Asean Holdings Inc. to acquire 100% issued and outstanding share capital of Delron Computers Ltd.VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 6, 1994--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 Asean Holdings Inc. has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to acquire 100% of the issued and outstanding share capital of Delron Computers Ltd. from Brendan King and Miles Johnson. Asean, through its subsidiary Doppler Industries Incorporated, is engaged in the sale of computer hardware, software and peripherals and is currently a dominant computer retailer in the Greater Vancouver area. Doppler opened Canada's first computer superstore destination centre in January, 1994. The acquisition of Delron, which will achieve $12,000,000 in sales for the 1994 calendar year, combined with Asean's acquisition of Innovative Computing Ltd. of Calgary, Alberta, will position Doppler as Western Canada's largest computer dealer. Delron is a key computer dealer in the Province of Saskatchewan having locations in Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. and Regina. The Memorandum of
Understanding schedules the Closing Date for January 31, 1995 and calls
for both Miles Johnson and Brendan King to enter into a five year
management contract and to participate in Asean's stock option
programmes.Management is very pleased that it will be able to add Miles and Brendan to its team. They have an excellent depth of experience in the computer industry and they will be instrumental in future expansion plans in the region. The acquisition of Delron's shares will be in exchange for 250,000 treasury shares of Asean at an ascribed price of $ 2.00 per share. For further information regarding the Company's development plans, please contact Angela Suriyamongkol, of our investor relations Investor relations The process by which the corporation communicates with its investors. staff at 604 - 669 - 2868. This acquisition is subject to regulatory approval. ASEAN HOLDINGS INC. _________________________________________ Per: P.L. Hammond, C.A. President and Chief Executive Officer -0- 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 THE CONTENT OF THIS PRESS RELEASE. CONTACT: P.L. Hammond
President
or
Angela Suriyamongkol
Executive Assistant
Tel: (604) 669-2868
Fax: (604) 683-2599
REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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