Bolivar Updates Status Of Transactions.Business Editors TORONTO--(BUSINESS WIRE)--June 26, 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. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVG BVG Bundesverfassungsgericht (highest German court) BVG Bureau du Vérificateur Général du Canada (auditor general) BVG Best Value Guarantee BVG Berliner Verkehrs Gesellschaft BVG Borrowdale Volcanic Group ) announced today that it has executed a definitive purchase with 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 the sale of Bolivar's Venezuelan assets. After adjustments for outstanding liabilities and a further reduction due to a restructuring of the bank debt owed against the Tomi mine, Crystallex agreed to pay US$20 million for the Venezuelan assets, consisting of the assumption by Crystallex of the outstanding debt of US$13 million, the payment to Bolivar of US$5 million, and the issuance to Bolivar of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. for US$2 million. This promissory note is payable within 90 days and is convertible into shares of Crystallex, at Crystallex's option. Closing of the transaction has been scheduled for July 14, 2000. With the completion of the sale of the Venezuelan assets, Bolivar will have US$7 million in treasury, be free of bank debt, and, with its 10,175,000 shares in Wavve Telecommunications, Inc., have total assets equal to approximately US$25 million. Bolivar also announced that adverse market conditions made it impossible to raise financing in time for the closing of the acquisition of Champion Computer Corporation scheduled for June 30, 2000. Bolivar continues to believe that Champion represents an exciting business opportunity and will continue to seek financing for a possible acquisition of that company. Meetings with Champion's management confirmed Champion's continuing interest in pursuing a transaction with Bolivar and that Bolivar remains a prime candidate for the acquisition. Champion also confirmed that an acquisition of the company by Bolivar has been approved by IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Champion's largest supplier and key strategic partner. At the same time, Bolivar will remain open to other opportunities that would allow Bolivar to complete its transformation into a high tech company, which transformation will be aided by Bolivar's strong balance sheet and its existing position in the market due to its successful investment in Wavve Telecommunications, Inc. NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. |
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