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FOR: SOLIUM CAPITAL INC. TSX VENTURE SYMBOL: SUM Solium Signs Letter of Intent to Purchase Bitonic June 21, 2002 CALGARY, ALBERTA--Solium Capital Inc. ("Solium") announced that it has signed a letter of intent to purchase all of the issued and outstanding common shares of Bitonic Solutions Inc. ("Bitonic"), an open solution software development company specializing in Java related technologies. Bitonic has been instrumental in the development of Solium's e-SOAP application to date. Marcos Lopez, Bitonic's President and CEO, was appointed to Solium's Board of Directors in November of 2001. Based on this relationship, this transaction will be classified as a Related Party Transaction, as defined in The TSX Venture Exchange corporate finance policy 5.9. The transaction is expected to have a value of approximately $650,000 and take the form of a share-for-share exchange whereby Solium would issue approximately 3,250,000 common shares at $0.20 per share. 1,125,000 of these shares will be held in escrow subject to certain conditions. The transaction is subject to review and approval by the TSX Venture Exchange, including the ability of Solium to find an exemption from the requirements of shareholder approval and independent valuations, as specified in The TSX Venture Exchange Policy 5.9 and the completion of audited financial statements for Bitonic. The acquisition of Bitonic will solidify the application development area of Solium's business. Bitonic's extensive knowledge of the e-SOAP and e-SPP applications will strengthen Solium's ability to rapidly implement new functionality and product enhancements. This rapid development is critical to Solium in continuing in its success and strategy, to quickly penetrate the Canadian marketplace as it relates to employee stock-option management programs. No change of control will occur as a result of the transaction. Marcos Lopez will become an executive officer of Solium with responsibilities for technology and directly supporting the company's sales efforts. The product team at Bitonic has contributed to Solium's success from our inception and we seized the opportunity to acquire their development and strategic talents," explains Brian Craig, Solium President and CEO. "At this point in Solium's maturity, we are focused on internalizing all core functions of our business to provide optimum value to our customers and our shareholders." About Solium Capital Inc. (SUM - TSX Venture Exchange): Solium is an outsourced provider of solutions for employee share ownership entitlement programs. Solium's flagship application, e-SOAP, is a complete end-to-end solution for the administration, execution and reporting of employee stock options for Canadian public companies. -30-
FOR FURTHER INFORMATION PLEASE CONTACT: The TSX Venture Exchange has neither approved nor disapproved the information contained herein. -0 - |
