Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : American Digital Corp (ADCM) -- Ignore unavailable to you. Want to Upgrade?

To: Prefabhomes who wrote (144)	5/6/1999 6:49:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 228

(Applies to: ADCM TSTR) Simmonds Leads Investor Group In Purchase Of 16 percent Of American Digital Communications TORONTO (May 6) BUSINESS WIRE -May 6, 1999--Simmonds Capital Ltd. (TSE:SMM.) American Digital (OTC BB:ADCM): Mr. John Simmonds, Chief Executive Officer of American Digital Communications, Inc. ("ADC"), today announced that he and a group of associates have purchased 4,230, 906 common shares of ADC in a private transaction. The shares were held by an international financial institution. Mr. Simmonds and his immediate family personally acquired 665,906 common shares of ADC with the rest being taken up by other members of the group, including close business associates and investors familiar with the company. Mr. Simmonds is also the Chief Executive Officer of Simmonds Capital Limited, a diversified management company based in Toronto, Canada. Simmonds Capital has a 16 percent beneficial interest in ADC including 3.3 million common shares, $1 million preferred shares which are convertible at $1.00 per share, and warrants to purchase 500,000 common shares at $2.00 per share. In addition, Simmonds Capital has the right to receive up to $1.5 million in an earn out from the prior sale of the TrackPower business to ADC. The majority of the ADC common shares held by Simmonds Capital are subject to a prior option grant. Through TrackPower International Inc., ADC delivers high quality live horseracing video to subscribers throughout the United States, including Alaska, Hawaii, and Puerto Rico. ADC uses the Skynet Direct Platform to broadcast the TrackPower service as a niche-programming package on EchoStar Communications Corporation's SkyVista(TM) DTH television service. Skynet Direct is Loral Skynet's transmission and distribution service that offers programmers a combination of its Telstar fleet space segment with compression, encoding, uplinking, format conversion and multiplexing from EchoStar's existing facilities in Cheyenne, Wyoming. EchoStar also provides order processing, receiver authorization, and billing from its customer service center in Denver, Co. -0- KS/se* CONTACT: American Digital Communications, Inc. Graham Simmonds, 905/839-1430 KEYWORD: INTERNATIONAL CANADA INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS TELECOMMUNICATIONS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com