America Online And Torstar Form Partnerships With Internet Liquidators.TORONTO--(BUSINESS WIRE)--Feb. 26, 1997--Internet Liquidators (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. ILII.) America Online See AOL. , Inc. (NYSE-AOL), the world's largest Internet online service and Toronto Star The Toronto Star is Canada's highest-circulation newspaper, though its print edition is distributed almost entirely within Ontario. It is owned by Toronto Star Newspapers Ltd., a division of Star Media Group, a subsidiary of Torstar Corporation. Newspapers Limited (TSE-TS.B), Canada's largest circulation newspaper, have completed their previously announced strategic partnerships with Internet Liquidators International Inc. (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. Unlisted: ILII). Both transactions include a minority equity investment in ILII and formation of alliances under which revenues generated through AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. and Torstar using Internet Liquidators' auction platforms and online mall will be shared with Internet Liquidators. America Online Private Placement Under the agreement, AOL will provide a direct link for its approximately 8 million members to reach the ILII electronic commerce site on the World Wide Web and provide significant marketing and promotional support to the products offered to AOL subscribers. AOL purchased 1,000,000 common shares for CDN $1,000,000 representing approximately 9% of the shares outstanding in ILII, and through the exercise of the initial tranche of its warrant, AOL may increase their position to a fully diluted 13% interest in ILII through the purchase of shares at prices between $1.50 US and $2.00 US prior to February 15, 1998. Should AOL fully exercise their warrant's initial tranche, AOL will then earn the right to increase their interest to 51% at prices ranging from a minimum of $3.00 US per share to higher prices which are a function of the then public market value of ILII's common shares. Torstar Private Placement Torstar will use the ILII platform for T-O T-O Takeoff Online branded Internet auctions and shopping malls as an additional channel of distribution for Ontario retailers, charities and community based organizations, offering a new dimension to advertisers' traditional marketing mix. Torstar purchased 1,000,000 common shares of ILII for CDN $850,000 and has a warrant to purchase an additional 500,000 common shares for $1.25 per share until January 30, 1998. Torstar Board Seat Internet Liquidators is pleased to announce that Rocco Rossi, Vice President of Strategic Planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and New Media for the Toronto Star, has joined its Board of Directors. Mr. Rossi Mr Rossi was created by Italian animator Bruno Bozzetto. We first meet Mr Rossi who is unhappy in life and single until he befriends his neighbour's talking dog Harold and a Witch who grants him wishes where they have many exciting adventures. has direct responsibility for the operation of Torstar Electronic Publishing An umbrella term for non-paper publishing, which includes publishing online or on media such as CDs and DVDs. Ltd. and the T-O Online Internet site. A Toronto native, Mr. Rossi attended both McGill and Princeton Universities on full scholarships, obtaining an MA in Politics. From 1988-92, he was Co-owner and Vice President of Sales for Clearview Packaging Inc. After a year's stint as Vice President of Corporate Development for Advanced Material Resources Ltd., Rossi went in 1993 to work as a consultant for The Boston Consulting Group where he consulted to many Fortune 500 and FP 100 companies in a wide range of industries. Internet Liquidators looks forward to Mr. Rossi's active board participation in assisting the company to meet its growth potential in emerging Internet commercial markets. Paul Godin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Internet Liquidators International, said, "Our transactions with America Online and Torstar create the best possible initial partners for ILII and evidence our corporate strategy of forming alliances that will increase the volume of traffic through our platform. AOL is able to point its 8 million and growing subscribers to our national programming and Torstar is able to cross promote community focused online commerce with the largest newspaper circulation in Canada. We will continue to forge 'best of breed' alliances for both our national and local E-commerce businesses." Internet Liquidators International operates exclusively over the Internet, offering a broad range of brand-name products with the excitement of its unique multiple auction sales formats. It provides consumers with the value of a discount superstore and the convenience and security of in-home, online shopping. Internet Liquidators was recently selected by PC Week Magazine as a top ten ranking electronic commerce site. This Press Release can be viewed on the Canadian Corporate News website at www.cdn-news.com CONTACT: Internet Liquidators International Inc. Paul Godin, 905/672-7467 or HDL (Hardware Description Language) A language used to describe the functions of an electronic circuit for documentation, simulation or logic synthesis (or all three). Although many proprietary HDLs have been developed, Verilog and VHDL are the major standards. Capital Corporation Christopher Bulger, 416/599-7330 ext. 12 |
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