DataWave Systems Inc. Announces New Financing Plans.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 16, 1999-- DataWave Systm (VSE See DOS/VSE. VSE - Virtual Storage Extended :DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. ) (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. :DWVSF) DataWave Systems Inc ("DataWave") announced today that it has entered into an agreement with Corporate & Legal Nominees Limited of Middlesex, UK for a private placement of 4,166,167 units, at a price of US $0.30 ((plus)/(minus) 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. $0.45) per unit, for total proceeds of US $1,250,000.00 Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one common share for a period of 2 years, at a price of US $0.35 per share. The units comprising the shares, and any shares issued on the exercise of the warrants included in the units during the first year of their term will have a hold period expiring one year from the date of this news release. The proceeds of this private placement will be used for working capital and to settle amounts owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de trade creditors. DataWave also announced today that it has entered into an agreement with Atlantic Communications International Ltd. of Nassau, Bahamas For other uses of "Nassau", see Nassau (disambiguation). Nassau is the capital city and commercial center of the Commonwealth of the Bahamas. The city has a population of 210,832 (2000 census), nearly 70 percent of the entire population of the Bahamas (303,611). ("ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative ") to cancel DataWave indebtedness to ACI in the amount of approximately US $3,000,000.00, for the issuance of 10,000,000 units, for an effective price of US $0.30 per unit ((plus)/(minus) CDN $0.45). Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to acquire one common share for a period of 2 years, at a price of US $0.35 per share. The units comprising the shares, and any shares issued on the exercise of the warrants included in the units during the first year of their term will have a hold period expiring one year from the date of this news release. ACI purchased the debt from Applied Telecommunications Technologies Inc. on April 12, 1999. After the conversion DataWave will be almost debt free, the secured debt in the past has been an enormous cash drain on DataWave as extremely high interest rates were being charged. As part of this agreement DataWave and Chadwell Hall Holdings Ltd. have agreed to cancel previously announced plans to merge, due to legal problems, which have arisen due to the complex nature of the transaction. These agreements have been entered into subject to regulatory approval, shareholder approval if required and the settlement agreement of the trade creditors on payment of the amounts owing. On behalf of the Board of DataWave Systems Inc. Clive Barwin, President & 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. |
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