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NEWS RELEASE FOR:
DEXTON TECHNOLOGIES CORPORATION.
SALE OF 1,843,444 SHARES WILL ADD TO CASH BALANCE AND REPRESENTS SIGNIFICANT RETURN ON INVESTMENT
VANCOUVER, BRITISH COLUMBIA –August 7, 2001 –Dexton Technologies Corporation (the “Company” or “Dexton”) (CDNX: DXT) announced today that it has entered into a agreement to sell its holding of 1,843,444 common shares of Ableauctions.com Inc (the “Able Shares”). The purchase price is CDN $1,843,444 if paid in full before October 31, 2001, or CDN $2,001,000 if paid in three equal installments of CDN $667,000 due on October 31, 2001, November 30, 2001, and December 31, 2001. The Company has received a non-refundable deposit of US $100,000 towards the transaction.
“The sale of the Able Shares will add about $0.12 of cash for every Dexton share if the transaction completes by the end of the year,” said Ken Morgan, the newly appointed CEO of Dexton. This will represent a significant return over the $107,657 book value of the shares, and will provide additional cash to re-invest.”
About Dexton Technologies
Dexton Technologies Corporation is a publicly-traded merchant bank focused on the development of emerging technology companies with the potential for exceptional growth. This release and prior releases are available on the Company’s Internet web site located at www.dexton.com.
BY ORDER OF THE BOARD OF DIRECTORS
“Kenneth W. Morgan”
Kenneth W. Morgan, CA, CPA
President, CEO and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.