Coulee Ridge Announces Termination of Previously Announced Major Transaction and Signing of Letter of Intent for a New Major Transaction.CALGARY, Alberta--(BUSINESS WIRE)--Dec. 13, 1996--Coulee Ridge (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). COU COU Calendar of Updates COU Council of Ontario Universities COU Change Of Use COU Curso de Orientación Universitaria COU Columbia, MO, USA - Columbia Regional (Airport Code) COU Cardiac Observation Unit COU Cable Orderwire Unit .) Coulee cou·lee n. 1. Western U.S. A deep gulch or ravine with sloping sides, often dry in summer. 2. Louisiana & Southern Mississippi a. A streambed, often dry according to the season. b. Ridge Capital Corp. (the "Corporation") announces that discussions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the previously announced acquisition of Apollo Software Systems Inc. ("Apollo") and "Bingoworld" as the Corporation's major transaction, have been formerly terminated. However, the Corporation is pleased to announce that it has reached a letter of intent for the acquisition of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. Gold Brite Star Ventures Ltd. ("Gold Brite") a private holding company which holds or shortly will hold all of the issued and outstanding securities of BingoTech Systems Inc. ("BingoTech") and all of the issued and outstanding voting securities of Digital.Doc Services (Canada) Inc. ("Digital.Doc"), both private companies incorporated under the laws of the Province of 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 . Pursuant to the letter of intent, the Corporation will issue between 3,000,000 and 4,000,000 common shares in exchange for all of the issued and outstanding shares of Gold Brite at a deemed price of $0.20 per share, for an approximate value of between $600,000 and $800,000. The specific number of shares to be issued will be determined upon further financial analysis of Gold Brite and will be subject to regulatory approval. Prior to completion of this major transaction, Gold Brite shall complete a private placement of convertible debt securities for between $1,000,000 and $1,500,000. The convertible debt securities will be converted into common shares of the Corporation as part of the 3,000,000 to 4,000,000 common shares to be issued on the major transaction. Digital.Doc is a franchise operation targeted at the home and small business computer service industry. It has recently reached an agreement in principle for the acquisition of its first store to be located in White Rock, British Columbia With a population of 19,735, White Rock is located in the southwest corner of the Lower Mainland of British Columbia, Canada, forty-five kilometers from Vancouver and is flanked on the south by the Canada/US border and Blaine, Washington. . This store will initially be a corporate store to be franchised in the future. Proceeds from the convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. issued by Gold Brite will be used primarily to fund the development of two Digital.Doc regional offices (Vancouver and Toronto) as well the development and purchase of the Digital.Doc's secured intranet communications facilities. Upon completion of the regional headquarters, Digital.Doc intends to aggressively roll-out franchise locations across the country, primarily through the conversion of existing, successful computer service companies into Digital.Doc franchises. Digital.Doc has held preliminary discussions with several potential franchisees in western Canada
Western Canada, commonly referred to as the West , but will not proceed to formalize negotiations until the major transaction between the Corporation and Gold Brite is completed. BingoTech holds the proprietary interest in certain gaming software and integrated systems technology for playing of electronic bingo bingo Game of chance played with cards having a grid of numbered squares corresponding to numbered balls drawn at random. When a number on the card is drawn, the players cover that number (should they have it); the game is won by covering a certain number of squares in a row over a wide geographic area. The technology is designed for bingo played on site combined with a television format, broadcast to players over a wide area. The technology allows the bingo operator to implement limitless combinations of bingo games, including straight line, completion, jack pot (Poker Playing) the name given to the stakes, contributions to which are made by each player successively, till such a hand is turned as shall take the "pot," which is the sum total of all the bets. See also jackpot. See under 2d Jack. See also: Jack Pot and progressive bingos, as well as instant win and scratch 'n win prizes on the game card. BingoTech is currently pursuing sales opportunities in both Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . In conjunction with this transaction, 1,600,000 common shares of the Corporation held by directors and officers will be sold to the principal shareholders of Gold Brite. In addition, the Corporation intends to complete its previously announced private placement of 2,320,000 common shares at a price of $0.20 per share. This private placement will be subscribed for, in part, by existing management of the Corporation as well the proposed management of the Corporation following completion of the major transaction. The Corporation is a Junior Capital Pool Corporation and the acquisition of Gold Brite is intended to constitute the Corporation's Major Transaction pursuant to Policy 4.11 of the Alberta Securities Commission and Circular No. 7 of The Alberta Stock Exchange. As such, the transaction is subject to the final approval of The Alberta Stock Exchange. -0- Note To Editors: The Alberta Stock Exchange has neither approved nor disapproved of the contents of this press release. CONTACT: Coulee Ridge Capital Corp. Michael Rempel, 403/237-4723 |
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