VANCOUVER, British Columbia, April 8 /PRNewswire/ -- NetNation Communications Inc., Canada's largest E-commerce hosting solutions provider announced that it has been acquired by Collectibles Entertainment (OTC Bulletin Board: CBET - news), a ``shell'' company, in order to become a publicly trading company.
As part of the agreement Collectibles will issue 10 million shares from treasury to NetNation's shareholders and employees. Collectibles has arranged a $2 million financing in the form of 450,000 common shares at $2.00 per share and $1.1 million in convertible debentures convertible at $2.00 per share. At the conclusion of the transactions, after an existing one million share control block of restricted shares will be cancelled, Collectibles (as the amalgamated entity) will have 14,547,000 basic and 15,097,000 fully diluted shares outstanding.
As a group, the shareholders and employees of NetNation will own over 66% of the outstanding shares of the Company. Mr. David Talmor (MBA, CPA), President and CEO of NetNation, has been appointed as President, CEO and Director effective immediately with Mr. Ernest Cheung staying on as Director.
The Company will file to change its name to NetNation Communications Inc. to reflect its new business direction and will apply for a symbol (``ticker'') change at the same time. As soon as the change is effective, the symbol CBET will be dropped and investors who want to follow future developments or buy shares of the company will need to use the new ticker symbol instead. NetNation's website, www.netnation.com , will be continually updated with relevant information for current and prospective investors.
NetNation offers services to make it easy for merchants to setup online stores and sell their products. Services include domain name registration, hosting and payment processing. NetNation has rapidly grown having registered more than 17,000 domain names for customers in 90 countries.
Any forward-looking statement in this press release is made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economical and political factors, market factors, as well as the inherent risks of the Internet related business.
NetNation High Performance Web Hosting
Marketing and Business-Development Manager
604 688 8946 EXT 121
