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Gold/Mining/Energy : PKS-PeakSoft Multinet Corp. (was PeakSoft Corp.) -- Ignore unavailable to you. Want to Upgrade?

To: Brian Warner who wrote (1334)	9/22/1998 4:36:00 PM
From: Brian Warner	Read Replies (1) \| Respond to of 1470

PeakSoft Announces Agreement to Convert Existing 12 Percent Senior Notes to Equity and Stock Consolidation BELLINGHAM, WASHINGTON--PeakSoft Corporation (ASE:PKT) (OTC-BB:PEAFF) today announced that it will seek shareholder and regulatory approval as required on an agreement to convert its existing senior notes and accrued interest to equity, repricing of warrants, a planned private placement, and a reverse split/consolidation of its stock on a 1- for-8 basis. PeakSoft is requesting approval of an agreement in principle between the Company and The Liverpool Limited Partnership and Westgate International, L.P., entities under common management with Elliott Associates, L.P., and individuals to convert their senior notes and interest owing of $2,608,231 CDN ($1,695,350 US) at a rate of $0.18 CDN per share for a total of 14,490,172 shares, and to purchase new notes in the aggregate principal amount of $231,000 CDN ($150,000 US). In addition, PeakSoft seeks approval of a private placement in the amount of $154,000 CDN ($100,000 US) priced at $0.18 CDN with a 2- year purchase warrant of $0.20 CDN. PeakSoft also seeks approval to reprice 3,620,075 warrants issued on September 9, 1997 and March 17, 1998 to The Liverpool Limited Partnership and Westgate International, L.P., entities under common management with Elliott Associates, L.P. to $0.20 CDN. PeakSoft is asking for approval of a stock consolidation of the Company's shares on a 1-for-8 basis after the completion of all these transactions. Management believes the stock consolidation is necessary to complete the restructuring of its capitalization for its pending OTC-BB re-listing. At the completion of all transactions and the consolidation of its stock, the Company estimates it will have approximately 4,240,000 shares outstanding on a fully diluted basis. The agreements as proposed will provide PeakSoft with additional capital of $384,000 CDN ($250,000 US) and reduce the Company's long-term debt by 93 percent. Management of the Company will remain with the current Board of Directors. PeakSoft Corporation is a market leader in the development of Internet productivity and communication software products. Publicly traded on the Alberta Stock Exchange (PKT) and pending on the OTC-BB (PEAFF), PeakSoft is a diversified Internet software Company headquartered in Bellingham, WA. For more information, call 888-377-7325, visit the PeakSoft Web site (http://www.peak.com) or send e-mail to info@peak.com -30- FOR FURTHER INFORMATION PLEASE CONTACT: PeakSoft Corporation Chris Kent 1-888-377-7325 e-mail: chrisk@peak.com The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. fin-info.com