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Microcap & Penny Stocks : SMY - SAMSys Technologies Inc -- Ignore unavailable to you. Want to Upgrade?

To: Montana Wildhack who wrote (333)	7/13/2005 4:29:12 PM
From: Montana Wildhack	Read Replies (1) \| Respond to of 342

SAMSys Announces Termination of Joint Venture with BTG Company: SAMSys Technologies Inc. Stock Symbol: SMY Listing: TSX Outstanding Shares: 47.8 Million Web Site: www.samsys.com TORONTO, June 9 /CNW/ - SAMSys Technologies Inc. (SMY:TSX) ("SAMSys" or the "Company"), a world leading provider of radio frequency identification ("RFID") hardware solutions and RFID integration consulting services, today announced that it has terminated its joint venture with BTG International Limited ("BTG"), a principal shareholder of the Company. The U.K.-based joint venture, called RFIP Solutions Limited ("RFIP Solutions"), was created in the Spring of 2002 when BTG made its initial investment in SAMSys to develop technologies in the Ultra High Frequency segment of the RFID market. In connection with the joint venture, SAMSys issued to BTG 2.5 million convertible special shares that were convertible into common shares if RFIP Solutions achieved certain technical milestones no later than May 31, 2005. The technical milestones were not met by such date and SAMSys and BTG mutually agreed to terminate the joint venture. Pursuant to the termination agreement, SAMSys will pay GB pnds stlg 69,532.33 or approximately $163,000CAD to satisfy all of its remaining financial obligations to the joint venture and on June 10, 2005 will redeem all 2.5 million convertible shares for an aggregate redemption price of $250. In addition to the existing Supertag licensing agreement whereby BTG non-exclusively licensed SAMSys to make, use and sell products based on the core Supertag technology, BTG will also grant SAMSys a worldwide, royalty- free, non-exclusive licence to the Fast Supertag Patents - developed within the joint venture - with no sub-licensing rights. The licence is to be granted for the sole purpose of enabling SAMSys to make and sell its proprietary readers for use with chips developed under a licence to use the Fast Supertag invention