AR Associates, Inc.: Clarification of March 25 & March 28, 2003 News Releases.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--April 14, 2003 Further to the Company's release of March 28, 2003, BIGBREWS was wrongly quoted as being "a wholly owned subsidiary" of AR Associates, Inc (Pink Sheets:ARAI). Pursuant to the Letter of Agreement between BIGBREWS Technologies Inc. and AR Associates, Inc., the Company is acquiring a minimum of 65% of the outstanding stock of BIGBREWS rising to 100% depending on the acceptance by the balance of the BIGBREWS shareholders. To date, over 90% of BIGBREWS shareholders have indicated acceptance of this transaction. In further clarification of the transaction as announced in the Releases of March 25, 2003 the Company will be issuing 14,500,000 common shares in exchange for 100% of the shares of BIGBREWS. In addition, 3,200,000 common voting shares will be issued for Brokers Agent fees. Further, $175,000.00 shareholders debt in BIGBREWS will be converted to common shares of ARAI at $0.10 per share after a period of 6 months. Assuming 100% acquisition of BIGBREWS and the conversion of the debt, ARAI will have a total of 30,858,280 common voting shares issued and outstanding, of which 19,534,959 shares will bear a restrictive legend under rule 144 of the SEC. ARAI is in good standing with the State of Nevada to May of 2004 and the company has assured BIGBREWS that it shall at all times maintain proper status as required for company's trading on the Pink-Sheets. As required by the Share Purchase Agreement signed between BIGBREWS Technologies Inc. and AR Associates, Inc., the Company has cancelled the agreement signed with Greenwave Inc. of Calgary, Alberta. A mutual release between Greenwave and AR was signed on April 04, 2003, and BIGBREWS cancelled the Agreement previously signed with BBHI (OTC-Pink Sheets), a General Release between BBHI and BIGBREWS has been executed. About BIGBREWS: BIGBREWS Technologies Inc.'s proprietary "BIGBREWS "Total Premium Brewing System" makes it possible for any pub, tavern, restaurant, bar, hotel and lounge to participate in the highly lucrative microbrew "brew-on premise" market without a high capital expenditure, floor space required or the need for an in house Brew Master. Our turnkey, hands-off BIGBREWS Solution delivers a premium craft brewed beer that is superior in quality and taste, made from all natural ingredients. The BIGBREWS Solution provides clients with the added attraction of having the look and feel of an actual scaled down Brew Pub. The BIGBREWS turnkey system combines the highest quality equipment and state-of-the-art Internet monitoring system (RCMS RCMS - Region Cost Monitoring Specialist RCMS - Regional Center for Math and Science RCMS - Reliability Centered, Maintenance Strategic RCMS - Remote Chat Monitoring System RCMS - Remote Control Monitoring System RCMS - Removal Cost Management System RCMS - Responsabilite Civile des Mandataires Sociaux (French: directors and officers liability)) with a managed fermenting cycle and Brew master Services to handle the complete brewing and conditioning process. BIGBREWS is also exploring opportunities to offer value added products and services that can be marketed to our customers in the future, which may include co-marketing programs, promotional products and eCommerce solutions. BIGBREWS eliminates the high capital cost of equipment and ongoing brewing technical expertise as barriers. To date, BIGBREWS receives revenue from its first 5 year recurring revenue contract, with revenues from the signed, 2nd and 3rd - 5 year contracts anticipated to begin June 1, 2003. For information on BIGBREWS please visit our Web-Site at: www.bigbrews.com Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation's Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statement. |
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