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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 |
Friday, June 09, 2000
CDNX Trading Symbol: YAL
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") is pleased to make the following announcement:
ACQUISITION OF VIDEO POST PRODUCTION COMPANIES
The Company announces that it has entered into a memorandum of agreement with Brian Hammond and Debbie Walker to acquire a 100% interest in the Post-Digital Group of Companies. The acquisition will include Post-Digital Works Ltd. and Pilot-West Productions Ltd. The aggregate cost of these acquisitions will be approximately $1,000,000 payable in stock at a deemed price of $0.50 per share. Brian Hammond and Debbie Walker have agreed to remain with the Post-Digital Group for not less than five years, to voluntarily pool their shares during that time and to execute a voting trust in favour of management.
Post-Digital Works Ltd. specializes in providing high-end non-linear editing systems for the film and television market of Western Canada.
Pilot-West Productions Ltd. supplies to the same market digital cameras and related equipment for production in various television formats including High Definition.
"This is viewed by Yaletown as a merger, not as a take-over," emphasized Yaletown president Mike Collier. "We have previously publicly stated our commitment to High Definition. Brian Hammond and Debbie Walker share that commitment and bring a special level of technical and marketing expertise to our management team."
These acquisitions are subject to certain conditions including final documentation, valuations, changes in the board of directors and required regulatory approvals.
Yaletown Entertainment Corp. is an award winning television and movie producer listed on the Canadian Venture Exchange under trading symbol YAL..
Yaletown Entertainment Corp. is an award winning television and movie producer listed on the Canadian Venture Exchange under trading symbol YAL.
For further information, please contact Mr. John Cumming, Chief Executive Officer, or Roger Kelly, Manager of Corporate Communications, at telephone 604.688.0118 or check out our web site at www.yaletownentertainment.com.
John C. R. Cumming
John C. R. Cumming, Director, Chairman & C.E.O.
THE CANADIAN VENTURE 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