International Mercantile Corp Enters Into An Agreement To Acquire Zingo Sales, Ltd.Business Editors & High Tech Writers BERKELEY HEIGHTS, New Jersey--(BUSINESS WIRE)--Feb. 25, 2002 International Mercantile Corp (OTC-BB Symbol:IMCT IMCT Intermodule Compatibility Testing IMCT International Moot Court Team (Howard University School of Law) ) is pleased to announce that it has entered into an agreement to acquire Zingo Sales LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability ., as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of IMCT. Zingo Sales manufactures electronic bingo and related gaming systems using off the shelf components and markets these products on an as use basis. With the off the shelf components coming down in price, Zingo Sales is extremely well positioned to enter the market with a better quality product at much better pricing than what is currently being offered by the competition. With our system, bingo players who can only follow 5 or 10 bingo cards at a time on paper will now be able to play hundreds of bingo cards at one time. The bingo halls and casinos love the system because they can now charge for additional bingo cards played without the additional cost of paper. Another reason the demand is so great for our system is that there are other games that can be played between each bingo session that generates additional income for the casino/bingo operator. Additionally, Zingo's current management has the best reputation in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market for electronic bingo products. This is a tremendous sized market expanding at rates that allows for tremendous growth for new companies with electronic, innovative and cost effective products such as those being offered by Zingo sales, Ltd. With this acquisition, IMCT's other subsidiary Solutions Technology gains immediate access to a majority of the Native American casinos, Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and other gaming facilities throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. for the SecureTime Biometric System. Additionally, Zingo will provide ongoing service for the gaming and Biometric products, thereby increasing IMCT's profitability. James M. Farinella, IMCT's President/CEO stated "Zingo Sales will bring immediate sales to the company along with cash for operations. Even more exciting is the expanded marketing and distribution that Zingo will provide for the SecureTime Biometric System for our other wholly owned subsidiary Solutions Technology. Bingo may not sound exciting, but combined with electronics, it is a very big business that is highly profitable." The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements made on behalf of the company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by International Mercantile Corp (IMCT) may differ materially from these statement due to a number of factors. IMCT assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions. |
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