MarkeTVision Direct, Inc. Files Preliminary Prospectus
Added: (Thu Nov 25 1999)
Pressbox (Press Release) -
MarkeTVision Direct, Inc. (MarkeTVision) has filed a preliminary prospectus, dated November 8, 1999, with the Alberta Securities Commission, Ontario Securities Commission, British
Columbia Securities Commission and the Saskatchewan Securities Commission, and has received receipts for same. The proposed prospectus offering is for a minimum of Cdn $3,000,000 and a maximum of Cdn $4,000,000 through the issuance of common shares at a price of Cdn $1.25 per share. Yorkton Securities Inc. has been appointed the agent with respect to the prospectus offering on a best efforts basis, and will receive a commission equal to 10% of the gross proceeds from the sale of common shares. In addition, Yorkton Securities Inc. will be granted a non-transferable option to purchase during a period expiring 24 months from the closing date of the prospectus offering at Cdn $1.25 per common share, the number of common shares equal to 10% of the number of common shares sold pursuant to the prospectus offering.
MarkeTVision intends to use the proceeds from the prospectus offering to: fulfill its obligations under contracts relating to Television.com, an Internet web-site the Company is investing in; for the expansion of its Sportsfan.com web-site now undergoing its first phase launch this month; to retire certain loans and obligations of the Company; to reduce accounts payable; and for the on-going working capital and investment capital needs of the business.
MarkeTVision also announces that it has completed a second and final closing of its private placement of 7% convertible secured debentures (the 'Debentures') in the additional principal amount of Cdn $686,000, representing the sale by MarkeTVision of Debentures in the aggregate principal amount of Cdn $3,000,000. Of the proceeds, U.S.$1,500,000 has been invested by MarkeTVision in MKTV.com, Inc., a 70% owned subsidiary of MarkeTVision. MKTV.com, Inc. has used these funds to acquire 300 shares in Telephone.com, LLC, a company formerly known as HEW Telephone, Inc, representing a 23.077% interest in Telephone.com, LLC Inc. In conjunction with the acquisition of this interest in Telephone.com, LLC, MKTV.com, Inc. retains an option to acquire an additional 350 shares of Telephone.com, Inc. upon making one additional payment of U.S.$1,750,000 on or before June 30, 2000. The number of shares subject to this option held by MKTV.com, Inc. is subject to adjustment pursuant to anti-dilution provisions which apply in certain circumstances. The option held by MKTV.com, Inc. to acquire an additional 350 shares of Telephone.com, LLC upon making payment of an additional U.S.$1,750,000 on or before October 31, 1999 lapsed unexercised. There are currently 1,300 shares of Telephone.com, LLC issued and outstanding. The remainder of the proceeds from the private placement of Debentures will be used for marketing and product development.
MarkeTVision is pleased to announce that Peter J. Hubshman has been appointed as its Chief Financial Officer and Chief Operating Officer. Mr. Hubshman has over 20 years of business management and investment experience, with a strong focus in the areas of strategy, finance and operations. He has a BA in Economics from Tufts University, and a Masters in Public and Private Management from Yale University. Mr. Hubshman began his career as an Assistant Vice President for Diversified Media, Inc. where he was responsible for the successful turn-around of the company's New York based Spanish Language daily newspaper, El Diario La Prensa, and its sale to Gannett in 1982. Mr. Hubshman later worked in the real estate and Aerospace Manufacturing Divisions of DC Trading and Development where he was Executive Vice President and a member of the board of directors from 1984 to 1986. Mr. Hubshman worked in the leveraged buy-out business from 1987 until 1991, and was one of three founders of First Atlantic Capital, Ltd., a successful New York leverage buy-out fund. For the past eight years, Mr. Hubshman has been a finance and management consultant. During this period, he was a principal with direct responsibility for projects in the transportation, energy, biotechnology, medical device, food processing,0 market research, software, multimedia and telecommunication sectors.
MarkeTVision also announces that Charles Weber has resigned as a director of MarkeTVision effective November 12, 1999.
About MarkeTVision Direct Inc.
MarkeTVision Direct, Inc. (www.mktv.com) is a Boston-based Internet development and marketing company. MarkeTVision is in the business of developing and acquiring first stage entertainment properties and on-line communities that generate profits and create asset value for the Company. As a first-stage Internet developer, MarkeTVision creates the corporate structure, oversees the building of the web site, brings in the management team, and creates the marketing plan which builds the brand name of the business, drives traffic to the site, and generates advertising and e-commerce revenue. In addition to sportsfan.com, MarkeTVision's other Internet properties include Television.com, Telephone.com and cityrocks.com, a brand focusing on musical compilations targeting major markets in the US and Canada.. Set to launch in late 1999, Television.com, is the first Internet domain to fully exploit the potential of convergence between television and the Internet and Telephone.com, which will be a full service telecommunications Internet Portal.
THE ALBERTA STOCK NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN.