Clarion Internet, Inc. Enters Into a Letter of Intent.LOS ANGELES--(BUSINESS WIRE)--Nov. 22, 1999-- Clarion Internet, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CINE CINE Cinematographic CINE Cinematograph CINE Centre for Indigenous Peoples Nutrition and Environment CINE Clasificación Internacional de la Situación en el Empleo (Spanish) CINE Communications in Education ) has entered into a letter of intent to acquire the assets of Net Mentor.com of Toronto, Ontario, Canada today in consideration of 45,000,000 Preference Shares of CINE. The Preference Shares will be non-tradeable but have the right to be converted on a one-for-one basis into common trading shares on the basis of one conversion for each $1 of retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. , as evidenced by audited financial statements, with conversion available annually for a period of ten years. After the ten year period the Preference Shares and the right to convert to common shares is extinguished. Net Mentor.com will vend to CINE its proprietary managed distance learning system along with a hardware firewall solution and a continuous debit payment and identity technology which enhance the functionality of the core managed distance learning systems. Concurrently, the founders of Net Mentor.com, James N. Rodgers, lawyer and Edwin W. Austin, accountant, agreed to act as Directors of Clarion Internet, Inc. and agreed to assume the positions of Chief Executive Officer in the case of Rodgers and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer in the case of Austin. The Net Mentor Managed Distance Learning System is proprietary and web enabled. It operates on Windows 95, 98 and NT platforms, on Novell and on Intranet and will support industry standard web servers and browsers. It is SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. compliant. This acquisition will allow Clarion Internet, Inc. to aggressively pursue the $2 Trillion annual world education market with ahead of the curve technology, said new 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. Rodgers. "We will staff 7/24/365 call centers to accommodate teachers, students and E-commerce customers as we ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale this Internet convergence of computer, telecommunications, television and retailing along with corporate, professional and public school education," he said. In addition to the company's business of developing a single point of contact, one-stop, turn-key operation for the creation of Internet presence for existing, not-on-line "legacy" companies, Clarion will provide what they believe is the best managed distance learning system in the world. Clarion Internet, Inc. intends to grow and achieve an above-average financial return by maintaining a large share of the public school distance learning market as well as corporate training market, professional continuing education continuing education: see adult education. continuing education or adult education Any form of learning provided for adults. In the U.S. the University of Wisconsin was the first academic institution to offer such programs (1904). and infomercial selling marketplace. New proprietary technologies of Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking , such as Streaming Video, 64 Bit Chip hardware and broadband solutions will be utilized along with Clarion's state of the art IP to secure a dominant position in our marketplace. CLARION INTERNET, INC. Matt Blansett, President This release may contain forward-looking statements regarding Clarion Internet, Inc.'s business, customers or other factors that may affect future earnings or financial results of Clarion Internet, Inc. Such statements involve risks and uncertainties, including but not limited to potential issues relating to markets, inability to introduce new products, ability to retain key personnel and key customers and other factors, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. |
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