Chiropractic 21 International Inc. Announces Letter of Intent to Acquire visionGATEWAY Inc.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--Dec. 1, 2003 Chiropractic 21 International Inc. ("Chiropractic" or the "company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CRPL CRPL Cedar Rapids Public Library CRPL Central Radio Propagation Laboratory CRPL Creeping Lines CRPL Cosmic Ray Physics Laboratory (NASA) ) announced the execution of a letter of intent to acquire visionGATEWAY Inc. ("vision") in a share-for-share exchange, following the conclusion of which vision would become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Chiropractic. Terms of the letter of intent obligate obligate /ob·li·gate/ (ob´li-gat) pertaining to or characterized by the ability to survive only in a particular environment or to assume only a particular role, as an obligate anaerobe. Chiropractic to (i) issue 34,000,000 post-split shares or approximately 95.08% of its common stock in exchange for all of the issued and outstanding common stock of vision; (ii) cause to be canceled 780,000 pre-split shares of common stock of Chiropractic held by certain principal stockholders; (iii) issue 300,000 shares of its common stock to Formula's legal counsel and other employees and consultants for certain non-capital raising services not related to the merger; and (iv) complete a reverse split of the existing shares of Chiropractic on the basis of three to one prior to closing. visionGATEWAY develops and distributes the Internet Resource Management Internet resource management has been the domain of Internet technicians in managing the addressing structure of the Internet to enable the explosive growth of Internet use, and to have enough addressing space for that growth. ("IRM") software INTERScepter. Closing of the definitive agreement is subject to certain requirements including completion of final documentation, due diligence and other customary pre-closing conditions. There is no assurance that this transaction will be completed. This press release does not constitute an offer of any securities for sale. |
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