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News Release
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YALETOWN ENTERTAINMENT CORP. 407 - 535 Howe Street, Vancouver, B. C. V6C 2Z4 Tel: (604) 688-0118 Fax: (604) 688-3348 CUSIP# 984909101 Rule 12g3-2(b)# 82-4336 |
January 9, 1996 ASE Trading Symbol: YAL
MAJOR TRANSACTION
The Company announces that the shareholders, at a general meeting held December 1, 1995, approved the Company's proposed Major Transaction.
All documentation required to effect the transfer of the film rights which constitute the Major Transaction was completed on December 29, 1995.
As previously disclosed, the Major Transaction consisted of the acquisition of two television pilots, The Curse of the Lost Mine and Belize, From Reef to Rainforest and a 50% interest in Urban Safari Films Inc. which holds the rights to the comedy feature film Urban Safari, which assets have a cost of $360,000, for 1,200,000 common shares from treasury at a deemed issue price of $0.30 per share. The 1,200,000 shares are subject to earn-out conditions.
Although the acquisition of these rights has been completed, potential shareholders are reminded that final regulatory acceptance of this acquisition as a Major Transaction (conditional approval was granted by the Alberta Stock Exchange on November 7, 1995) remains subject to a $400,000 private placement and the filing of required documentation with the Alberta Stock Exchange, all of which is expected to be completed by the end of January, 1996.
John C. R. Cumming, Director, Chairman & C.E.O.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
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Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY