LONDON, May 28 /PRNewswire/ -- Wincroft, Inc. (OTC Bulletin Board: WINN) has acquired VideoTalk(TM) a videoconferencing system for the Internet from Camelot Corporation (OTC Bulleting Board: CAML) for $7,002,056. The consideration was payable by the issuance of Wincroft common and preferred shares and a $2,000,000 Promissory Note. The acquisition of VideoTalk was approved at a special meeting of shareholders of Wincroft on 18th May 1998. All the directors and management of Wincroft have been changed and Mr. Jason Conway, an experienced technology marketing executive based in London, England has been appointed Chairman and Chief Executive Officer. Wincroft's corporate office has been relocated to London England. Wincroft now has 5,140,100 common shares issued and outstanding of which Mr. Conway owns approximately 39% and Camelot owns approximately 19%. "I am very excited about VideoTalk and intend to raise funds through a private placement to enable Wincroft to commence a VideoTalk marketing campaign" said Mr. Conway. "We are creating a new technology company, and with VideoTalk we have acquired the result of a two year development effort whose potential has yet to be exploited" he said. Wincroft's new management intends to enter into discussions with PC manufacturers regarding the licensing of VideoTalk for inclusion with forthcoming platforms, and will market VideoTalk to governmental entities, larger and medium size corporations, and value-added resellers. VideoTalk is a complete hardware and software system which, when connected to a multimedia PC, enables full duplex videoconferencing over the Internet and over local and wide area networks. VideoTalk will operate in the background while not detracting from the PC's ability to run other software programs simultaneously. It uses a PCI plug and play card that provides high quality audio and video while achieving extremely low processing load. VideoTalk does not require a sound card or a video capture card and allows communication over the Internet with only a 28.8 kbps modem. Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth, including but not limited to, the uncertainties in developing new technology, the impact of global regulation and competition; the changing nature of regulations and the manner in which they are interpreted; dependence on distributors and pricing pressures in addition to normal economic and world factors beyond the control of Wincroft. VideoTalk is a trademark of Wincroft. All other product names are trademarks of their respective companies. SOURCE Wincroft, Inc.
WINCROFT ACQUIRES VIDEOTALK(TM) FROM CAMELOT FOR $7 MILLION
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