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Technology Stocks : Internet Direct Best Bargain On the Internet IDX on VSE -- Ignore unavailable to you. Want to Upgrade?

To: agiak who wrote (17)	5/1/1999 1:46:00 AM
From: Glenn Petersen	Respond to of 102

IDX acquires another 8,000 customers: biz.yahoo.com Friday April 30, 8:59 am Eastern Time Company Press Release SOURCE: I.D. Internet Direct Ltd. I.D. Internet Direct Announces the Acquisition of Quebec Based Delphi SuperNet VANCOUVER, British Columbia, April 30 /PRNewswire/ -- I.D. Internet Direct Ltd. (Vancouver: IDX - news) -- The Company is pleased to announce that it has entered into a agreement to acquire the outstanding shares of Delphi SuperNet Inc., a Montreal based internet service provider having approximately 8,000 subscribers. The purchase price for the Delphi shares consists of 1,031,789 common shares of the Company and $432,880. If, however, the Company is unable to obtain an order from the Quebec Securities Commission providing exemptions from the prospectus and registration requirements in Quebec for certain aspects of the transaction, the purchase price will consist of 761,407 common shares and $810,876. The cash component of the purchase price will be financed from the Company's existing cash resources. Closing is subject to the satisfaction of certain conditions, including the approval of the Vancouver Stock Exchange, and is expected to occur by May 30, 1999. Two of the founders and senior officers of Delphi will become officers of the Company. They will deposit in escrow 568,759 common shares of the Company to be released as to 25% on the first anniversary of closing and 37% on the second anniversary, with the balance to be released on the third anniversary provided certain conditions have been satisfied, failing which the balance or a portion of it will be canceled. This acquisition is a continuing part in the business plan strategy of Internet Direct to establish itself as Canada's leading growth oriented National Internet Service Provider. Delphi SuperNet is a Quebec based full service Internet Service Provider servicing over 8,000 customers in the greater Montreal area. Founded in 1996 by Anthony McGarr, the company is currently one of the largest and fastest growing private ISP in Quebec. About I.D. Internet Direct Ltd. (http://www.idirect.com) I.D. Internet Direct Ltd. provides a full spectrum of Internet Solutions to customers in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec with headquarters in Toronto. Now the largest Canadian independent Internet Service Solutions Provider, Internet Direct serves over 118,000 subscribers and businesses through 21 local access points nationally. For additional information about Internet Direct, please contact Gordie Campbell, Investor Relations by telephone at: 1-888-439-2897, or by Email to netgains@direct.ca. LANCE TRACEY Director I.D. Internet Direct Ltd. SOURCE: I.D. Internet Direct Ltd.