Armada Mercantile: Update to Company's Change of Business.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Dec. 14, 2000 Armada An earlier brand name for laptop computers from Compaq. The line was noted for its quality and innovative features. Mercantile Ltd. (CDNX CDNX See Canadian Venture Exchange (CDNX). :AAR Aar, river: see Aare. .) announces that it has terminated the letter of intent with AVO a·vo n. pl. a·vos See Table at currency. [Portuguese, shortened from oitavo, eighth, from Latin oct Media Corp. dated as of June 26, 2000, as amended August 3, 2000 (the "Letter of Intent") with respect to the Company's proposed change of business transaction (the "Transaction"). The terms and conditions of the Transaction have been set forth in the Company's earlier news releases of July 5, 2000, August 11, 2000 and October 24, 2000. As contemplated under the Letter of Intent, the Company has advanced funds to AVO Media Corp. as bridge loan financing in contemplation Contemplation Compleat Angler, The Izaak Walton’s classic treatise on the Contemplative Man’s Recreation. [Br. Lit.: The Compleat Angler] Thinker, The sculpture by Rodin, depicting contemplative man. of the closing of the Transaction. These advances total an aggregate of US$400,000. As a result of the termination of the Letter of Intent, the repayment of these advances will be accelerated and, accordingly, the Company will act to vigorously pursue all remedies available in order to, among other things, secure such repayment. The Company's management is now focusing on its "go forward" plans and will disclose the details in the near future. The Company has been in negotiations with two established California companies that would have complemented AVO Media Corp. These established companies meet the long and short-term profitability needs of the Company and management will move forward as quickly as time permits. The Company reiterates its strong commitment to its valued shareholders and will continue its efforts to create shareholder value to the Company. ARMADA MERCANTILE LTD. Frank Beninsig Executive Vice President The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release. |
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