Corporate Update -- January 1996.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 15, 1996-- The 1995 calendar year was, for the most part, a disappointment for BrainTech shareholders. While the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance surged to record highs, BrainTech's stock plummeted to record lows. It seemed that BrainTech took two steps backward for every step forward. Yet despite all of 1995's disappointments, BrainTech undertook a major restructuring effort during the latter part of the year which enables the company to begin 1996 with a strength and focus never seen before in its history. The following restructuring efforts make this possible: -0- o All ties were severed with the former Chief Financial Officer, Jan Olivier, as well as Cactus Consultants, Inc., Mr. Olivier's private consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . This action enabled BrainTech to centralize its management team in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , and has resulted in a significant reduction in overhead operating cost. o Paco Nathan, John McDonald John McDonald may refer to:
o Three million shares of improperly issued Common Stock were canceled, reducing the total number of outstanding shares from 20 million to 17 million. o BrainTech signed a technology licensing agreement with CDNet Systems, Inc., which involved a C$25,000 non-refundable signing fee plus a 5% royalty override. BrainTech could receive as much as C$1 million in revenue from this agreement. o BrainTech joined a technology consortium with Evergreen International This article is about a non-profit organization. For the aviation company see Evergreen International Aviation Evergreen International, Inc. is a non-profit organization located in Salt Lake City, Utah, whose stated mission is to assist "people who want to diminish same-sex Technology, Inc. and CDNet Systems. The consortium is focused on developing an innovative new software standard for Microsoft's Windows95 computer operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . BrainTech will receive one-third of all revenues generated by this consortium. o BrainTech retained a public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most firm to assist with developing and implementing strategies and programs aimed at broadening investor awareness and enhancing overall shareholder value. o A long-term financing Long-term financing Liabilities repayable in more than one year plus equity. agreement with First Colonial Funds, Ltd. was signed. Under the terms of the agreement, First Colonial is to supply BrainTech with up to $11 million in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. in exchange for up to five million shares of BrainTech Common Stock. -0- These developments provide BrainTech with a solid foundation to complete current research and development efforts and begin actively marketing its technologies to potential clients. BrainTech's management is working diligently to return the company to a current filing status, and anticipates receiving the first phase of equity financing shortly. BrainTech expects to make several announcements over the next several weeks concerning its development and marketing schedule as well as additional minor restructuring efforts. BrainTech also intends to engage in various promotional activities. BrainTech, Inc. has offices located in Vancouver, British Columbia and Austin, Texas and is engaged in the design and development of advanced recognition technologies based on the human brain. BrainTech is the creator of the BrainTron microprocessor, which incorporates advanced parallel processing techniques and can process pattern matching algorithms up to 1,000 times faster than the popular Intel Pentium microprocessor. CONTACT: Sitra Enterprises, Inc. BrainTech, Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 512/453-3817 |
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