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Gold/Mining/Energy : Corner Bay Silver (BAY.T) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (847)	5/5/2000 9:22:00 PM
From: russet	Read Replies (1) \| Respond to of 4409

Hi Claude, <<and follow as well the slow progress of digital photo...>> A company I've been following, PNI.V,..Photochannel Networks,...takes digital pictures transmitted over the internet, and processes them to produce pictures on the finest quality silver halide paper. It seems the faster we progress, the more we go to the past (ggggggggg). PhotoChannel Networks Inc - PhotoChannel forms PhotoChannel.Com Limited Partnership PhotoChannel Networks Inc PNI Shares issued 17,264,279 2000-05-04 close $1.91 Thursday May 4 2000 Mr. Geoffrey Briant reports PhotoChannel Networks has formed PhotoChannel.Com Limited Partnership and is offering a minimum of 750,000 limited partnership units and a maximum of 2.5 million limited partnership units at a price of $10 per unit. The net proceeds raised from the sale of units will be used by the partnership to develop and operate its on-line photo print business in North America. Its service will be dedicated to pictures taken with digital cameras and uploaded to PhotoChannel with proprietary Smart Media and Compact Flash Card Readers. These Smart Media and Compact Flash USB Card Readers will exclusively upload images to the PhotoChannel Web site for free lifetime archiving and on-line photo print ordering. They will be developed and manufactured on behalf of the partnership pursuant to the terms of a joint venture agreement to be entered into between the partnership and NewHeights Software Corporation of Victoria, B.C. The on-line photo print business to be undertaken by PhotoChannel on behalf of the partnership, will feature home delivery of the highest quality photographic prints on Fuji Crystal Archive silver-halide photographic paper. This on-line photo print service will be available for images captured with digital cameras and uploaded with USB Card Readers to be distributed by the partnership. The partnership's on-line photo print service will be offered at a price competitive with conventional film processing. As limited partners, investors in the partnership will be entitled to all tax losses in the initial start-up period. "This is the first example of an exclusive, proprietary on-ramp to the PhotoChannel on-line photo print service and the PhotoChannel site that we intend to develop," said Geoffrey Briant, chairman and chief executive officer of PhotoChannel. "We believe that providing our customers with the fastest and easiest way to get their pictures on the Web greatly enhances the stickiness of our site and starts to build a significant repeat customer base for our on-line photo print service." "We at NewHeights are very excited about the business opportunities this represents for both PhotoChannel and NewHeights in the booming digital photography market," said Owen Matthews, president of NewHeights Software Corporation. Subject to shareholder and regulatory approval, pursuant to a call option agreement to be entered into between each purchaser, the partnership and PhotoChannel, PhotoChannel has the right, but not the obligation, to purchase all, but not less than all, of the units held by the limited partners of the partnership. PhotoChannel may exercise the call option by giving notice during the period commencing on Feb. 28, 2001, and ending on April 30, 2001, or during the period commencing Jan. 1, 2002, and ending on Feb. 28, 2002. The purchase price per unit during the first call period will be satisfied by the delivery of that number of freely tradeable common shares of PhotoChannel determined by dividing $10 by the current market price of the common shares. The purchase price per unit during the second call period will be the same as the purchase price payable during the first call period together with a cash payment per unit equal to the greater of: (i) $20 and (ii) eight times the earnings before interest, taxes, depreciation and amortization of the partnership for the 12-month period ending Dec. 31, 2001, divided by the number of units then outstanding, less $10. Current market price means 95 per cent of the weighted average trading price of the common shares on the Montreal Exchange over the 20 consecutive trading days ending five trading days before the date fixed for completion of the call option provided that it will be deemed never to be less than $1 or greater than $5. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com