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Gold/Mining/Energy : William Resources - WIM-TSE -- Ignore unavailable to you. Want to Upgrade?

To: Nick Morvay who wrote (1307)	11/8/2000 9:14:19 PM
From: Nick Morvay	Read Replies (1) \| Respond to of 1326

William Multi-Tech acquires stake in Infinite Loop William Resources Inc WIM Shares issued 351,469,238 Nov 7 close $0.105 Wed 8 Nov 2000 News Release Mr.Stan Bharti reports William Multi-Tech has acquired a 50-per-cent interest (through a two-step transaction as described below) in 3939733 Canada Inc. doing business as Infinite Loop, a privately held software engineering company, specializing in advanced document management. Multi-Tech retained Coniston Investment Corp. to act as an adviser in connection with this transaction. Infinite Loop is a software development firm which specializes in providing companies with next-generation Web-based software solutions for document management and retrieval. Its corporate mission is to focus on advanced search/indexing technology for ubiquitous document management. Infinite Loop has designed the Profiler which will enable companies to be more efficient as the software provides dynamic features such as automatic scanning, advanced search capabilities, indexing, cataloguing and retrieval. It is designed to incorporate ease-of-use interfaces and cross-platform compatibility. The software is compatible with personal computers, server environments, Unix systems and on the Mac platform. The Profiler is the only document management software which can provide a fully automated scanning, OCRing, indexing and cataloguing systems. The Profiler is on the cutting edge of the document management industry. The Profiler engine provides the following features: has an automated indexing function; has an automated search and retrieval system; has advanced search capabilities, including Boolean (finds word spelled correctly when the search word is spelled incorrectly), Soundex (finds incorrectly spelled words when the search word is spelled correctly), proximity and context searches; automatically opens the document directly to the referenced page; allows the user to access all documents on the system instantaneously; is less expensive than other document management systems; and is scalable. "We believe that society will continue to rely on paper documents for the time being, however the Profiler software which we have developed will help companies use their paper resources more effectively and smooth the transition to a paperless society," said Bartek Bulzak, designer and chief technical officer of Infinite Loop. The company will address the corporate customer with a stand-alone document management system. As well, a tool will be developed for the original equipment manufacturer customer that can be incorporated in the service environment. At the same time, Infinite Loop plans to make the Profiler affordable to the small- and medium-sized business community by using an application service provider (ASP). Therefore, for a monthly fee, the Profiler can be accessed by way of the Internet. Stuart Letovsky, president of Infinite Loop, knows that businesses are always looking for ways to save time and that means money. He says, "The Profiler will make life easier for lawyers, government clerks, medical researchers, educators ... right down the line to the small business person. It will definitely speed up the way people do business." The Profiler will be marketed in North America first. Once established the software will be marketed internationally. "Technological advancement has identified the need for document management solutions and we believe that the Profiler engine is unique in that it can take vast amounts of information, create a database, index and scan the information for retrieval purposes, making things easier and simpler," said Stan Bharti, chairman and chief executive officer of Multi-Tech. "The document management industry is estimated to be in excess of $1-billion (U.S.) a year and will expand as more users realize the need for document management, putting Infinite Loop in an enviable position." Under the share purchase agreement, Multi-Tech has agreed to acquire from the existing shareholders of Infinite Loop an initial 100-per-cent interest in Infinite Loop in exchange for approximately 15,652,000 common shares of Multi-Tech or $1.8-million. Subsequently, the existing shareholders of Infinite Loop have undertaken, within 90 days (or any such longer period as agreed to by Multi-Tech) from the closing of the acquisition by Multi-Tech of Infinite Loop to subscribe for 50 per cent of the common shares of Infinite Loop. This subscription, by the existing shareholders, will be paid in cash for an amount equal to the proceeds of the resale in the public market of their 15,652,000 common shares of Multi-Tech (net of any applicable taxes and commissions). As a result, Multi-Tech's interest in Infinite Loop will then be 50 per cent. (c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com