RealTime IT News

Australian TV Network Bids for Knowledge

i7, the Internet arm of Australian television broadcaster the Seven Network, has allied with Canadian auction site developer Demand Ventures, to develop the country's first Knowledge Exchange Web site.

i7 plans to establish a Knowledge Exchange Web site in Australia called knowzone.com.au in the first half of 2000. It will also participate in other Demand Venture projects around the world. knowzone.com.au will be based on Demand Ventures' Knowledge Exchange, a combined Web self-publishing environment and online auction. Users register post knowledge to the site in a variety of formats, including book, booklet, article, lesson, how-to report, and audio file.

They describe their offering in a profile page, ask a price, and receive bids according to the value of that information to other Internet users.

"The venture in Australia will provide a valuable resource for the many knowledge owners for whom the formal publishing and distribution channels are not appropriate - and for consumers of that knowledge," said i7 managing director Andrew Cohen. "It will also increase the flow of visitors to i7's Web sites and provide our network with new income streams and customers."

Under the terms of the agreement, i7 will invest AUS$324,000 (US$214,000) in Demand Ventures, and will appoint a member to the company's board of directors.

Demand Ventures has arranged placement to i7 a stock package of 1 million units at a price of AUS 35 cents (US 23 cents) per unit. Each unit consists of one common share and one two year warrant to purchase another common share for AUS 35 cents (US 23 cents) each during the first year, and for AUS 47 cents (US 31 cents) during the second year. This arrangement is yet to be approved by the Vancouver Stock Exchange.