MONTREAL, Sept. 26, 2002 (PRIMEZONE) -- Isee3d Inc. (TSX Venture Exchange:YEY) (Other OTC:ISEDF) announced today that it has secured a bridge loan in the amount of $350,000 Canadian Dollars, which will be advanced to the company in three increments from an arm's-length lender. The proceeds will be applied to the expenses of Isee3d's pending reverse takeover (the `RTO') of Interactive Classified Corporation and QuikView Inc. as well for general working capital purposes.
The proceeds will be loaned to the company on a 1-year open term at an annualized interest rate of 15% and comes with a maximum 1,750,000 (pre-consolidated) share bonus to the loaner. The shares issued will be subject to a hold period imposed by the TSX Venture Exchange and other governing jurisdictional bodies. There is a commission payable on the loan of $35,000 to a third party that facilitated the availability of the proceeds to Isee3d. The completion of the loan financing is not conditional upon the closing of the RTO. Repayment of the open term loan will be made upon the successful future equity financing of the company, which will occur when markets allow and management believes that the company is in a better position to undertake such financing. The loan is being secured against the assets of Isee3d's wholly owned subsidiary company InstantLive Communications (YEY) Inc.
Isee3d will convene its annual and special meeting of shareholders in Montreal in November 2002, to approve, among other things, the RTO, a consolidation of its common shares, now on a 1-for-10 basis, as well as a name change to InstantLive Technologies Inc. The RTO is expected to be completed shortly after the Meeting seeking shareholder approval is received.
About Isee3d Inc.
Isee3d Inc. is in the process of a reverse takeover transaction of Interactive Classified Corporation of Montreal, Quebec and QuikView, Inc. of Cupertino, California. 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 classified applications. For more information, contact the company at 759 Square Victoria, Suite 200, Montreal (Quebec), Canada, H2Y-2J7, tel: (514) 908-2233, fax: (514) 289-8609, or visit the corporate web site at www.isee3d.com.
About Interactive Classified Corporation
Interactive Classified develops and markets turnkey customer interactive solutions for the classified industry, with a core competency in the Personals vertical market. The company's technologically advanced Interactive Voice Response (IVR) and web-based applications expedite and facilitate the process of searching through classified ads within consumer-to-consumer and business-to-consumer systems. Interactive Classified's original, and first of its kind tele-personals brand, TeleMatch was established in 1993 and recently rated the #1 top of mind dating service in Quebec by Leger and Leger. For more information, contact the company at 5005 Jean-Talon West, Suite 100, Montreal (Quebec), Canada, H4P-1W7, tel: (514) 341-5517, fax: (514) 341-1068.
About QuikView Inc.
Based in Cupertino, California, QuikView, Inc. is a software products company offering enterprise Internet and Intranet eRecruitment solutions for mid to large size companies. QuikView's products utilize tools to automate the recruitment process of permanent and temporary personnel, which can reduce the cost and time to identify and hire qualified candidates.
Isee3d Public Relations Contact: Liz Bazini Director of Marketing & Communications, Tel: 514-908-2233 ext. 228, Email:liz@instantlive.com
Isee3d Investor Relations Contact: Maurice Loverso Groupe InterCapital, Tel: 514-826-0909, Email: ir@isee3d.com
Disclaimer
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.