NEWS RELEASE FOR:
STRATEGEM CAPITAL CORPORATION.
VANCOUVER, BRITISH COLUMBIA –December 7, 2001 – Strategem Capital Corporation (the “Company” or “Strategem”) (CDNX: DXT) announced today that it has received CDN $1,843,444 as payment in full under its agreement to sell its holding of 1,843,444 common shares of Ableauctions.com, Inc. (the “Able Shares”).
Under the original terms of the agreement, which was announced on August 7, 2001, the purchase price was to be CDN $1,843,444 if paid in full before October 31, 2001, or CDN $2,001,000, representing a premium of CDN $157,556 (the “Premium”), if paid in three equal installments of CDN $667,000 due on October 31, 2001, November 30, 2001, and December 31, 2001. The Company received a CDN $150,000 non-refundable deposit toward the transaction upon signing the agreement in August and a further CDN $667,000 on October 31, 2001. In November, the Company agreed to waive the Premium in return for immediate payment of the purchase price, and received the balance of $1,026,444.
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.
About Strategem Capital
Strategem Capital 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.strategemcapital.com.