Printer Friendly

SOFTFUND CAPITAL PARTNERS INC. ANNOUNCES SALE OF MASTERSOLUTIONS SOFTWARE INC.

 VANCOUVER, British Columbia, June 18 /PRNewswire/ -- SoftFUND (Vancouver: SSF) has accepted an offer from a private company ("purchaser"), to acquire SoftFUND's 40 percent equity interest in MASTERSolutions Software Inc.("MASTERSolutions"), in exchange for 40 percent of the issued and outstanding redeemable preferred shares of the purchaser. The offer was made by the purchaser to all of the shareholders of MASTERSolutions, and has been accepted by all such shareholders.
 The preferred shares will receive a cumulative dividend based on gross revenues, net of direct commissions ("net revenues"), exceeding $450,000 received by the purchaser from the sale of MASTERSolutions' existing and derivative products ("product"). The dividend rate is set at a minimum of 6.3 percent.
 If, by June 15, 1996, the cumulative dividends paid to all preferred shareholders is less than $500,000, the preferred shares will be entitled to an additional cumulative dividend of 7 percent of the purchaser's non-product net revenue until dividends aggregate $500,000.
 The purchaser has the right to redeem SoftFUND's 800 preferred shares at $1.00 per share, after cumulative dividends to all preferred shareholders exceed $3,000,000. Based on the foregoing terms, cumulative dividends of $200,000 to $1,200,000 will be paid to SoftFUND if the purchaser is successful with the sale of its product and non-product software.
 SoftFUND has pledged, under certain conditions, to provide the purchaser with a secured working capital line of credit facility of up to $60,000. The purchaser will use its best efforts to obtain Stage II financing for MASTERSolutions. The line of credit facility will be paid out on the earlier of the closing of the Stage II financing, or Oct. 1, 1993.
 SoftFUND is an investment company that specializes in funding developed software, particularly in the emerging communications field of wireless data, serving today's mobile world. Management at SoftFUND is committed to "Building A Wireless Future."
 -0- 6/18/93
 /CONTACT: Peter Bradshaw, chairman, or Rooky Driver, executive assistant to the chairman, 604-682-1400, both of SoftFUND Capital Partners/
 (SSF.)


CO: SoftFUND Capital Partners Inc.; MASTERSolutions Software Inc. ST: British Columbia IN: CPR SU: TNM

LM-JL -- LA004 -- 3383 06/18/93 06:00 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 18, 1993
Words:361
Previous Article:EXPRESS YOUR FEELINGS WITH A GAG GIFT OF BEAUTIFULLY WRAPPED MANURE
Next Article:EG&G ALTERS EXPECTATIONS FOR SECOND QUARTER EARNINGS
Topics:


Related Articles
SOFTFUND CAPITAL PARTNERS INC. REVIEW OF SALE OF MASTERSOLUTIONS SOFTWARE INC.
SOFTFUND CAPITAL PARTNERS INC. REVIEW OF SALE OF MASTERSOLUTIONS SOFTWARE INC.
EQUITY INVESTMENTS AND MDSI -- JOINT NEWS RELEASE MDSI SIGNS (U.S.) $1,000,000 CONTRACT WITH LILCO
KNOWLEDGE ADVENTURE COMPLETES SECOND ROUND OF FINANCING; LEAD INVESTOR, MAYFIELD FUND, JOINED BY AT&T, PARAMOUNT AND INTEGRAL PARTNERS
TELSOFT MOBILE DATA INC. ANNOUNCES AUTOMATIC CONVERSION OF SERIES 2 SHARES INTO COMMON SHARES
CONSORTIUM SIGNS LETTER OF INTENT FOR MAJORITY INTEREST IN JOSTENS' LEARNING SOFTWARE DIVISION
NETECT Inc. Secures $4 Million in Second Round of Financing
Enterprise Software and Columbine JDS Systems Announce Merger.
Bloodhound Software Secures $11 Million in Funding.
Bloodhound Software Strengthens Board of Directors and Management With Three Key Appointments.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters