Petroleum Place Merger UpdateAttention Business Editors:
ATS Provides Update On Merger Agreement with Petroleum Place
CALGARY, Nov. 13 /CNW/ - Applied Terravision Systems Inc. (ATS) (CDNX:
TER) announced today that it is in the process of amending its Merger
Agreement (the "Agreement") with The Petroleum Place, Inc. ("Petroleum
Place"). The amendment will relate to the timing and mechanics involved in
effecting the transaction, and will not impact any other material provisions
of the Agreement.
The Agreement will continue to provide that ATS shareholders will be
entitled to receive Cdn. $3.00 worth of Petroleum Place stock for each common
share of ATS that they hold. The number of shares of Petroleum Place stock
that each ATS shareholder is entitled to receive will be based upon the
offering price of Petroleum Place shares in its proposed initial public
offering (IPO) and the then effective Canadian to U.S. currency exchange rate.
The proposed closing date of the merger will be extended to March 31,
2001 to facilitate a Plan of Arrangement transaction structure rather than a
Statutory Amalgamation. ATS believes the Plan of Arrangement is a more
efficient structure, optimizing the tax treatment for ATS' Canadian and United
States shareholders plus simplifying the requisite filings with the United
States Securities and Exchange Commission (SEC) and the various state
regulatory bodies that have ATS shareholder representation.
ATS and Petroleum Place continue to work hard to close the merger as soon
as possible and are very excited by the potential of the combined companies.
The work over the past months has been critical for the joint establishment of
a premier Internet gateway and commerce platform for a full range of Internet-
based business process solutions, applications and services for the petroleum
and similar industries.
Additional detailed information will be contained in the ATS Information
Circular to be mailed to ATS shareholders in connection with the approval of
the Plan of Arrangement.
The Canadian Venture Exchange (CDNX) has not confirmed the above
information.
About Applied Terravision Systems Inc.
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Award-winning Applied Terravision Systems (ATS) is recognized as one the
fastest growing technology companies in North America. ATS is an Internet
Business Service Provider (IBSP) that provides e-business enterprise
information solutions that effectively manage revenue-generating assets with
complex ownership. ATS has offices in Calgary, Dallas and Houston.
In accordance with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, Applied Terravision Systems Inc. cautions that
statements in this press release which are forward looking and which provide
other than historical information involve risks and uncertainties that may
impact the company's actual results of operations.