To: marcos who wrote (109 ) 3/26/2000 4:28:00 PM From: AriKirA Read Replies (1) | Respond to
What developments are we likely to see in the near term? sedar.com During Fiscal 1999, the Company engaged in discussions with Datamat Public Company Ltd. , a Thai company headquartered in Bangkok, Thailand, to assist in the restructuring of Datamat?s debts and reorganization of business matters, and to acquire a majority equity interest in Datamat. Datamat specializes in major system installations and software development in various industries such as health care, banking, securities, and hospitality . As of September 1999, Datamat had assets of C$37 million and liabilities of C$91 million. Datamat is listed on the Stock Exchange of Thailand.Agreement was approved and executed between the Company and Datamat. Under the Agreement, the Company has the exclusive right to assist Datamat in reorganizing its business and finance matters, restructuring of its debts, and seeking investment opportunities. monthly management fee of US$10,000 per month plus expense reimbursement of up to US$5,000 per month. In addition, the Company is entitled to a bonus, equivalent to 3% of the total debt settlement , payable in cash or Datamat shares. For the nine months ended October 31, 1999, the Company generated revenues of C$130,000 from the Agreement.hold up to 75% of Datamat?s total issued and outstanding shares . Furthermore, the Company will continue to seek acquisition opportunities in Asia and additional corporate finance activities from the North American equity markets.
