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To: Buckey who wrote (10838)	5/4/1999 8:10:00 AM
From: Ara	Read Replies (1) \| Respond to of 62348

**GEM NEWS American Gem Corporation (TSE: GEM) TORONTO, May 4 /CNW/ - Management Group American Gem Corporation (American Gem'' or the Company'') refers to its press release dated April 23, 1999 where the Company announced the negotiation of acceptable terms with a growth-oriented Internet management group. American Gem today announces that the Company has entered into definitive agreements with the management group. The definitive agreements with the management group are in escrow and will be either released from escrow at 4:00 p.m. on Wednesday May 5 in which case the agreements will become effective, or will not be released from escrow in which case the agreements will not become effective. The escrow arrangement is necessary pending the satisfaction of certain transitional matters by the management group. The Company will issue a press release after the close of trading on Wednesday May 5 to report on the status of the definitive agreements. American Gem is confident that the definitive agreements will be released from escrow, but there is no assurance that this will be the case. In addition, the agreements are subject to various conditions including regulatory approval. /For further information: Vic Alboini, President and Chief Executive Officer of American Gem Corporation, at (416) 777-6814/ REUTERS * end of story ***