William Multi-Tech Inc. (Formerly William Resources Inc.) - William Closes C
Sixty and LeadingEdge Transactions
Toronto, Ontario - Tuesday, July 18, 2000, 11:06 AM EDT
* C Sixty: Private biotechnology company focused on the discovery
and development of drugs, diagnostics and medical devices based
on the fullerene molecule (see previous press release dated
June 21, 2000)
* LeadingEdge: Profitable enterprise since establishment in 1996;
recent expanded focus on payroll and HR outsourcing market
through Pinnacle subsidiary will continue to increase revenues
and profitability (see previous press release dated June 26,
2000)
* William Multi-Tech name change approved by shareholders
* Listing symbol stays the same: WIM
William Multi-Tech Inc., formerly William Resources Inc.,
("William") (TSE:WIM) is pleased to announce the closing of the
previously announced transactions with C Sixty Inc. ("C Sixty")
and LeadingEdge Payroll Group Inc. ("LeadingEdge"). Under the
terms of the agreement, William has acquired a 40% interest in C
Sixty and a 42% interest in LeadingEdge. William retained
Coniston Investment Corporation to act as an advisor in
connection with these transactions.
C Sixty:
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C Sixty is a privately-held biopharmaceutical company whose
business strategy is focused on the discovery, development, and
the advancement of a new class of therapeutic drugs, diagnostics
and medical devices based on the fullerene molecule, considered
a "Platform Technology", with potential value for a large number
of diverse applications in multibillion dollar markets. The
company has adopted a virtual model for conducting its product
development through established relationships with world-class
institutions, thereby reducing costs, limiting dilution, and
therefore increasing the potential return to shareholders. The
company's technology is based on Nobel Prize award winning
research and strategies in the biotechnology sector.
LeadingEdge:
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As Canada's only multi-dimensional payroll company, LeadingEdge
captures the entire payroll and Human Resources administration
cycle, through a unique total outsourcing management approach.
LeadingEdge also provides recruitment services, consulting,
re-engineering, software selection and implementation support,
education/training, research and subscription services.
LeadingEdge will continue to operate as a separate entity,
further developing its payroll/HR software system, web-based
technologies and proprietary toolbox, primarily as they relate to
payroll and HR administrative outsourcing.
"The closing of C Sixty and LeadingEdge transactions represents
the first step in the transformation of William to a technology
based company", said Stan Bharti, Chairman and CEO of William.
"We are confident that our investment in C Sixty and LeadingEdge
will provide significant returns given the experienced management
in both companies. C Sixty has a superb scientific team and an
advisory board comprised of industry leaders and Nobel Prize
winning scientists. LeadingEdge is a well-positioned and
well known industry leader and meets our requirements as a
provider of cutting edge technology products and services", added
Mr. Bharti.
About William:
--------------
William is an incubator for companies involved in the Internet,
biotechnology and other high-technology-related areas. William
provides these companies with financing, strategic planning and
management resources to aid in their expansion programs. William
is in advanced discussions on other transactions and expects to
announce further developments in the near future. Shareholders at
the Annual Shareholder Meeting, which was held on June 27, 2000
voted on and approved a name change from William Resources Inc.
to William Multi-Tech Inc. William is in the process of filing
the necessary documents with the Toronto Stock Exchange to affect
the name change for trading purposes and will announce the name
change when accepted. William will continue to trade under the
symbol WIM.
Board Members:
--------------
Stan Bharti: Mr. Bharti has over 25 years of experience in the
resource and technology sectors. He is a long-time entrepreneur
in the resource and technology sectors, and is a recognized
expert in financial and management services, including
restructuring, turn-around, and M&A transactions.
Ken Taylor: Mr. Taylor is an international diplomat with a
distinguished business and political background. Mr. Taylor's
career has ranged from trade development responsibilities in
Guatemala, Detroit and London to foreign aid related matters in
Pakistan and crisis management in Iran, for which he received the
United States Congressional Gold Medal.
Gabriel Bitran; Professor Bitran is currently Deputy Dean and
Chair Professor at the Sloan School of Management at MIT.
Professor Bitran's research interests lie in the field of
operations management.
Michael Davidson: Mr. Davidson has over 25 years of technology
industry experience and is currently responsible for setting the
technology vision for Apotex and it's worldwide affiliates. Mr.
Davidson has extensive knowledge and experience with the
integration of technology in real world manufacturing, sales and
distribution, marketing, inventory, human resources and high
transaction processing across multiple business verticals.
Michael Fitton: Mr. Fitton has over 20 years of experience in
directing, managing, and developing business and technology
companies. Mr. Fitton specializes in consulting companies on
mergers, acquisitions, and development in the technology field.
Glen Kaiser: Mr. Kaiser has had an extensive career in the
telecommunications and Internet industry holding key executive
roles with AT&T, NCR, Bell South, Bell Labs, and Lucent
Technologies.
Gilbert Sharpe: Mr. Sharpe is a partner with the law firm
Cassels, Brock & Blackwell LLP and is head of their Health Law
Group. He is considered one of the pre-eminent health lawyers in
Canada.
Contacts:
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Reg Burden/Kam Gill |
