NEWS REVERSE MERGER QNET trading at .025 I prsently own 100k so I guess it will change to 2500 on Monday with the 1 for 40 reverse...is this the next YNOT? Based on the close it should open .80 x 1.00 but what will happen come Monday pre-open is anybody's guess.
PEMBROKE PARK, Fla.--(BUSINESS WIRE)--March 16, 2001--Quest Net Corp.
(OTCBB:QNET) a telecom service provider today announced that it has executed an
Agreement and Plan of Exchange with Vidikron of America, Inc. ("Vidikron"), a privately
held company based in Hillside, New Jersey. Vidikron is being acquired in a
stock-for-stock transaction in which Vidikron's shareholders will receive approximately
85% of the outstanding common stock of QNET on a fully diluted basis. Upon closing of
the transaction, which is expected to take place before the end of the first quarter of this
year, Vidikron will become a wholly owned subsidiary of QNET. Vidikron representatives
will compose the majority of the Board of Directors of QNET. To complete the
transaction, QNET's Board has approved and the shareholders have approved by written
consent a reverse split in the outstanding common stock of QNET of up to one-for-forty.
The record date for the reverse common stock split is March 16, 2001.
Vidikron of America is a leading manufacturer of high-end projection systems and
support accessories for the Home Theater, consumer and commercial markets. It's
award-winning products and technology are available in more than 42 countries.
Charles Wainer, President and Chief Executive Officer of QNET, indicated "We believe
that the acquisition of Vidikron will provide a new direction for the company in its efforts to
achieve profitability."
James Wellnitz, President of Vidikron, commented, "We are very excited about
becoming a public company. We welcome the opportunity to expand our current business
and to further develop and market new video display products and services for a wide
range of home theater and commercial applications. Additionally, as part of QNET, we
now have access to financial markets previously unavailable to us as a private company."
SAFE HARBOR STATEMENT
Note: Statements in this press release that are not historical may be deemed
forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although QNET believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Factors that could cause actual results to differ materially
from QNET's expectations include completion of pending investments, continued
availability to originate new investment, the availability and cost of capital for future
investments, competition within the industry, economic conditions and other risks
detailed from time to time in QNET's SEC reports. The proposed transaction is subject to
various conditions that may not occur. No assurance can be given that the transaction will
be closed, or if it closes, that investors of QNET will retain any level of value. The financial
information with respect to Vidikron has been provided to QNET by Vidikron and has not
been audited or verified independently.
CONTACT:
Vidikron, Hillside, N.J.
James Wellnitz, 908/810-5612
or
On behalf of Quest Net Corp.
Rebecca Del Medico, 561/964-6622
With trading you must conquer your emotions and be very disciplined about your goals.
