Arete Industries, Inc. Initiates Venture to Acquire Interests in Minor League Sports Franchises and Appoints a New Director.Business/Sports Editors BOULDER, Colo.--(BUSINESS WIRE)--Dec. 21, 2001 Arete a·rête n. A sharp, narrow mountain ridge or spur. [French, from Old French areste, fishbone, spine, from Late Latin arista, awn, fishbone, from Latin, awn. Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AREE) today launched a new business development venture to acquire and manage ownership interests in professional minor league hockey and baseball franchises by signing a non-binding letter of intent with Mr. William W. Stewart of Highlands Ranch, Colo. Also, in connection with the new venture, the Company has appointed Mr. Stewart to its Board of Directors, effective immediately. Thomas P. Raabe, 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 Arete stated, "I'm extremely pleased to introduce Bill as a member of our team. Bill, a native of Manitoba, Canada has athletic and business background in professional sports The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Bill played hockey at both the collegiate and professional levels. He attended the University of Denver Background and rankings The University was founded in 1864 as Colorado Seminary by John Evans, the former Territorial Governor of Colorado, who had been appointed by US President Abraham Lincoln. on an athletic scholarship An athletic scholarship is a form of scholarship to attend a college or university awarded to an individual based predominantly on their ability to play in a sport. They are common in the United States, but in many countries they are rare or non-existent. where he was drafted by the NHL's Minnesota North Stars The Minnesota North Stars were a professional ice hockey team in the National Hockey League between 1967 and 1993. In the fall of 1993, the franchise moved to Dallas, Texas, where it is now known as the Dallas Stars. in his freshman year. Upon graduation, Bill joined the North Stars farm team. Bill has recent background as a part owner (Law) one of several owners or tenants in common. See See also: Part and managing partner of an AA professional hockey team on the East Coast. Since leaving hockey as a player, Bill held positions in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firms including Boettcher & Co., E.F. Hutton, and Dain Bosworth. Since approximately 1994, Bill has been an independent investor and entrepreneur, investing in young public and privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. and in real estate development. Bill has recently done considerable research and groundwork for the project, and believes there to be viable opportunities to acquire, fund and develop new and existing professional minor league baseball
Mr. Stewart stated, "I am very pleased to become a part of the Arete team and believe that I have an enhanced opportunity for my project to succeed within Arete's unique and sophisticated business model. To succeed, it is going to take a lot of hard work and support from the other members of the team, whom I find to be highly skilled and qualified to provide that support." The letter of intent precedes a definitive agreement, to be negotiated, which is intended to be closed upon the formation of a new subsidiary of Arete and the contribution of Mr. Stewart's present interest in one existing franchise and in certain negotiations to purchase certain other franchises, in exchange for a majority equity position in this new subsidiary. Thereafter, the subsidiary will endeavor to complete the pending transactions and to acquire and develop additional sports franchises. As these opportunities become viable, the Company has agreed to distribute a portion of its equity in the subsidiary to its shareholders through a registered stock dividend, subject to approval by state and federal securities authorities. None of the transactions that are contemplated to take place are certain to close at this time. Acquisition by the proposed subsidiary of the currently identified and prospective franchises will be subject to certain contingencies and uncertainties, including acquiring sufficient funding to secure franchises, leasing appropriate facilities in acceptable markets, approval by the various leagues and obtaining the consent of Mr. Stewart's current partners. "This structure and the business opportunity we're pursuing together fits the new business model we have designed for Arete Industries to function as a publicly-held business development company," continued Raabe. Statement as to Forward-Looking Statements. Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. NOTE TO EDITORS: In the company name Arete Industries, Inc. noted in this news release, there is an accent circonflex above the first "e" in "Arete". |
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