Exhibit 99.1
News Release
October 24, 2000 Symbols: CDNX - WIZ
OTC - WIZZF
FWB - WSJ
WSi Interactive Facilitates Acquisition
WSi Interactive Corporation is pleased to announce that it has facilitated the
acquisition of Active Ortho Research and Development Inc., a privately held
company based in British Columbia, by Southport Capital Corp., a capital pool
company on the CDNX (symbol: SPC).
On conclusion of its IPO, Southport Capital began to negotiate an agreement with
Active Ortho and its shareholders. The parties have now executed a formal
agreement for the acquisition, details of which are contained in the news
release issued by Southport today. Upon completion of the acquisition, WSi
Interactive Corporation will receive a finder's fee of 600,000 shares of
Southport Capital Corp. for arranging the transaction, subject to CDNX approval.
The finder's fee is further subject to the acquisition receiving approval from
both CDNX and the shareholders of Southport. Theo Sanidas, Bryan Kanarens and
James Harris, who are directors and/or officers of WSi, are also directors
and/or officers of Southport and are existing shareholders of Southport. If
completed, the finder's fee shares shall be subject to escrow restrictions in
accordance with the policies of the CDNX.
Active Ortho is developing a web-based business under the domain name
www.sportsmedaccess.com in partnership with medical practitioners and
researchers at a sports medicine centre located at the University of British
Columbia in Vancouver. The business will be an online, patient care and
practitioner management system designed exclusively for sports medicine
practitioners, patients and health insurance payers, all of which will be
compliant with the U.S. Government HIPPA Act of 1996. The Company intends to
transform the sports medicine business by accelerating patient recovery time and
improving treatment outcomes while reducing practitioner and payer costs.
In addition to facilitating the acquisition of Active Ortho, WSi is providing
comprehensive incubation services for SportsMedAccess.com on a fee for services
basis. This arrangement demonstrates WSi's evolving business model and its
ability to invest in and provide technical assistance to Internet based
businesses and generate revenue while minimizing risk.
Southport Capital Corp. is a capital pool company whose principal business is to
identify and evaluate opportunities for the acquisition of an interest in assets
or businesses. Once identified and evaluated, Southport will negotiate an
acquisition or participation subject to receipt of shareholder approval and
acceptance for filing by the Exchange.
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About WSi Interactive Corporation
WSi generates revenue by marketing and selling products and services based on
its core competencies of integrated marketing, web and business development
services and by investing in content and infrastructure of Internet businesses.
The three divisions that represent the core of WSi are direct marketing,
Internet marketing, and web development and hosting services. All three are
complementary and provide total solutions to a wide variety of client
objectives. These divisions are complemented by a dedicated team of business
development professionals who actively seek growth opportunities and investments
for WSi. WSi generates revenue from new businesses by providing development
support based on those same core competencies.
To receive information on WSi by e-mail, please forward your Internet address
to: [email protected]
ON BEHALF OF THE COMPANY
"Theo Sanidas"
Theo Sanidas, President
This news release may contain forward-looking statements that involve risks and
uncertainties, including the impact of competitive products and pricing and
general economic conditions as they affect the Company's clients. Actual results
and developments may therefore differ materially from those described in this
release. No regulatory authority has reviewed nor accepted any responsibility
for the adequacy or accuracy of the contents of this release.
