VentureTech Completes Purchase of GameCasters, Inc.Business Editors/Hi-Tech Writers VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 16, 2001 VentureTech, Inc., a US corporation, (VTEH on "Pink Sheets"), ("the Company") announced that it has completed the purchase of GameCasters, Inc. ("GameCasters"), a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. by acquiring all of the outstanding common shares and 60% of the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of GameCasters. At closing the Company undertook to issue 20,000,000 restricted common shares, 10,000,000 restricted preferred shares and 20,000,000 preferred share warrants. Preferred share warrants have a 5 year term with an exercise price of US$.50 and are convertible into 10 common shares. The Company's common shares were trading at US$.05 at the time of the offer and there are 45.8 Million shares outstanding. The Company also acquired 4 Million preferred shares of GameCasters from a GameCasters shareholder in consideration for the assignment of all CyberDome Entertainment Inc. indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. to the Company, totaling approximately US$232,000. In the announcement of the acquisition dated January 3, 2001, the Company indicated that there would be 18,000,000 restricted common shares, 9,000,000 restricted preferred shares and 18,000,000 preferred share warrants issued. This was an arithmetical error caused by applying the wrong factor to the conversion formula for GameCasters shares. "We are pleased to complete this phase of the Company's strategic plan" commented William Baker William Baker may refer to:
The Company also announced some changes to the Board of Directors. Craig Bampton and Michael Cartmel have resigned and will be replaced by Eric Hutchingame, C.E.O. of GameCasters and William Baker, C.E. O. of the Company. "I'd like to thank Mr. Bampton and Mr. Cartmel for their past service to the Company and welcome both Mr. Hutchingame and Mr. Baker to the Board" said Kenneth Fitzpatrick, President and Director "I look forward to working with both of them to build increased shareholder value" he added. "I'm excited about working with the VentureTech team to execute the GameCasters business strategy" said Eric Hutchingame. "I see some significant opportunities to establish a solid revenue stream from transaction based activities, particularly in the interactive entertainment business. "We have also made the decision to expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex move away from gambling related activities due to the difficult legal environment which is unfavorable for North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. public companies", he added. VentureTech, Inc. is a corporation whose strategy is to commercialize early stage technologies, companies and opportunities in order to generate potential capital gains. In addition to acquiring securities of promising early stage companies, the Company operates online gaming See gaming. and portal sites Noun 1. portal site - a site that the owner positions as an entrance to other sites on the internet; "a portal typically has search engines and free email and chat rooms etc. at www.asiacasino.com and www.ecasino.com The above statements in regard to VentureTech, Inc., GameCasters, Inc. and Cyberdome Entertainment, Inc. which are not purely historical are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of 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, including VentureTech, Inc., GameCasters, Inc. and Cyberdome Entertainment, Inc. beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and are based on information available to the parties as of such date. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, regulatory and marketplace changes. www.vteh.com |
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