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3D Image Technology Announces Termination of Olajuwon Agreement and Changes in Board

NORCROSS, Ga., Sept. 30 /PRNewswire/ - 3D Image Technology Inc. (3DIT), (Nasdaq: TDIT) announced today that it has terminated the Subscription Agreements and all other related agreements with Olajuwon Venture Capital, Inc., of Houston, Texas. The agreements were executed in May, 1997.

Under the terms of those Subscription Agreements, Olajuwon Venture Capital, Inc., agreed to make a total investment in TDIT of $4,250,000 for 8,500,000 shares of common stock. The investment was to be funded in installments as needed for operations and working capital, with the full balance due by December 31, 1997. In addition, Olajuwon Venture Capital, Inc., was also granted an option to acquire 6,500,000 shares of the Company's stock previously held by the former parent company, Image Technology International, Inc., and a proxy to vote the option shares during the option term. As a result of the Subscription Agreements and the option, Olajuwon Venture Capital, Inc., acquired control of the Company and Akinola Olajuwon, President of Olajuwon Venture Capital, Inc., was elected Chairman and CEO of the Company.

To date, Olajuwon Venture Capital has contributed a total of $197,000 under the Subscription Agreements and has not made further installments to meet working capital needs of the Company, as required by the terms of the Subscription Agreements. Accordingly, the Company has terminated the Subscription Agreements and the option and Akinola Olajuwon has resigned as Chairman, Chief Executive Officer and a Director, effective immediately.

TDIT has also terminated the Personal Services and Appearances Agreement with NBA basketball player, Hakeem Olajuwon. No endorsement services were performed under this agreement and no compensation was paid by the Company.

TDIT's Board of Directors has elected Breckenridge McKinley as Interim Chairman and Bruce Herstowski, currently President, has been named Chief Executive Officer. The remainder of the Board remains intact.

TDIT is engaged in continuous discussions with several investor groups regarding an investment in the Company to meet its working capital requirements to fund substantial pending orders and for growth and marketing. The Company hopes to complete these pending discussions within the next few weeks.

SOURCE 3D Technology Inc.
 -0- 09/30/97

/CONTACT: Bruce Herstowski, President of 3D Image Technologies, 770-416-8848/


CO: 3D Technology Inc.; Olajuwon Venture Capital, Inc. ST: Georgia, Texas IN: CPR SU: PER

JC-DO -- CGTU034 -- 8809 09/30/97 17:54 EDT
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Publication:PR Newswire
Date:Sep 30, 1997
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