CROCKETT, Texas, April 17, 2001 (PRIMEZONE) -- ArchivalCD, Inc. (pre-IPO OTCBB:AHCD) announces that on 14 April 2001 it terminated an agreement with Corporate Vision, Inc. (OTCBB:CVIA) in which Corporate Vision was to have taken ArchivalCD through the steps to a successfully-completed IPO.
ArchivalCD is a developmental stage company that provides document management services specializing in digital imaging of microfilm and paper for historic archiving serving the genealogy, business and government markets. The company had agreed to having Corporate Vision undertake and complete the IPO in exchange for a 15% holding in ArchivalCD. In a mutual agreement to release both parties from the aforementioned agreement Corporate Vision is returning 3,677,621 unearned shares to ArchivalCD for cancellation. The 72,379 ArchivalCD shares Corporate Vision distributed as a dividend will not be recalled from shareholders. Daniel J. Hay, CEO/President of ArchivalCD, Inc. said, "Our Board of Directors choose not to require return of those dividend shares in exchange for expenses Corporate Vision incurred on our behalf. This will allow us to move forward with our goals and we do anticipate that those shares will be registered at a later date."
"Recent changes at Corporate Vision have caused us to feel that ArchivalCD's interests would be better served by seeking other solutions," stated Daniel Hay. "The process became much to long and unwieldy. The original agreement allowed CVIA to appoint an extra member to our Board of Directors. That appointee resigned from our Board this past February and the appointed seat will not be refilled."
"As we revise our approach to an IPO and funding, including seeking private funding, our intended first quarter goals are being postponed to later in the year. Our Websites at www.archivalcd.com and www.irconnect.com/ahcd will provide updates to projected completion dates as they are determined. At this point in time we still feel that a completed IPO is feasible and with assistance from our securities attorneys expect to see an early completion." said Mr. Hay.
Direct response to this press release can be made to pr@archivalcd.com or by calling the office at 903-670-3220.