-804-6299 or visit www.multiactive.com.
This release may contain certain forward-looking statements reflecting
Multiactive Software Inc.'s current expectations in the electronic business
and sales and customer management software markets. Investors are cautioned
that all forward-looking statements involve risks and uncertainties,
including, without limitation, changes in market and competition,
technological and competitive developments, and potential downturns in
economic conditions generally. Additional information on these and other
potential factors that could affect the Company's financial results are
detailed in documents filed from time to time with the Ontario Securities
Commission.
NOTE: All trademarks or registered trademarks stated herein are
properties of their respective owners.
For more information, contact Brenda Christensen, VP, Corporate
Communications of Multiactive Software Inc., 818-884-5391, or
blcmultiactive.com.
For further information: Brenda Christensen, VP, Corporate
Communications of Multiactive Software Inc., 818-884-5391, or
blc@multiactive.com
/Web site: multiactive.com |
