Winnipeg - Aug 16, 2001 - Western e-com Inc. (CDNX: WEC.K), a former capital pool company, announced that the previously announced acquisition of OMT Technologies Inc. closed on August 15, 2001. The previously announced private placement of CN$2.0 million was closed concurrently with the acquisition.
OMT is a developer of multi-media software for commercial and Internet broadcasting applications, marketed under the Mediatouch name, and a distributor of broadcast equipment. All of the issued and outstanding securities of OMT were acquired by WEC for $2,832,700 which amount was satisfied by way of the issuance of 7,019,250 Common Shares of the Corporation at a deemed price of $.40 per share plus a deposit paid of $25,000.
A private placement closed concurrently with the Acquisition comprised of 5,000,000 units of the Corporation at a price of $.40 per Unit for gross proceeds of $2,000,000. Each Unit consists of one senior participating, convertible preferred share and one-half of one common share purchase warrant.
The name of the corporation is in the process of being changed to OMT Inc. Upon the completion of the new share certificates being printed and the applicable regulatory approvals being in place the corporation will commence trading under its new name with a new trading symbol which is yet to be assigned. In conjunction with the acquisition, WEC has agreed to issue 200,000 options pursuant to its stock option plan. The name change and the issuance of options are subject to regulatory approval.