CDNX Gives Magna Conditional Approval for Acquisition of PODbook
Monday, July 23, 2001
Vancouver, British Columbia, Canada - July 19, 2001- Consolidated Magna Ventures Ltd. ("Magna", symbol CMV:CDNX) is pleased to announce that the Company has been given conditional approval for its Change Of Business application, subject to acceptance by the CDNX of the final sponsor’s report and other documentation thatwill be submitted in the next few days. Final approval is anticipated shortly thereafter. The Change Of Business approval is tied to Magna’s acquisition of 100% of the issued and outstanding shares of PODbook.com Ltd. ("PODbook"), pursuant to the deal announced on October 10, 2000. Once final approval has been obtained, PODbook will become a wholly-owned subsidiary of Consolidated Magna Ventures Ltd. The Company will subsequently apply to the CDNX for a name and symbol change to reflect the new business. PODbook provides web-based print-related services such as Digital Asset Management and Print On Demand. PODbook’s co-founder and Chief Technology Officer, Daniel C. Walters has developed a methodology called Skinny PostScript TM, which reduces the size of digital graphic images by a factor of 60-100 times, with no loss of quality. Skinny PostScript TM is being extremely well received within the printing industry as it dramatically reduces storage requirements and file transfer speeds, and substantially increases productivity. Both Magna and PODbook are elated with this decision as it now allows the companies to move forward, unencumbered by regulatory issues.