MONTREAL, Sept. 6, 2002 (PRIMEZONE) -- Isee3d Inc. is pleased to announce that its stock, traded on the TSX Venture Exchange (YEY) (TSX Venture Exchange:YEY), resumed trading on Thursday, Aug. 15, 2002. The stock was halted by request of management and the board of directors on May 21, 2002, as a consequence of negotiations which led to the signing of a 'Letter of Intent' to carry out a reverse takeover (RTO) transaction of Interactive Classified Corp. of Montreal, Quebec, and QuikView, Inc. of Cupertino, California on May 29, 2002. The proposition is part of a broader strategy to realign and focus Isee3d's technology offering, raise capital and expand its presence in the U.S. marketplace.
Canaccord Capital Corporation has agreed to sponsor the proposed RTO, which is subject to final regulatory and shareholder approval. Shareholders will be asked to vote to approve the RTO at the Annual General Meeting (AGM), the date of which will be announced shortly.
The merged Corporation of Isee3d Inc., to undergo a name change to InstantLive Technologies Inc., will be positioned as a provider of turnkey telephony and web-based solutions for various classified applications. "We are extremely pleased with the new direction planned for the company as a result of the combined entity. Each organization contributes an innovative technology, market expertise and valuable resources that we expect will add tremendous value to Isee3d's revised business model," stated Chris Kape, V.P., Business Development of Isee3d.
"We are very excited at QuikView at the prospect of expanding our classified application, utilizing the technologies developed by Isee3d, and leveraging that technology with our US client base in the immediate future," said Eric McAfee, Chairman of QuikView Inc.
Disclaimers
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the RTO may not be accurate or complete and should not be relied upon. Trading in the securities of Isee3d Inc. should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.