Tandem Resources Ltd. Announces Merger.TORONTO -- Tandem Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:TDM (Time Division Multiplexing) A technology that transmits multiple signals simultaneously over a single transmission path. Each lower-speed signal is time sliced into one high-speed transmission. ) ("Tandem" or the "Company") reports that it has signed a Letter of Intent to merge with a U.S. based private company called OPEL Inc. ("OPEL"). OPEL is developing a revolutionary new micro chip which may be applied to a wide range of electronic devices, including computers, cell phones, NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. instrumentation, Air Force and defence applications. The new chip is to be made of gallium arsenide and input to the chip may be electrical or optical. It will have very low power dissipation and will be disruptively lower in price than present offerings. The new chip and the process through which it will be built, was developed at the University of Connecticut The University of Connecticut is the State of Connecticut's land-grant university. It was founded in 1881 and serves more than 27,000 students on its six campuses, including more than 9,000 graduate students in multiple programs. UConn's main campus is in Storrs, Connecticut. by a team headed by Dr. Geoffrey Taylor. Dr. Taylor, a Canadian formerly with Bell Labs, joined the University of Connecticut in 1993. Since that time, over USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $10.0 million has been expended on the development of the chip. OPEL is signing an agreement with the National Research Council in Ottawa whereby prototype chips will be produced at a brand new facility recently opened by the Canadian government in Kanata, Ontario. In due course, Tandem will prepare and mail to shareholders an information circular describing all the details of the proposed transaction. Under the plan of arrangement, Tandem will reorganize on the basis of one new share for 20 old and then merge with OPEL on a share for share basis, with the surviving entity been called OPEL. It is anticipated that OPEL will have between 18 and 28 million shares outstanding. This is based on and conditional on OPEL arranging a financing of between 10 and 20 million shares of OPEL at USD$0.60 per share. The financing and the merger will be coordinated by IBK IBK see infectious bovine keratoconjunctivitis. Capital, on a best effort basis. In addition, subscribers to this financing will receive up to 10,000,000 warrants to purchase an equal number of shares at USD$1 per share. This transaction is considered a Reverse Take Over ("RTO (Recovery Time Objective) The amount of time a computer system or application can stop functioning before it is considered intolerable to the enterprise. It can be computed to be from seconds to days, depending on how critical the application is to the organization. ") in accordance with the rules, regulations and policies of the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. ("TSXV") and, as such, is subject to review and acceptance by the TSXV. It is also subject to, among other things, an opinion of US tax counsel that the proposed arrangement is tax exempt. ON BEHALF OF THE BOARD OF DIRECTORS (Signed) Michel Lafrance, Secretary Neither the TSX Venture Exchange Inc. nor any other regulatory body accept responsibility for the adequacy or accuracy of this news release. Tandem Resources Ltd. (TSX VENTURE:TDM) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion