NEWS RELEASE FOR:
DEXTON TECHNOLOGIES CORPORATION.
COMPANY WILL CHANGE ITS NAME TO “STRATEGEM CAPITAL CORPORATION” AND CONCENTRATE ON MERCHANT BANKING TRANSACTIONS
VANCOUVER, BRITISH COLUMBIA –October 19, 2001 –Dexton Technologies Corporation (the “Company” or “Dexton”) (CDNX: DXT) announced today that it had finalized the terms of the sale of all of the assets of its Rapidfusion.com Technologies Inc. (“Rapidfusion”) and Dexton Enterprises Inc. (“Enterprises”) subsidiaries to certain employees of Rapidfusion (the “Purchasers”) in exchange for the Purchasers assuming
the liabilities of Rapidfusion and Enterprises existing at closing. The sale is subject to CDNX approval and is scheduled to close on or before October 31, 2001.
“The computer business in Canada is very competitive and dominated by major players such as Dell Computer and Future Shop,” said Kenneth W. Morgan, the President and CEO of Dexton. “It was unlikely that further expenditures in the sector would reap any significant reward, therefore we made the decision to cut the burn rate associated with Rapidfusion and Enterprises and save the cash for more worthy investments.”
The Company originally announced its intention to sell the assets in a news release dated July 20, 2001, and received approval by a special resolution of the shareholders at its Annual General Meeting held on September 10, 2001 (the “AGM”). The Company reported at the AGM that it had retained Evans & Evans to prepare a valuation of the businesses of Rapidfusion and Enterprises (the “Businesses”), and that the valuation indicated that the Businesses had a nominal fair market value. The consideration to be paid by the Purchasers for the assets will be the assumption by the Purchasers of all liabilities of Rapidfusion and Enterprises existing at the closing date and the assignment to and assumption by the Purchasers of the lease of a property located at 3112 Boundary Road in Burnaby which is owned by the former President of the Company.
The Company will change its name to “Strategem Capital Corporation” as soon as practicable after the closing. A new CDNX trading symbol and a new CUSIP number will be announced at that time.
About Dexton Technologies
Dexton Technologies Corporation is a publicly-traded merchant bank focused on thedevelopment 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.