Cabo Mining Acquisition Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 9, 2000 On February 29, 2000 Cabo Mining (CDNX CDNX See Canadian Venture Exchange (CDNX). :CEV CEV Crew Exploration Vehicle (NASA) CEV Contemporary English Version (Bible) CEV Confédération Européenne de Volleyball CEV Confederation Européenne de Volleyball ) filed its submission to 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) with respect to its acquisition of Digital Network Services, Inc. (DNS (Domain Name System) A system for converting host names and domain names into IP addresses on the Internet or on local networks that use the TCP/IP protocol. For example, when a Web site address is given to the DNS either by typing a URL in a browser or behind the ). The company advanced funds from unallocated working capital to DNS to carry out DNS's undertaking to Consultoria & Gestion de Telecommunicacions S.A. (C & G Telecom) of Peru. To date, DNS has paid C & G Telecom the $300,000 U.S. that was due on February 28, 2000. DNS is also acquiring the satellite earth station and switching equipment, as well as reserving the satellite space segment for the satellite long distance system that is in the process of being installed in Lima and five additional Peruvian cities. DNS and C & G Telecom are on schedule with respect to the joint venture agreement announced February 18, 2000. The installation of the redundant satellite long distance system is proceeding as planned. The offices and operating sites in Peru have been secured, and the technical and administration staffing is underway. The funding required to meet the scheduled capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. for Peru has been received by the company. Cabo Mining has retained the services of one of the major legal firms in Peru to carry out the legal due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. of C & G Telecom in Peru and to act as legal counsel on an on-going basis. In addition, the company is proceeding towards a standardization of accounting and administrative systems between its head office, DNS and the Peruvian offices, as well as working with its auditors to select auditors in both the U.S. and Peru. The Peruvian project involves the establishment and operation by DNS of satellite earth station equipment and the infrastructure in six Peruvian cities with the purpose of carrying Peruvian domestic and international telecommunications traffic, as well as acting as a local service provider. C & G Telecom provides the joint venture with two national licenses from the Peruvian government to operate legally in Peru. These licenses are in good standing for twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. . DNS has also exercised its option pursuant to an agreement with Ronam International S.A. (Ronam) of Sao Paulo, Brazil, whereby it has increased its interest in the Ronam long distance satellite telecommunication switching equipment located in Sao Paulo to 100%. DNS held a 50% interest in the equipment at the time that the company agreed to acquire DNS. The final payment was $145,000 U.S. The Brazilian project will carry two way traffic between Brazil and the world through a programmable tandem switch A telephone central office switch that links telco end offices together and does not connect to the customer directly. Also called a "Class 4 switch" or "TDM switch," a tandem switch is a computer that is specialized for TDM-based, circuit-switched telephone calls. located in 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 , NY. Ronam provides local Brazilian operations and marketing services, and DNS owns the equipment, provides overall management and marketing services in the U.S. In Cobalt, Ontario, the next phase of exploration work is underway. Grid line cutting has been initiated for a UTEM and magnetometer geophysics program that is scheduled to begin the week of March 13, 2000. Cabo Mining expects to issue progress reports with respect to the Peru, Brazil and Cobalt, Ontario projects within the next thirty days. Furthermore, the notice filing with respect to the $3,000,000 private placement has been made with the Exchange and the company plans to file the final private placement documents with the Exchange prior to March 31, 2000. The Canadian Venture Exchange has neither approved nor disapproved of the contents contained herein. ON BEHALF OF THE BOARD, John A. Versfelt, President & 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion