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SE
Global Equities Company Limited ("SEG"),
a subsidiary of Capital Alliance Group Inc.
(the "Company"), has completed the
first phase of development toward the upcoming
launch and marketing of its new
website.
After
an intensive effort by teams in Vancouver and
Hong Kong, it has completed the development
of the first phase of the "Back End"
infrastructure which will power their Stock
Exchange Global (SEG) website.
The
development and integration of the sophisticated
technology that makes up the Back End infrastructure
has taken years for SEG's consultant to develop,
and the complexity of this task and the milestone
it represents should not be understated.
The
intensive infrastructure development work has
primarily focused on the creation of two separate
yet interlinked Internet based sites. The first
is the Investors' website and the second is
their Partner Brokers' private website and interface.
This Back End e-commerce platform will enable
SEG's global brokers network a seamless and
efficient execution of trades on stock exchanges
from around the world, including those exchanges
which presently do not support on-line trading.
SEG also has received approval for the important
128 bit SSL Global Server ID which will allow
SEG's website to support 128 bit browsers and
offer their clients the highest level of encryption
security available over the Internet.
Further
testing of the platform's functionality is being
conducted through a recently activated Beta
version of the Front End of SEG member's website.
This test version enables the development team
to work with SEG's partner brokers who are familiarizing
themselves with the process and procedures.
The development team has also put in considerable
effort into the design and construction of a
new version of user friendly Front End for the
website. This new Front End incorporates the
latest web design technology while also respecting
the constraints and limitations imposed by the
different levels of technology readiness around
the world. The integration of this fully functional
Front End into the SEG website will occur soon.
The Company is eager to unveil this new and
dynamic Front End to the world, and following
its upcoming launch SEG plans to immediately
commence its aggressive advertising campaign.
Interested individuals can now access the Beta
website to register for a free membership account
(www.seglobal.com). Over the next few weeks,
features from the fully functional Front End
will be integrated into the Beta Site.
Further
to the Company's news release dated May 9th,
2000, the Company reports that, due to market
conditions and as requested by some of the strategic
investors who have subscribed for shares of
SEG, the Company has extended the payment deadline
for their portion of the SEG pre-IPO placement
subscription investment until August 9th, 2000.
Subject to the approval from the board of directors
of Capital Alliance Group Inc., the Company
will also consider participating in the private
placement up to approximately $2.5M, in addition
to the $4M that has been received as of today's
date.
As
of May 31st, 2000, the Company's consolidated
cash balance is $7.496 million, net of $820,000
which has already been spent on expenses related
to the development of SEG including software
acquisition, computer hardware deposits, software
design and development costs. In the May 9th
release, the Company intended to state it's
projected consolidated cash balance following
the full receipt of the committed funds. Regrettably,
an error was made and the consolidated cash
balance disclosed in the May 9 th news release
was inadvertently overstated. The Company is
also currently involved in ongoing discussions
with three new "Strategic Investment Groups."
No agreements have yet been reached but the
Company believes that the successful negotiations
with one or all of these potential investors
would significantly enhance the Company's International
profile.
On Behalf of the Board of Directors
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