MONTREAL, Quebec, Nov. 13, 2002 (PRIMEZONE) -- Isee3D Inc. (the "Company") (TSX Venture Exchange:YEY) announces that it has terminated the proposed Reverse Takeover (RTO) of Interactive Classified Corporation (ICC) and QuikView Inc.
The Board of Directors of the Company has concluded that the RTO cannot proceed as originally conceived on the basis that the Company is unable to meet all the requirements of the TSX Venture Exchange as set out in its policies including the final negotiation of definitive agreements in the short to medium term.
"It is with great disappointment that the Company is obliged to terminate the RTO due to its present inability to meet the requirements of the TSX Venture Exchange including conditions regarding financing. The Company has made every effort to bring value to the shareholders with the acquisition of the target companies by means of the RTO, but due to the Company's current financial situation, the Company is faced with no other alternative but to immediately cease active operations," said Morden C. Lazarus, Chairman and C.E.O. of the Company.
Given these circumstances, the Company intends to immediately cut all expenses and co-ordinate a survival mode until a suitable alternative transaction can be found for the Company. The Company and ICC intend to examine possible ways in which a business combination between the two companies can be achieved in the near future but there can be no assurance that such transaction will ever be agreed to in principle, negotiated or completed. The Company has also indefinitely postponed its annual and special meeting of shareholders proposed to be held on December 3, 2002.
In addition, the Company will examine all other options available to it in respect of its core medical stereoscopic imaging technology 3DC(r) and the Get Connected! telephony technology held by the Company's wholly-owned subsidiary, InstantLive Communications (YEY) Inc. In connection with the previously announced loan transaction of up to an aggregate of $350,000 to be made to the Company, the Company also announces that the arms-length lender has advanced $150,000 to date and was issued 750,000 bonus shares as previously disclosed, but does not intend to advance the balance of $200,000. No further shares will be issued nor will any further commissions be paid in connection with this transaction.
The Company also announces the resignation of Sheldon Klein from the Board of Directors, leaving Morden C. Lazarus, Dr. Jason K. Rivers and Rene Arbic as the current directors of the Company.
Disclaimers
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.