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).
Mantaur would also receive an option to acquire
all or part of the remaining 49% of Videoflicks on terms to be
negotiated based upon the valuation report. Mantaur intends to seek
additional financing prior to closing, to be used to fund expansion of