VALU-NET ANNOUNCES $1.4 MILLION FINANCING
ONCE YOU'VE READ THE HEADLINES, COME TO AGORA FOR THE NEWS
Good morning to you all. After significant announcements regarding European & South African exposure, as well as, opening of an on-line PC store, Valu-net has just announced $1,417,000 in financing via private placement and convertible debentures.
In addition to the assistance it brings to financing its recent and future initiatives, this financing is a vote of confidence for VNE. We are especially impressed with the convertible debenture aspect of the financing, which supports the fact VNE will soon be generating the cash flow necessary to service the debt. It is not very often that investors have enough confidence in a small-cap company to provide such debt financing.
Finally, we are also very encouraged by the latest appointment to the VNE Board of Directors. Typically, in small-cap companies, Board appointees are existing officers or friends of the company being rewarded for hard work. However, the appointment of Mr. Jeffrey C. Coyne is anything but such an appointment. For specifics, please refer to the press release below.
We continue to be encouraged by the fundamental growth of Valu-net. Large international alliances, large financing and the appointment of highly qualified Board members points to the paving of a bright future.
That is all for now.
Have a great day.
Regards,
Agora Internet Relations Corp.
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COMMENTS FROM VALU-NET PRESIDENT
Please find attached our latest release outlining our financing and new
member of our Board of Directors.
We are pleased to be able to announce the closure, as the monies being
received allows Valu-net to execute its business plans and assist us in
reaching break even in the near future.
Additionally, we are very excited to welcome Mr. Jeffrey Coyne as a member
of our Board of Directors. Mr. Coyne's vast experience in law and
international business will prove to be a major benefit to Valu-net in its
current business activities and its future endeavors.
As always, should you have any questions, please do not hesitate to contact me.
David Lucatch,
President & CEO - Valu-net Corporation
(905) 474-5100 or 1-800-558-9069
ASE Symbol - VNE CUSIP No. 919911 10 7
VALU-NET CLOSES PRIVATE PLACEMENT AND CONVERTIBLE DEBENTURE AND APPOINTS NEW DIRECTOR
Markham, Ontario, November 4, 1998. David Lucatch, President and CEO of
Valu-net Corporation ("Valu-net"), today announced the closing, subject to
regulatory approval, of a private placement for $642,000 via the issuance of
2,292,858 Valu-net common shares at $0.28 per share. These shares, which
were subscribed for by overseas investors, are subject to a 90 day hold
period. Mr Lucatch also announced the closing, subject to regulatory
approval, of a convertible debenture for $775,000. The debenture is
convertible into Valu-net common shares at $0.30 per share, by May 31, 1999.
Two directors of the company subscribed for approximately 85% of this
debenture.
At the same time, Mr Lucatch announced the appointment of Mr. Jeffrey C.
Coyne to the Board of Directors of Valu-net. Mr Coyne is Chairman and CEO of
Rebel Asset Management Ltd of Chapel Hill, North Carolina. Mr Coyne
graduated with a Bachelor of Arts degree from the University of California
at Berkeley in 1976 and a Juris Doctor degree from Duke University, School
of Law, in 1979. As Chairman and CEO of Rebel Asset Management Ltd. he has
been instrumental in turning around a number of companies in the
Hospitality, Oil and Gas and High Tech industries.
Mr. David Lucatch, President and CEO of Valu-net Corporation, stated; "The
additional capital raised through the private placement and convertible
debenture announced today gives Valu-net the necessary cash resources to
enable it to aggressively pursue its global marketing strategy. At the same
time, Mr Jeffrey Coyne, who will be taking an active role in the management
of the company, brings to the Board of Directors an increased level of
knowledge and expertise, particularly in the areas of business operations,
marketing opportunities and access to sources of capital in the USA."
Valu-net Corporation, a publicly traded corporation on the Alberta Stock
Exchange, (symbol "VNE") is a leading marketing and technology company
providing a complete range of services designed to meet the growing demand
for Internet marketing and electronic commerce. Valu-net's Enhanced Service
Program provides businesses with integrated Internet marketing programs,
electronic commerce and transactions technologies in order to advance their
business and marketing goals. At the same time, ESP's Web-This-Week - the
largest gateway to the Internet in Canada - enables consumers to interact
with such businesses. For more information, please visit our web site at
"www.webthis week.com".
For further information, contact: For Investor Relations
information contact:
David Lucatch, President & CEO, Gary Perkins
Valu-net Corporation
Phone (905) 474 - 5100 Tel: (905) 479 - 2800
Toll Free 1-800-558-9069 Toll Free 1-800-225-2744
Fax: (905) 474 - 9843 Fax: (905) 479 - 8608
E-Mail - dlucatch@valuenetwork.com E-Mail -investrelations@vncorp.com
DISCLOSURE STATEMENT
AGORA INTERNET RELATIONS CORP. receives a monthly monetary fee from Valu-net Corporation. for the purposes of communicating with Internet shareholders - both current and prospective - to increase awareness of and interest in Valu-net Corporation. AGORA INTERNET RELATIONS CORP activities are aimed purely at keeping their clients' shareholders and prospective shareholders informed about their company. These activities consist of providing investors with previously disclosed factual information concerning the company, comments from company principals, copies of material that has been filed with regulatory authorities, comments prepared by registered brokers or investment dealers and material published in newspapers, magazines or journals.
AGORA INTERNET RELATIONS CORP does not participate in the maintenance of an orderly market in their client's securities, nor is required, or receives an incentive for, the maintenance or achievement of a price or trading volume for their client's securities at a certain level, for a specified period of time or by a certain date. AGORA INTERNET RELATIONS CORP. may, at any time, own shares in the company.
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