Orbit E-Commerce Inc. Accepts Offer for a Merger With PureNet.TV Canada Inc.
Orbit E-Commerce Inc. Accepts Offer for a Merger With PureNet.TV Canada Inc. TORONTO, Jan. 19 /PRNewswire-FirstCall/ -- Orbit E-Commerce Inc. (BULLETIN BOARD: OECI) announced today it has accepted an offer from its major shareholder, PureNet.TV Canada Inc. ("PureNet") for PureNet to acquire the balance of the outstanding Common Shares of OECI not held by PureNet. PureNet has made an offer to acquire the remaining OECI shares in an exchange on a one-for-one basis for PureNet.TV Canada Inc. Common Shares. It is expected that such transaction will be effected pursuant to a merger. PureNet, a private Canadian company, has filed with the Ontario Securities Commission ("OSC") to become a public company and have its shares listed for trading on a Toronto stock exchange. OECI will make any necessary filings regarding the transaction with the Securities and Exchange Commission ("SEC"). OECI shareholders will be notified by letter of the details of the transaction which will be subject to shareholder approval. To complete the transaction, OECI shareholders will have to render their shares in certificate form only to the Company's transfer agent in Toronto for the exchange to PureNet shares upon the proposed closing of March 2005. Douglas C. Lloyd, President and CEO of OECI and PureNet said today that in merging OECI with PureNet in Toronto will allow the Company to have its corporate offices, staff, public listing and its transfer agent all operating in Toronto resulting in substantial cost savings in administration. Furthermore, PureNet intends to have its first US city, Miami, FL operating IPTV in beta by the end of February 2005. Upon completion of the merger, the shareholders will benefit not only from the potential earnings of its IPTV business, but also from having its shares traded on a Toronto stock exchange where naked short selling is not allowed. This is not an offer to sell or solicitation of an offer to buy the above mentioned securities, which may not be offered or sold absent registration or an exemption therefrom. About OECI Orbit E-Commerce Inc. was established in 2000 for the purpose of capitalizing on management's vision and expertise in the field of Internet-based communications systems, products, and services. OECI recently announced the acquisition of the IPTV business of PureNet.TV which will allow OECI to extend its communications vision and expertise into the market for IPTV video/internet services which is poised to experience rapid growth. About PureNet.TV Canada Inc. A private company, incorporated in the Province of Ontario, Canada, PureNet, is a privately funded company which was formed to research and develop a highly competitive IPTV technology and services and establish relationships with video content providers and equipment suppliers. Forward Looking Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions included potential issues relating to interoperability, inability to introduce new products, changes in market conditions, government regulations, technological changes and other factors. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/. Contact Information Contact Mr. Michael Magee, Executive Assistant, Orbit E-Commerce Inc., 416-850-7134 or via e-mail at: mmagee@orbitecommerce.com for information regarding this press release. For more information about OECI, see the Company's web site: www.orbitecommerce.com. Source: Orbit E-Commerce Inc. CONTACT: Michael Magee, Executive Assistant of Orbit E-Commerce Inc., +1-416-850-7134, mmagee@orbitecommerce.com Web site: http://www.orbitecommerce.com/ Web site: http://www.emailwire.com/ ------- Profile: International Entertainment
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