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FOR: SOLIUM CAPITAL INC. CDNX SYMBOL: SUM JANUARY 8, 2002 Solium Announces Letter of Intent for Sale of Online Brokerage CALGARY, ALBERTA--Solium Capital Inc. ("Solium") announced that it has received a letter of intent for the sale of its wholly owned subsidiary, Solium Capital Online Inc. ("Online") to Gutsche Capital Corp., a company which shall be substantially owned by Sig Gutsche. Gutsche Capital Corp. has offered $85,000 cash for all of the issued and outstanding common shares of Online and a non-exclusive license for the continued use of the online brokerage platform. Under the arrangement, Online would continue to facilitate the underlying share transactions associated with the exercising of stock options on Solium's e-SOAP application. The transaction is expected to result in a decrease of approximately $25,000 per month in costs to Solium, and would free up the approximately $600,000 of capital tied up in Online for regulatory purposes. Up to September 30, 2001, Online had an accumulated deficit of just under $1 million. "This transaction is a win-win situation for Solium and Gutsche Capital Corp.," said John Kenny, President and CEO of Solium. "While Gutsche Capital Corp. will benefit from an unlimited IDA license in the jurisdictions of Alberta, BC, Saskatchewan, Manitoba, Ontario and Quebec, the transaction will allow Solium to focus on its core business without any disruption to its client base. Our corporate clients will continue to see a seamless application when their optionees exercise stock options through e-SOAP." The transaction is subject to approval by the Canadian Venture Exchange and the Investment Dealers Association of Canada. Pending such approvals, the transaction is expected to close before the end of January 2002. -30 - FOR FURTHER INFORMATION PLEASE CONTACT:
Solium Capital Inc. The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
INDUSTRY: SCR -0 - |
