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
"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.
/CONTACT: Jason Conway of Wincroft, Inc., 011-44-181-429-7319/
CO: Camelot Corporation; Wincroft, Inc.
IN: CPR TLS
-0- (PRN) May/28/98 09:39
EOS (PRN) May/28/98 09:39 86
-0- (PRN) May/28/ 98 9:54
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