Mr. Pacholik, the President & CEO and Chairman of the Board of Directors of the corporation, today, announced that the corporation, has approved the issuance of a maximum of four million (4,000,000) common voting shares of the corporation for sale at $0.10 US for total consideration of four hundred thousand ($400,000.00) by way of a private placement with sophisticated investors only. Mr. Pacholik indicated that the funds will be utilized for working capital and purchases of initial inventory of miCards, as well as, additional VOIP phone inventory to address the growing number of distributor or agent purchases that the corporation is experiencing. In addition, the funds will allow the company to complete necessary legal and accounting requirements for the proposed transition to the OTCBB. The Board of Directors has set May 31st 2005 as the closing date for this offering; no minimum amount for the offering has been stated by the Board, therefore any funds raised during this period will be available to the corporation as working capital.
Upon completion of this offering, if fully subscribed for, the corporation will then have a total issued and outstanding share issuance of 39,778,025 Common Class voting shares. The corporation has no other classes of shares issued or outstanding as of this date.
About miNetwork Group Inc.
MiNetwork Group Inc. is an Internet based marketing and distribution company focused on the migration of real world Internet products and services from a fixed location service to the wireless devices and access points now being deployed globally.
On Behalf Of The Board
of miNetwork Group Inc.
President - Dan Pacholik
For investor relations and corporate information:
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company’s current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially form those anticipated or implied in the forward-looking statements.