|
SE
Global Equities Company Limited ("SEG",
a subsidiary of Capital Alliance Group Inc.)
and COMET Technologies, Inc. ("COMET")
are pleased to announce that they have signed
a letter of intent outlining a proposed merger
between the two companies. COMET is a fully
reporting company, which is listed on the NASD
OTC:BB. Additional information on COMET is available
at the NASDAQ web site: www.nasdaq.com
under trade symbol CMEK.
SEG
is a premier financial Internet portal, which
enables investors to trade stocks on-line, 24
hours a day, at discounted rates on stock exchanges
around the globe. SEG is building a network
of over 100 reputable brokerage firms, which
will provide investors with direct access to
over 50 of the world's established and emerging
stock exchanges.
SEG
has received strong interest from the international
investment community for the creation of a public
market for its shares. Gaining a US listing
through the merger with COMET, anticipated to
take place during the last quarter of 2000,
will significantly enhance SEG's efforts to
broaden its international investor base and
accelerate its plans for a further listing on
other senior US and Asian exchanges. To date
SEG has received paid in capital of over US
$5 million and is currently in the process of
completing additional private placements. SEG
will vend all of its assets into the new merged
company.
Following
this US listing, the merged company intends
to obtain a dual listing in Hong Kong during
the first quarter of 2001, followed by a further
listing in Europe. Prior to its commencement
of trading in Asia, the new company will seek
to raise additional capital for its operations
through SEG's sponsors - Tai Fook and ICEA Capital
Limited. Tai Fook is one of the top securities
brokerage firms in Hong Kong. ICEA Capital Limited
is a subsidiary of Industrial Commercial Bank
of China, the largest bank in China with 36,000
branches. In 1998, ICEA was ranked as the third
largest bank in the world. This new US listing
will be an important first step in a coordinated
effort to create liquidity in the North American
equities market, followed by Asian and European
markets.
Prior
to the merger, COMET will re-capitalize so that
following the merger the total issued and outstanding
shares of the new company will be approximately
11.9 million shares. At that time Capital Alliance
Group will hold approximately 9.5 million of
these shares. SEG will also appoint eight directors
to the board replacing all of COMET's existing
board.
Mr.
Toby Chu, SEG's President and CEO states, "We
are excited about what this merger does for
us in accelerating our plans for creating a
public market in North America, Asia and Europe
for SEG. Immediately following this merger,
we will commence the process for advancing to
a senior US exchange. Given the feedback we
have received from our initial institutional
presentations, we believe that by taking SEG
public now it will allow us to capitalize on
the opportunities before us and to accelerate
the process of enhancing shareholder value.
"
This
merger is subject to due diligence review by
both parties, the negotiation and execution
of definitive agreements, and approval of SEG's
and Comet's boards of directors and shareholders,
if necessary, as well as the applicable Canadian
and U.S. regulatory agencies.
|
