Mantaur Petroleum to control Videoflicks.com
Page 1 of 1
Videoflicks' proprietary software is based on a fully scalable systems architecture designed for Internet shopping. It established its video retail business in 1981 and has a two year history of Internet retailing of video movie products.
Mantaur is engaged in petroleum exploration in Mongolia and Trinidad. After completing the proposed acquisition of 51% of Videoflicks, Mantaur intends to concentrate on Videoflicks business, and dispose of its petroleum exploration interest.
The purchase price to be paid for the 51% interest in Videoflicks would be the maximum sum of $3 million, subject to adjustment based an independent valuation report to be received by Mantaur, and payable at Mantaur's option in cash, notes, and/or New Shares (at a deemed value of $0.75 per New Share).