Electric Mail Co. Announces Board Appointments and Private Placement.VANCOUVER, B.C.--(BUSINESS WIRE)--May 12, 1999-- Electric Mail Co.(VSE See DOS/VSE. VSE - Virtual Storage Extended :ELE ELE equine leukoencephalomalacia. .) The Electric Mail Company Inc. (VSE:ELE, www.electricmail.com), Canada's leading email outsourcing solutions provider, as part of its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. expansion, is pleased to announce the appointments of Harish C. Consul and Darryl J. Yea to its Board of Directors effective immediately. Mr. Consul is the Founder and President of Pacific Century Group Ventures Ltd. (www.pcentury.com), a privately held venture capital and global investment firm based in Vancouver, involved in numerous areas of high growth with a primary focus on the information technology sector. Mr. Yea is the 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. of C.M. Oliver Inc., a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. (TSE/VSE:OLV OLV Onder Leiding Van (Dutch: under the leadership of) OLV One-Lung Ventilation OLV Our Lady of Victories OLV Orderly Liquidation Value (banking) OLV Our Lady of the Visitation ) that recently completed transactions concerning its investment brokerage and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against subsidiaries. "We are delighted to have Harish and Darryl join our Board and will capitalize on their expertise to fast track the growth of our company," stated Cathy Munn, President & CEO of The Electric Mail Company. "Each of them brings a wealth of experience in both the information technology sector and the investment arena. Their combined knowledge of business, financing, marketing and communications will be a tremendous asset to our ongoing expansion." Concurrent with the above Board appointments, the Company will undertake a private placement of 700,000 units at $0.58 per unit with proceeds being utilized for general working capital purposes. Each unit will consist of one share and one warrant to purchase one additional share at $0.58 in the first year and $0.67 in the second year. The Company also intends to apply to the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). to re-price its existing stock options to employees and directors to an exercise price of $0.90 which is more in line with recent market activity. The Company has agreed to grant Mr. Consul and Mr. Yea 250,000 stock options each at an exercise price of $0.90 with a term of 5 years. In addition, current holders of performance escrow shares have agreed to transfer 450,000 of these shares to each of Mr. Consul and Mr. Yea. All of the foregoing are subject to regulatory approvals. Finally, the new directors have each agreed to acquire 200,000 shares of the Company through a private transaction. The Electric Mail Company is focused on continued rapid expansion in the email outsourcing market, including the small to medium size business sector where it presently serves hundreds of customers around the globe. The Company recently announced record year end results for fiscal 1998, with total revenues increasing 51 percent over 1997 and US sales increasing 73 percent over the same period. Commenting on the Company's growth, Munn stated, "Leading research firm, Gartner Group has predicted that by 2001, 65 percent of midsize enterprises will outsource some or all of their corporate mailboxes. This prediction, together with recent analyst reports confirm our growth vision for the Company. "With our new services launched this past year, in addition to several new growth initiatives currently in the planning stages, we are globally positioned to uniquely serve this target market to become an industry leader going forward." About The Electric Mail Company Incorporated in 1994, The Electric Mail Company Inc. (VSE:ELE, www.electricmail.com) is Canada's leading corporate email outsourcing solutions provider expanding across North America and Internationally. Positioned at the forefront of the emerging email outsourcing sector, the Company's strategic relationships include industry majors such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Global Network, Lotus, Novell and Telus. The Company serves major corporations located throughout North America including, Placer Dome, Fujifilm Canada, Intrawest Corporation, and Ballard Power Systems Ballard Power Systems (TSX: BLD, NASDAQ: BLDP), located in Burnaby, British Columbia -- a suburb of Vancouver -- is a company that designs, develops, and manufactures zero emission proton-exchange-membrane fuel cells. . |
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