From jim@virtual.cuc.ab.ca Wed Feb 22 16:50:23 1995 Return-Path: Received: from mx5.u.washington.edu by stein2.u.washington.edu (5.65+UW94.10/UW-NDC Revision: 2.32 ) id AA27247; Wed, 22 Feb 95 16:50:23 -0800 Received: from hitl-new.hitl.washington.edu by mx5.u.washington.edu (5.65+UW94.10/UW-NDC Revision: 2.31 ) id AA23267; Wed, 22 Feb 95 16:50:21 -0800 Received: by hitl.hitl.washington.edu; id AA29049; Wed, 22 Feb 1995 16:46:12 -0800 Received: from fsa.cpsc.ucalgary.ca by relay1.UU.NET with SMTP id QQyegh15797; Wed, 22 Feb 1995 19:50:12 -0500 Received: from linux.cpsc.ucalgary.ca (linux.cpsc.ucalgary.ca [136.159.3.100]) by fsa.cpsc.ucalgary.ca (1.8) id ; Wed, 22 Feb 1995 17:48:47 -0700 Received: by linux.cpsc.ucalgary.ca (1.5; from uucp@localhost) id ; Wed, 22 Feb 1995 18:19:39 -0700 Received: by virtual.cuc.ab.ca (4.1/tdr1.0) id AA00276; Wed, 22 Feb 95 16:49:48 MST Newsgroups: sci.virtual-worlds,comp.multimedia,comp.graphics,comp.dcom.telecom.tech,comp.sys.ibm.pc.games.announce,alt.online-service Path: jim From: jim@virtual.cuc.ab.ca (Root of all evil) Subject: Multi-user Virtual Reality Message-Id: Organization: Virtual Universe Corp Distribution: world Date: Wed, 22 Feb 1995 23:49:45 GMT Apparently-To: sci-virtual-worlds@uunet.uu.net Status: OR VIRTUAL UNIVERSE CORPORATION Suite 510, 700 - 4th. Ave. S.W. Calgary, Alberta T2P 3J4 Tel. (403) 261-5652, Fax. (403)237-0005 Internet Address - ian@virtual.cuc.ab.ca S.E.C. Rule 12g3-2(b) File number 82-3467 Alberta Stock Exchange Symbol - VRX February 22, 1995 NEWS RELEASE THE BECKER GROUP FINANCES THE PARALLEL UNIVERSE (TM) MULTI-PLAYER INTERACTIVE VIDEO GAME SYSTEM. The Becker Group has entered into a share subscription agreement with Virtual Universe Corporation (Alberta Stock Exchange - "VRX") to further support development of The Parallel Universe (TM), the company's interactive platform for computer video game and business collaboration technology. The Becker Group will acquire up to a 60 percent interest in the company with $Cdn 4,550,000 in staged financing with a progressive ownership share over the next three years. The principal shareholders of The Becker Group of companies are William W. Becker of the Grand Cayman Islands, Larry L. Becker of Denver, Colorado and Lorn B. Becker, of Edmonton, Alberta. The Becker Group has agreed to complete a private placement of 555,555 Units and 4,500,000 Voting Series One, Convertible Class B Shares ("Class B Shares") of the Corporation in the amount of $500,010 subject to certain terms and conditions. The Becker Group will make an initial payment to Virtual of $550,000 for 555,555 Units, each Unit consisting of one Common Share and one Warrant entitling the holder to purchase an additional Common Share at a purchase price of $1.63 for a period of two years following closing of the transaction ($0.90 per Unit). Virtual will issue a total of 4,500,000 Class B Shares to The Becker Group for a nominal subscription price. The Class B Shares will be convertible at the option of the Subscriber to one Common Share for each Class B Share upon payment of $0.90 per share. The Class B Shares are entitled to one vote per share but the shares are neither participating nor entitled to dividends. If the Class B Shares are fully converted, Virtual will receive a further $4,050,000. If any Class B Shares are not converted according to the agreed three year conversion schedule, the balance of the unconverted Class B Shares outstanding at such time will be cancelled. In addition, The Becker Group is also acquiring a 50.1% interest in Virtual Games Inc., an associated producer of network video games, for $Cdn 1,350,000 in a similar three-year staged financing and ownership plan. It is the intention of the Corporation and The Becker Group to merge the Corporation with Virtual Games Inc. and, when merged, the combined hardware and software companies will have approximately $Cdn 7,000,000 in assets and financing. Upon closing, the Board of Directors of the Corporation will consist of Ian T. Tweedie, Joan Vogelesang, William W. Becker, Lorn B. Becker and Larry L. Becker. The share subscription transaction is subject to final approval of The Alberta Stock Exchange upon completion of its due diligence procedures. In addition to investments in oil and gas, real estate and cable TV, The Becker Group controls IntelCom Group Inc. (AMEX - ITR and VSE - INL), operating in the U.S. as a provider of telecommunication special access and private line services to businesses, wide area network integration and international satellite services. The Parallel Universe (TM) delivers 3-D, interactive applications for multiple users in real-time with accompanying spatially relative voice communications over standard telephone lines to homes, businesses or video arcades. "The Parallel Universe (TM) is a highly evolved creative platform for truly interactive games, but also for shared activities in business such as concurrent engineering and design, and multi-point conferencing," says company president Ian T. Tweedie. Successful testing of a 10-user system over wired and wireless networks was completed in various areas in North America last year. The test game was a fully interactive battle tank simulation developed by staff. Each player drives a tank into battle while seeing the enemy tanks and talking to the other tank drivers. The conversation is altered according to distance and left/right orientation of the other tanks. "In The Parallel Universe (TM) the game action is truly interactive without excessive latency, or delay, experienced in other on-line games." explains Anselm Hook, Vice President and games designer for Virtual Games Inc. The Parallel Universe (TM) uses a single standard telephone line to access the widest possible user base. The player needs a computer with a 386 or 486 processor and either a high speed (9.6+ Kbps) modem for visual play only, or a voice-over-data modem for visual and voice interactivity. This low-cost platform is available now for market-ready software applications. The Parallel Universe~ is applications independent. Applications that benefit from the ability to interact can be modified to use the system. Beyond games, developers are looking at the many benefits to design and simulations, education and entertainment systems. These include architectural and engineering design, distance learning, and medical simulations. The business of Virtual Universe Corporation is the development of a relevance based, on-line, telecommunications switching hub called The Parallel Universe (TM), which enables multiple users of personal computers, regardless of physical location, to communicate and collaborate in "real-time". Contacts: Ian T. Tweedie, C.A., President, Virtual Universe Corporation, (403) 261-5652 Larry L. Becker, The Becker Group, (303) 442-6200 On behalf of the Board of Directors, "Ian T. Tweedie" Ian T. Tweedie C.A. President The Alberta Stock Exchange has neither approved nor disapproved this news release and the Company takes full responsibility for its accuracy and content. -- Jim Durward |Virtual Universe Corporation jim@virtual.cuc.ab.ca |voice: 403-261-5652 |fax : 237-0005