Microlab Online Inc. Buys Canadian Music Site

Microlab Online Inc. has signed a letter of intent to acquire 100 percent of CanMusic.com, a portal site for Canadian music.

CanMusic.com’s strategy is to create a comprehensive content directory of the music scene in Canada at a common site. The portal will offer continuous coverage and comments of musicians, their music, events, and media coverage of the music scene in Canada.

Through the creation of this content portal, CanMusic.com intends to attract unique visitors who will be the key to revenue generation either through products sold or advertising revenue.

By attracting unique visitors to the portal, CanMusic.com plans to develop alliances with major music product sites, such as CDNow, a popular online music store, and generate significant commission revenue as a result of sales to visitors.

Microlab Online expects to complete its acquisition of CanMusic.com by September 1. Microlab Online Inc. provides Internet services, Web site ownership and management and computer/network solutions, principally to the home and small business market.

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