ASEAN HOLDINGS ANNOUNCES ACQUISITION OF SHARES OF INNOVATIVE COMPUTING LTD.VANCOUVER, BC--(BUSINESS WIRE)--FEB. 21, 1995--ASEAN HOLDINGS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (VSE See DOS/VSE. VSE - Virtual Storage Extended :AHI AHI, n.pr See Aviation Health Institute. )--Mr. P. L. Hammond, C.A., President and Chief Executive Officer, is pleased to announce that the acquisition of 100% of the issued and outstanding share capital of Innovative Computing Ltd. ("Innovative") from Mr. William R. Ing of Calgary, Alberta, has now been completed. The purchase price paid to Mr. Ing amounted to $1,623,600 after taking into account adjustments contemplated by the share purchase agreement. Up to an additional $1,000,000 may be paid to Mr. Ing over the next three years dependent upon Innovative's performance. As a result of this acquisition Innovative is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Asean. As part and parcel of the agreement with Mr. Ing, Mr. Ing agreed to subscribe for 364,963 common share at a price of $1.37 per share totalling $500,000 and this transaction has also been completed. A management agreement with Mr. Ing has been entered into for a period of five years. -0- ASEAN HOLDINGS INC. P.L. Hammond, C.A. President and Chief Executive Officer THE VANCOUVER STOCK EXCHANGE Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE CONTACT: Angela Suriyamongkol, 604/669-2868 |
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