Demand Ventures Forms Alliance with Australia's Largest Television Network
Added: (Thu Nov 25 1999)
Pressbox (Press Release) -
Demand Ventures Forms Alliance with Australia's Largest Television Network, Private Placement Arranged
Demand Ventures Ltd (VSE-DVD www.demandventures.com) reports that the company has reached an agreement with i7, the internet division of Seven Network, Australia's largest Television Network, to form an alliance for the purpose of establishing a Knowledge Auction web site in Australia.
The site will be based on Demand's Knexa.com, the world's first Knowledge Auction. The parties will also work together to establish Knowledge Auctions in other regions globally. Under the agreement, i7 will invest CDN$300,000 in Demand and appoint a member to Demand's board of directors.
The Australian Knowledge Auction, to be launched sometime in the second quarter of 2000, will be promoted by i7 with the technology required to run the site provided by Demand. Participants in the Australian auction will have the option of also listing items to the global Knexa site.
Global Knexa members will be able to list items on the Australian site as well. i7 and Demand will share revenues from customers referred from one site to the other. Demand will receive a royalty on revenues generated by the Australian site.
"The i7 alliance marks a significant step in establishing Knexa.com as a powerful and profitable global marketplace for knowledge," said Knexa founder and Demand president Mr David Brett. "Knowledge is the world's most valuable resource and Knexa provides Internet users with a new way to profit from it."
i7's managing director, Mr Andrew Cohen, said "Our involvement is another step in our strategy of creating strategic alliances with the world's most innovative internet operators."
Knexa.com is an economic web site where the general public can buy and sell information and knowledge through an auction format. The site currently enables full registration and uploading of digital content and the full auction is expected early in the New Year. Demand Ventures Ltd is a developer of unique online auctions.
Demand Ventures Ltd has arranged a private placement of 1,000,000 units at a price of $0.30 per unit. Each unit will consist of one common share and one two year warrant entitling the holder to purchase one additional common share at a price of $0.30 per share during the first year and $0.40 during the second year, subject to the approval of the Vancouver Stock Exchange. The placee is i7 Pty Ltd.
Demand Ventures Ltd.
David H. Brett, President