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I came across this new listing this morning which definitely warrants looking into. There are some major players involved with excellent track records. Rashid Aziz and Gerald Wittenberg are both involved and have fantastic track records, not to mention some very interesting placee's in the latest private placement. Do some research on this one... you shouldn't be disappointed. Here's what I was able to uncover: Image Power Inc - News Release Board changes; private placement closed; loan agreements Image Power Inc IPZ.VSE Shares issued 15,849,312 Friday Jan 24 1997 News Release Mr Stephen Swift reports The name of the company was changed from Redonda Industries Corp to Image Power Inc. There was no alteration in the share capital of the company. The company has accepted the resignation of Dr Gerald Wittenberg from his position as president. Dr Wittenberg remains a director. Mr Stephen Swift has been appointed president and a director. Mr Swift has extensive high technology company management experience plus technical knowledge and expertise in hardware and software development, systems engineering and algorithm development. The company has agreed to issue 750,000 performance shares to Mr Swift at $0.01 subject to the cancellation of the existing 562,500 escrow shares. Also, the company has allotted and agreed to issue to Mr Swift up to a further 1,250,000 shares. Both transactions are subject to the approval of the company's shareholders. The above performance and allotted shares will be released and issued, respectively, based upon the company's audited cumulative cash flow. The company has closed the asset purchase agreement with Ancilla Technologies. The company and Ancilla Technologies (formerly Kalman Technologies) have agreed to defer the cash payment of $200,000 previously required to be paid at the closing until between 390 and 395 days following closing of the transaction. In a news release in Stockwatch July 11 1996, the company announced a private placement of 3,333,333 units comprised of 3,333,333 shares and warrants to purchase a further 3,333,333 shares exercisable for two years at $0.225 in year one and at $0.26 in year two. The company has amended the exercise price of the warrants to $0.45 per share. The total number of shares being subscribed for is 3,318,176 and the total number of warrants is 2,246,495. The company has closed the private placement. The company has entered into three separate loan agreements dated October 31 1996, wherein a total of $30,000 (3 x $10,000) was loaned to the company by three insiders. Funds from the private placement proceeds will be used to repay the principal sum plus interest. The company has agreed to issue to these insiders as a bonus for the loan of the funds 26,664 shares. --- Image Power Inc - New Listing Image Power Inc IPZ Shares issued 15,849,312 Thursday Jan 23 1997 New Listing Also Redonda Industries Corporation (RED) The VSE has accepted for filing the company's filing statement dated January 20 1997, which discloses the following: Removal of Inactive Status Further to the VSE notice dated March 2 1993, the VSE advises that the company has completed its change of business and is no longer deemed inactive. Name Change Redonda Industries Corp has changed its name to Image Power Inc. There is no consolidation of capital. Effective at the opening January 24 1997, the common shares of Image Power Inc will be posted and called for trading on the VSE, and the common shares of Redonda Industries Corp will be delisted. Capitalization:15,849,312 shares issued (inclusive of all transactions as described below) Escrow:ization:562,500 shares Transfer agent:Montreal Trust Company Trading symbol:IPZ Security No:333760 Cusip No:45244H 10 3 Change of Business Pursuant to an agreement dated July 8 1996 together with amendments, the company acquired from Ancilla Technologies Inc all of the equipment, assets and intellectual property with respect to certain wireless image compression and analysis technology for $450,000 and assumption of all obligations arising from underlying agreements and allotting 1,250,000 shares to Stephen Swift to be issued at $0.016 pre-tax cash flow per share based upon the company's audited financial statements within five years of the acquisition. The allotted shares cannot be issued until all performance shares have been released from escrow. The company also agreed to pay the vendor a 3% nsr with a minimum royalty of $5,000 per quarter beginning in the second year. The royalty may be reduced to 1% by paying the vendor $1,000,000 less any royalty paid to date within three years of the closing date. A finder's fee of $41,250 will be paid to Atlas Capital Corp. Acquisition Pursuant to a subscription agreement dated July 3 1996, the company purchased 333,333 shares in Ancilla Technologies Inc for $50,000. Private Placement No. 1 The VSE has accepted for filing a non-brokered private placement of: No. of shares:2,207,888 Price: $0.225 Warrants:For 2,207,888 shares Wt exercise price:$0.45 for two years Placees:Euro Swiss Securities 453,444; Rahn & Bodmer Banquiers Zurich 450,000; Cayman Islands Securities 435,000; and 17 others. Finder's fee:rice:$30,115 to Werner Gormoll Private Placement No. 2 The VSE has accepted for filing documentation with respect to a non-brokered private placement of: No. of shares: 888,888 Price: $0.225 Placee: Kalman Technologies Private Placement No. 3 The VSE has accepted for filing a non-brokered private placement of: No. of shares: 221,400 Price: shares: $0.225 Warrants: For 38,067 shares Wt exercise price:$0.45 for two years Placee:Atlas Capital Corp Bonus Shares Gerald Wittenberg, RAA Consulting Services Ltd and Derek Spratt have each loaned $10,000 to the company at 10% per year. In consideration for the loan, the company agreed to issue 8,888 shares to each of the lenders. -- Redonda Industries Corporation - News Release Asset acquisition Redonda Industries Corporation RED Shares issued 12055973 1996-07-09 close $0.3 Wednesday Jul 10 1996 News Release Mr Gerald Wittenberg reports The company has entered into an agreement with Kalman Technologies of BC to purchase all the equipment, assets and intellectual property owned by or licensed to Kalman respecting patented image compression and analysis technology. The technology is the result of two years of co-operative development with the Advanced RadioData Research Centre of Motorola Canada and the Department of Communications of the Canadian Federal Government. The company is actively developing products which use the technology. The resulting products have application in wireless networks, such as DataTac, CDPD, Mobetix, PCS, as well as paging and document imaging. The company is also an active contributor to the ISO JBIG-2 image compression standard. As consideration for the acquisition, the company will pay Kalman $450,000 cash, assume all obligations under the agreements relating to the intellectual property being assigned to the company and pay to Kalman a 3% royalty, subject to a minimum royalty of up to $20,000, on products sold by the company, on fees received by the company from sublicensing the intellectual property and on fees received by the company for engineering services provided in connection with the sale or use of the products. The company may reduce the royalty to 1% by paying to Kalman $1,000,000, subject to adjustment and the approval of the VSE, Kalman may, at any time after the earlier of the date the company gives notice of its intention to reduce the royalty to 1% and the date that is three years following the closing, elect to convert the royalty into a maximum of 1,000,000 common shares of the company. The company has agreed to provide up to $50,000 prior to the closing of the transaction to further develop the intellectual property. All improvements to the intellectual property derived from the funds provided by the company will be the property of the company. Kalman may, if the acquisition is not completed, purchase the rights to the improvements by paying to the company 125% of the total monies provided by the company. The agreement is subject to: (a) The approval of the VSE; (b) The closing of a private placement of units of the company (consisting of shares and warrants) raising at least $500,000, of which Kalman will subscribe and pay for $200,000 of such units; and (c) Stephen Swift, the former president of Kalman, entering into a consulting agreement with the company. The company has agreed to pay a finder's fee of $41,250 in connection with this transaction, payable by the issuance of 183,333 common shares. The company has also agreed to purchase prior to the closing of the transaction 333,333 common shares of Kalman at $0.15 per share. Private Placement The company has arranged a $750,000 private placement of units. The private placement will involve the issuance of 3,333,333 shares at $0.225 per share with warrants to purchase a further 3,333,333 shares exercisable for two years at $0.225 per share during the first year and at $0.26 per share during the second. Proceeds will be used for the acquisition of the assets of Kalman and for general working capital. Closing of this private placement is a condition to the closing of the acquisition of the assets from Kalman. ---- Redonda Industries Corporation - News Release Director appointment; resignation Redonda Industries Corporation RED Shares issued 12055973 1996-06-03 close $0.5 Monday Jun 3 1996 News Release Mr M. Kopec reports Mr Rashid A. Aziz has been appointed as a director. Dr Jamie Walker has resigned. Their telephone number is: 604-220-9948. | ||||||||||||||
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