Force Technologies - Joint Venture.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 13, 1996-- FORCE TECHNOLOGIES INC(CANADIAN DEALING NETWORK:FRCE) Further to the Company's News Release of August 26, 1996 the Company wishes to announce that it has entered into a joint venture agreement with WTS WTS - Want To Sell WTS - Want to Show (mathematics) WTS - Washington Tactical Switch WTS - Wastewater and Tank Systems WTS - Watch This Space WTS - Weapons Training Site WTS - Web Terrain Service WTS - Web Transport System WTS - Wesley Theological Seminary WTS - What's That Smell? WTS - Willingness to Sacrifice WTS - Wilson-Turner X-Linked Mental Retardation Syndrome WTS - Windows Terminal Server (Microsoft) Bureau Systems, Inc. ("WTS") of Dallas, Texas, to engage in the development production and sale of certain computer-based voice recognition equipment and software. All profits or losses shall be distributed to WTS as to seventy percent (70 percent) and the Company as to thirty percent (30 percent). As consideration for the joint venture WTS shall contribute its existing methods, procedures, software, techniques and expertise together with management and support services. The Company shall pay WTS two hundred thousand dollars US ($200,000 USD), contribute management consulting and arrange funding for each joint venture project that is undertaken pursuant to the joint venture agreement with such funding to be subject to a specific written Exhibit or Addendum to the agreement. The initial term of the joint venture is for three (3) years after which the agreement is extended for one (1) year increments. "This joint effort will assist in expanding the market for our Company's "product line", said J.L. (Larry) Summers, President of WTS Bureau Systems, Inc. "I believe WTS has demonstrated its ability to design, create and implement the equivalent of a customized phone company in a box, anywhere in the world," said Gordon F. Lee, President of Force Technologies Inc. WTS builds, designs, and develops voice activated telephone systems as well as provide component coupling and hardware manufacturing. With over ten years of experience, WTS has earned a reputation in the global voice processing market as a leading manufacturer of open architecture, universally integrated platforms. These platforms, the WTS Monarch and Papillion systems are capable of delivering a wide array of both basic and advanced telecommunications applications. In order to facilitate the above transaction and to provide general working capital the Company wishes to advise a Private Placement of up to one million units at a price of $0.60 per unit. Each unit consists of one (1) common share and one (1) non-transferable share purchase warrant entitling the holder to acquire an additional common share of the Company for a two year period at a price of $0.60 per share in the first year and a price of $0.70 in the second year. ON BEHALF OF THE BOARD "Gordon F. Lee" Gordon F. Lee President and Director CONTACT: Force Technologies Inc. Gordon F. Lee, 604/685-1017 604/685-5777 (Fax) No regulatory authority or stock exchange has approved or disapproved the contents of this release. |
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