ArtGalleryLIVE.com Prepares for New Business Opportunities.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 23,2000 ArtGalleryLIVE.com (CDNX CDNX See Canadian Venture Exchange (CDNX). :ALV ALV Arvonlisävero (Finnish: value added tax) ALV Avian Leukosis Virus ALV Andorra La Vella (capital of Andorra) ALV Autonomous Land Vehicle ALV Asta La Vista ALV Alvin, Texas ALV Air Launched Vehicle .) ArtGalleryLIVE.com Management Ltd. Announces Amendments to Existing Contracts and Plans to Restructure the Company to Prepare for New Business Opportunities Over the past four months, management team Daddy-longlegs.com has implemented several growth strategies for ArtgalleryLIVE.com. Significant improvements to the business include: a completely redesigned website, a comprehensive learning center, hundreds of additional artists, more than forty National fine art galleries, a doubling of the collector membership, the addition of strategic partnerships, identification of B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business revenue streams, International expansion of the board of directors, and substantially decreased monthly expenditures. Management is pleased with the progress made over the last 4 months, and will be spending the next few months developing the revenue streams to make the asset self-sustainable. In an effort to move the company forward cost effectively, ArtGalleryLIVE.com Management Ltd. announces that Daddy-longlegs.com will continue to manage the Company but has cancelled their existing monthly management fee. The Company also announces they have cancelled their contract with ACC See adaptive cruise control. Axis Investor Relations Investor relations The process by which the corporation communicates with its investors. Corp. (Axis) who were hired in February 2000. Investor Relations will be handled in-house on an interim basis. Based on current market conditions and the need to position the Company for future business opportunities and acquisitions the Board of Directors will be seeking CDNX and shareholder approval to consolidate its share capital. Currently the Company's issued and outstanding shares total 26,748,911. After the proposed consolidation ratio of 1 new share for 15 old shares the Company's new issued and outstanding shares would total 1,783,260. After the consolidation the board will seek acceptance to increase the authorized capital authorized capital n (COMM) → capital m autorizado or social authorized capital n (Comm) → capital social of the Company from 6,666,667 shares to 100,000,000 shares and to alter the Memorandum of the Company to reflect the same. Subject to approval of the foregoing, the Company will also seek shareholder approval to change the name of the Company. Approval of shareholders will be sought at 1710 - 1177 West Hastings Street, Vancouver, B.C., at 10:00 am on December 20, 2000. ArtGalleryLIVE.com Management Ltd. is an e-commerce enabler focused specifically on the art market, operates an e-commerce website http://www.artgallerylive.com, and offers a range of business-to-business and business-to-consumer e-commerce and marketing solutions to publishers, galleries, dealers and collectors. Venture Service Provider Daddy-longlegs.com, Inc. at www.daddy-longlegs.com manages ArtGalleryLIVE.com. On Behalf of the Board of Directors, ARTGALLERYLIVE.COM MANAGEMENT LTD. Peter Steele, 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. WARNING: The Company relies upon litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. protection for "forward-looking" statements. 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 not reviewed and does not accept responsibility for the adequacy of this press release. |
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