Orbit
E-Commerce Inc. Accepts Offer for a Merger with PureNet.TV Canada
Inc.
Released on
= January 18, 2005, 11:58 pm
Press Release
Author = Orbit E-Commerce Inc.
Industry = Internet
& Online
Press Release
Summary = OECI shareholders will be notified by letter of the details
of the transaction which will be subject to shareholder approval.
Press Release
Body = (EMAILWIRE.COM, January 19, 2005) Toronto -- Orbit E-Commerce
Inc. (OTCBB:OECI) announced today it has accepted an offer from
its major
shareholder, PureNet.TV Canada Inc. (“PureNet”) for
PureNet to acquire the balance of the outstanding Common Shares
of OECI not held by PureNet. PureNet has made an
offer to acquire the remaining OECI shares in an exchange on a one-for-one
basis for PureNet.TV Canada Inc. Common Shares. It is expected that
such transaction will be effected pursuant to a merger. PureNet,
a private Canadian company, has filed with the Ontario Securities
Commission (“OSC”) to become a public company and have
its shares listed for trading on a Toronto stock exchange. OECI
will make any necessary filings regarding the transaction with the
Securities and Exchange Commission
(“SEC”).
OECI shareholders
will be notified by letter of the details of the transaction which
will be subject to shareholder approval. To complete the transaction,
OECI shareholders will have to render their shares in certificate
form only to the Company’s transfer agent in Toronto for the
exchange to PureNet shares upon the proposed closing of March 2005.
Douglas C. Lloyd,
President and CEO of OECI and PureNet said today that in merging
OECI with PureNet in Toronto will allow the Company to have its
corporate offices,
staff, public listing and its transfer agent all operating in Toronto
resulting in substantial cost savings in administration. Furthermore,
PureNet intends to have its
first US city, Miami, FL operating IPTV in beta by the end of February
2005.
Upon completion
of the merger, the shareholders will benefit not only from the potential
earnings of its IPTV business, but also from having its shares traded
on a
Toronto stock exchange where naked short selling is not allowed.
This is not
an offer to sell or solicitation of an offer to buy the above mentioned
securities, which may not be offered or sold absent registration
or an exemption therefrom.
About OECI
Orbit E-Commerce Inc. (www.orbitecommerce.com) was established in
2000 for the purpose of capitalizing on management's vision and
expertise in the field of
Internet-based communications systems, products, and services. OECI
recently announced the acquisition of the IPTV business of PureNet.TV
which will allow OECI
to extend its communications vision and expertise into the market
for IPTV video/internet services which is poised to experience rapid
growth.
About PureNet.TV
Canada Inc.
A private company, incorporated in the Province of Ontario, Canada,
PureNet, is a privately funded company which was formed to research
and develop a highly competitive IPTV technology and services and
establish relationships with video content providers and equipment
suppliers.
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