Waite Dufault Mines Limited - Company Update.TORONTO--(BUSINESS WIRE)--March 5, 1996--WAITE DUFAULT MINES (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. : WDFM WDFM Web Digest For Marketers WDFM Withdrawn from Marketing ) The Corporation announced today that it has entered into an agreement to acquire all of the issued and outstanding securities of Kaufman Products Inc. ("KPI KPI Key Performance Indicator KPI Kuwait Petroleum International KPI Kiev Polytechnic Institute (Ukraine) KPI Kernel Programming Interface KPI King Pin Inclination (vehicle steering geometry angle) "). KPI is a privately owned company which owns the patented technology known as vacuum-based dispensing ("VBD VBD Value Based Drafting (fantasy football) VBD Voiceband Data VBD Visual Branch Display VBD Voice Band Data "). VBD is a new patented method of dispensing liquids which offers important benefits to packaging manufacturers, mass merchandisers and consumers and is the first liquid dispensing technology which is capable of delivering a variable and controlled dispensing event reliably and affordably using only one moving part. KPI commenced development of VBD in the early 1980s and since that time has been granted numerous patents in 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. , Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). and Japan. It is also the owner of many patent pending applications under the Patent Co-operation Treaty covering an additional 54 countries including Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. , the Orient, Africa and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The core of KPI's business is to continue securing patent and intellectual property protection in all major world markets and to negotiate licensing and joint venture agreements to utilize the technology with packaging manufacturers and consumer products companies who manufacture or market household, cosmetic or food products involving the dispensing of liquids. KPI believes that the market for such dispensing is truly massive. KPI has to date identified over 70 different product applications each of which could be utilized by numerous competitive mass marketers. KPI has entered into test licence arrangements with a number of manufacturers and marketers and is currently readying a number of products for the market through the design and test market phase. The range of consumer products which can be more efficiently and economically dispensed using VBD covers the entire spectrum of liquid personal care products, household and automotive products, food products and self-medication products. VBD benefits include a significant reduction in dispensing and container costs, a broader range of liquid viscosities that could be dispensed conveniently and significantly increased consumer benefits. This transaction is subject to a number of conditions including all necessary regulatory approvals, shareholder approval and related matters. The Corporation will be scheduling a special meeting of shareholders to consider, among other things, the approval of this transaction, the change of the Corporation's name to KPI International Inc., and the consolidation and reorganization of the issued and outstanding common shares of the Corporation to an amount not to exceed 1,157,000 shares. A notice of meeting and information circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible , including full particulars on KPI and audited financial statements of KPI and the Corporation, will be mailed to all shareholders to provide full details of the proposed transaction and the operations of KPI. The purchase price will be the issuance of 6,000,000 common shares, 4,000,000 special performance shares, 500,000 Series A warrants and 1,600,000 Series B warrants to acquire all of the issued and outstanding securities of KPI. The transaction will result in approximately 16 percent of the issued and outstanding shares of the Corporation being held by the current shareholders of the Corporation and 84 percent being held by the shareholders of KPI. -0- The information herein has not been approved or disapproved by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . CONTACT: Waite Dufault Mines Limited Mr. Tim Campbell, 416/368-9512 |
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