Exhibit 99.3
FOR IMMEDIATE RELEASE
NEWS RELEASE
eieiHome.com Inc. to acquire wireless assets from Simmonds Capital
New York, NY and Toronto - July 12, 2000 - eieiHome.com Inc. (OTCBB:EIEI) and
Simmonds Capital Limited (TSE:SMM) today announced that they have reached
agreement on the terms for the acquisition by eieiHome.com of certain wireless
assets owned by Simmonds Capital. The assets to be transferred in the proposed
transaction include product inventory, tooling, and related Midland
International intellectual property rights for wireless communication products
sold outside of the United States. eieiHome.com has agreed to pay Simmonds
Capital a portion of the net proceeds from the sale of the wireless inventory, a
royalty on all products sold by eieiHome.com under the Midland name or using the
tooling assets, and a management fee to assist with the execution of the
business growth plan. The completion of the acquisition is subject to the
negotiation and execution of definitive agreements.
John Simmonds, the CEO of both Simmonds Capital and of eieiHome.com, stated
"There is a significant opportunity today for growth through consolidation in
the wireless land mobile radio market. With the completion of the sale of its
Internet business, this is an excellent opportunity for eieiHome.com to build a
new wireless communication business. As a major shareholder of eieieHome.com,
Simmonds Capital is pleased to provide assistance to them in realizing on this
wireless opportunity."
Mr. Paul Hickey, Chairman of eieiHome.com, stated " We are delighted to be
able to utilize the knowledge and experience of Simmonds Capital in the
development of this new business opportunity."
Simmonds Capital Limited is a merchant banking company with an active role in
certain strategic investments. The company has a 38% beneficial interest in
eieiHome.com Inc. Simmonds Capital's current investments also include
interactive gaming technology focused on the North American horse racing market.
eieiHome.com Inc. is a Delaware corporation whose shares are quoted on the
NASDAQ Bulletin Board.
* * * * * * *
For further information contact:
John Simmonds, CEO
905-837-9909
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