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Technology Stocks : SPARTA CAPITAL...HOT NEW INTERNET PLAY- SAY - ALBERTA -- Ignore unavailable to you. Want to Upgrade?

To: goldentoe who wrote (1)	4/14/1999 11:40:00 AM
From: NAUGHTY NOTES	Respond to of 23

hmmm, halted pending news. it looked like it was going to open up strongly this morning...which would lead me to believe that whatever it is is positive. can't wait for the opening. i phoned the company and they were very tight lipped, but said the news was sent out to the wires and should hit at any point. the stock would then be open by about 12:15 est.

To: goldentoe who wrote (1)	4/14/1999 11:56:00 AM
From: NAUGHTY NOTES	Read Replies (2) \| Respond to of 23

new out...nothing too exciting...why the halt? oh well, at least we're opening soon si i can grab more. Sparta Capital Ltd SAY Shares issued 7,891,836 1999-04-13 close $0.68 Wednesday Apr 14 1999 Mr. Ted Rousseau reports: Sparta Capital is pleased to announce it has closed its transaction with Grocery Gateway Inc. (www.grocerygateway.com) as described in its Feb. 18, 1999, and April 5, 1999, news releases (Stockwatch Feb. 19 and April 6) and below. Sparta advises that there have been no further material changes in its business or affairs other than as described herein. Once any further material events occur, Sparta will issue a further press release. Sparta has advanced a total of $300,000 to Grocery Gateway Inc., for the purchase of four units of Grocery Gateway at a subscription price of $75,000 per unit. Each Grocery Gateway unit currently consists of 25,000 common shares, 25,000 Class A warrants, 50,000 Class B warrants and 50,000 Class C warrants. Sparta currently holds approximately 4 per cent of the outstanding Grocery Gateway common shares based upon the number of Grocery Gateway common shares. Sparta can increase its percentage ownership in Grocery Gateway by exercising the Grocery Gateway warrants. Each of the Class A warrants, Class B warrants and Class C warrants of Grocery Gateway are exercisable for one Grocery Gateway common share at a price of $3 until the dates that are 12 months, 18 months and 24 months respectively from the closing the purchase and sale of the Grocery Gateway units. Each Grocery Gateway warrant provides for an accelerated expiry date based on both certain performance benchmarks being obtained by Grocery Gateway and upon certain trading prices being obtained for the Sparta common shares. Sparta and Grocery Gateway are entirely at arm's length to one another. Sparta also wishes to update the market with respect to its real estate/property management investment. Sparta holds a 50 per cent equity interest in 705536 Alberta Ltd., a company with two operating arms, Argon Group Ltd. and Berdean Realty and Management Ltd. The operating entities are active in the property management business in the Calgary, Edmonton and Vancouver marketplaces. Sparta has held its investment in 705536 since October of 1996, but was actively involved with Berdean prior to that date. To date, 705536 has been unprofitable and has required significant investment from its equity owners. Sparta and the other equity owner of 705536, since early 1997, have taken a number of initiatives in order to attempt to bring 705536 into a profitable position, including implementation of a performance-based compensation system with a lower fixed salary portion for employees, relocation and reduction of physical office space resulting in approximately $100,000 of annual cost savings, elimination of certain managerial and accounting positions, introduction of new computer systems and implementing systems to reduce receivables outstanding. Despite the above initiatives, certain key developments in the real estate market have impacted third-party property managers, including the introduction into the marketplace of rental property aggregators which maintain the property management function in-house, and low vacancy rates, which do not provide incentives for property owners to change managers. Sparta has developed a further strategy for additional cost reductions which it hopes to implement in the near future, but will continue to investigate alternatives by which it can maximize the value of its investment in 705536 for Sparta's shareholders. Sparta intends to continue its current business strategy of identifying, evaluating and potentially investing in a diverse range of companies.