Chattown.com Network Inc. -- f.k.a. Vaxcel Inc. -- Changes Name, Trading Symbol and Increases Authorized Shares.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--March 2, 2000 Chattown.com Network Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CTWN) (the "Company") a fully reporting public shell, Thursday announced that it has effected a name change, a symbol change and increased it authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. in conjunction with the Stock Purchase Agreement with Thomas Clay and Mark Schellenberger ("Sellers) for the purchase of a 100% interest in Value Plus Marketing Inc. ("Value") which is scheduled to close on or before March 30, 2000. Name Change The Company amended it articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. changing the Company's name from Vaxcel Inc. to Chattown.com Network Inc. to better reflect the Company's anticipated business operations upon acquiring Value Plus Marketing Inc. In conjunction with the Company's name change, the Company also changed its trading symbol Trading symbol See: Ticker symbol from VXCL to CTWN on the over the counter bulletin board. The Company's new cusip number CUSIP Number An identification number assigned to all stocks and registered bonds. The Committee on Uniform Securities Identification Procedures (CUSIP) oversees the entire CUSIP system. Notes: This system is used in the U.S. and Canada. is 162467. Increase in Authorized Shares The Company also amended its articles of incorporation to increase its authorized common shares from 30,000,000 shares of $.001 par value common stock to 200,000,000 shares of $.001 par value common stock. The Company's authorized shares of $.001 par value preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. remained at 2,000,000 shares. The increase in the Company's authorized shares of common stock is necessary to accomplish the Company's plan to acquire Value Plus Marketing, Inc. and to continue the Company's anticipated plan to acquire other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. and web sites in the future. The Company effected the above changes pursuant to Section 242 of the General Corporation Law of the State of Delaware through a Shareholder Consent to Action Without a Meeting by 87% of the Company's issued and outstanding shares of common stock held by A-Z Professional Consultants Inc. The Company anticipates filing an Information Statement regarding these actions pursuant to Schedule 14C under the Securities Exchange Act of 1934 within the next week. A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that the Company may achieve may differ materially from any forward-looking statements due to such risks and uncertainties. Management strongly recommends that you read this press release in conjunction with the Company's Sept. 30, 1999 Form 10Q, Dec. 31, 1999 Form 10K and other public disclosure documents which can be viewed at http://www.sec.gov. Chattown.com Network, Inc. (f.k.a. Vaxcel Inc.) 268 West 400 South, Suite 300 Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. 84101 OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Symbol CTWN |
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