Bolivar Announces Closing of Sale of Venezuelan Assets.Business Wire TORONTO--(BUISNESS WIRE)--July 31, 2000 Bolivar Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Ltd. announced today that it has closed the sale of its Venezuelan assets to Crystallex International Corporation Crystallex International Corporation (TSX: KRY, AMEX: KRY) is a Canadian corporation engaged in gold mining and exploration. It operates open-pit mines and exploration sites in Venezuela. for total consideration of US$20 million, consisting of US$7 million in cash and promissory notes and the assumption by Crystallex of US$13 million in bank debt. The purchase price has been escrowed until August 4, 2000 in order to allow Crystallex to complete its bank loan documentation. With the sale of its Venezuelan assets, Bolivar has taken an important step in its transformation into a technology-based company. In conjunction with Bolivar's previously announced Cdn$15 to Cdn$20 million financing, Bolivar is poised to make a revised offer for the purchase of all of the shares of Champion Computer Corporation. Champion Computer Corporation, The Technology Infrastructure Company, is a Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Florida-based, privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that specializes in providing the IT infrastructure for Web-based companies, as well as the Fortune 2000. Champion, which is also IBM's largest open system business partner, markets it trademarked solution, known as "Time to Content", to Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. ("ISPs"), Application Service Providers ("ASPs"), and the Fortune 2000, to help them meet their rapidly growing storage and content needs by providing proven expertise in the design and implementation of highly available, reliable, scalable storage area networks. Bolivar intends to dedicate its resources to building and developing a Storage Services Provider ("SSP (1) (Service Switching Point) The local exchange node in an SS7 telephone network. The SSP can be part of the voice switch or in a separate computer connected to it. ") practice around Champion's "Time to Content(TM)" methodologies. NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. |
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