PODbook.com Has Successful Launch at Print West 2001 Trade Show
Press release from the issuing company
Vancouver, British Columbia, Canada - May 8, 2001 Consolidated Magna Ventures Ltd. (“Magna”, symbol CMV:CDNX) and PODbook.com Ltd. (“PODbook”) have declared the PrintWest 2001 Trade Show, held in Vancouver April 28-30, to have been a resounding success for PODbook’s first public exposure. PODbook provides web-based printing services including Digital Asset Management and Print On Demand.
At the trade show, a great deal of interest in the Company’s Web Based Printing Technology was expressed by printers, publishers and major companies in the document management business. Mr. Daniel Walters, Director and co-founder of PODbook, was interviewed by two major trade magazines and has been invited by Minolta Business Equipment (Canada) Ltd. and Apple Canada to participate in seminars devoted to document management and print on demand. Furthermore, Xerox Canada Ltd. has expressed an interest in the company’s technology and coincidentally announced, on May 1, that it is expanding its “solutions and professional services units”, including Internet-based printing services and print on demand, and is investing US$100 million in this area, which it perceives to be a US100 billion market.
The release of Adobe’s Acrobat 5.0 software several days prior to the PrintWest show also provided a major boost to PODbook in that Acrobat 5.0 is web-enabled and clearly indicates the direction of document management services. As PODbook’s technology is based on Mr. Walters’ knowledge of the PostScript language and promotes Adobe’s PDF standard file format, the new direction being taken by Adobe, which recently announced annual revenues of US$1.3 billion, is a clear validation of PODbook’s business plan. As a result of this, PODbook has stepped up discussions for joint channel marketing and software development opportunities with Adobe.
Following up on discussions at the show, business opportunities with several printers are being pursued to provide Digital Asset Management services for their clients. Many corporations are now requesting this service but the majority of printers are not equipped to provide it. Similarly, PODbook is following up on Print On Demand opportunities for book publishers, while newspaper and magazine publishers focused in on the benefits of the Company’s proprietary Skinny PostScript technology for reducing the size of image files for print and the web.
Subsequent to the trade show, a meeting was held with officials from the Canadian Venture Exchange (“CDNX”) to discuss Magna’s proposed Change OfBusiness and acquisition of PODbook. At the request of the CDNX, Magna has submitted updated and audited financial statements for PODbook and proforma financial statements for the Magna-PODbook combination, along with certain other documentation. The companies have now been requested to provide, in addition to other material, a proposal for the release of the 6,000,000 escrow shares to be paid to the shareholders of PODbook as compensation for the acquisition. Once this has been completed, Magna is hopeful that the Vancouver staff of the CDNX will be in a position to forward the proposal on to the Executive Listing Committee, a national review panel, for final approval.
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