<PAGE> 1
EXHIBIT 99.3
WSi INTERACTIVE CORPORATION Symbols: CDNX - WIZ OTC - WIZZF
June 1, 2000
NEWS RELEASE
WSI INTERACTIVE'S INTEREST IN ARIEL WIRELESS TECHNOLOGIES INC.
TO BE ACQUIRED BY PETRA RESOURCE CORP.
Petra Resource Corp. ("Petra") has announced that it has entered into an
arm's-length Agreement ("Agreement") with the shareholders of Ariel Wireless
Technologies Inc. ("Ariel") to acquire all of the issued shares of Ariel in
exchange for 6,000,000 shares of Petra. The shares issued in the transaction
will be subject to applicable Canadian Venture Exchange ("CDNX") requirements
and, upon completion, Ariel will become a wholly-owned subsidiary of Petra. WSi
Interactive Corporation holds a 40% interest in Ariel and on completion of the
proposed transaction shall be issued 2,400,000 shares of Petra. In addition,
Theo Sanidas, WSi's President, shall become a director of Petra on closing.
Ariel's principal asset is a worldwide, non-exclusive, Original Equipment
Manufacturing (OEM) Agreement with a leading European provider of wired and
wireless communications hardware and software products. These provide solutions
to the so-called "last mile" distribution challenge of connecting the main
high-speed fiber-optic trunk lines that form the backbone of the Internet
superhighway with the various networks and individuals that are the end-users.
Upon completion of the Agreement Petra will manufacture these devices, under its
own brand name and logo, for worldwide distribution.
Ariel's wireless products include a variety of broadband, fixed point-to-point
and point to multi-point, microwave radio transceivers capable of full
synchronous duplex operation. These products work at higher speeds and are
considerably less expensive than other similar devices currently available in
the marketplace. Transmission is over the unlicensed 2.400 - 2.483 GHz public
broadband frequency range, covering line-of-sight distances of up to 20
kilometres at T1 equivalent speeds of 1.5 Mbps (megabits per second), and speeds
of up to 33 Mbps over shorter distances, depending on customer requirements and
budget. Modular design characteristics allow for fully scalable wireless
connections to be established between different communication protocols and
networks. Broadband wireless solutions are particularly attractive in
established markets where conventional high-speed fiber-optic alternatives are
prohibitively expensive due to physical inaccessibility or uneconomic
demographics, as well as in developing countries that lack the local
infrastructure to interface with the high speed Internet backbone. Additionally,
Internet Service Providers, VOIP (Voice Over Internet Protocol) long distance
telephone service providers, data transfer services and network systems
integrators worldwide are a rapidly expanding market.
In the wired environment, Ariel's universal bridges, switches and multiplexors
combined together in a single machine are capable of linking fixed voice, data
and video networks with each other and with the internet backbone. These can
also be coupled with microwave radio transceivers to achieve a totally
integrated high-speed wireless Internet solution.
The acquisition of an equity interest in Ariel, which will now become an equity
interest in Petra, is part of WSi's broader strategy of developing partnerships
with emerging Telecommunications companies as a complement to its own broadband,
rich media, and convergence initiatives.
The Business of WSi
WSi Interactive Corporation is an innovative business development and marketing
firm whose objective is to capitalize on content and infrastructure
opportunities on the Internet. WSi builds, manages and markets online businesses
in the financial, e-tail and e-commerce, entertainment, and e-advertising
sectors.
<PAGE> 2
WSi focuses on early-stage companies where it can add significant value to the
investment through a network of relationships and strategic alliances, using its
experience to help Internet companies to build traffic, develop brands, and
capitalize on a variety of revenue streams.
To receive information on WSi by e-mail or fax, please forward your Internet
address / fax # to [email protected] / fax: 1-877-499-5806.
To fax your request please complete the following
NAME: ______________________________________________
COMPANY: ______________________________________________
E-MAIL: ______________________________________________
PHONE: ______________________________________________
FAX: ______________________________________________
Send by: E-mail or fax: yes / no. Or: e-mail only: yes / no
Investor Relations Toll Free: 1-888-388-4636
Website: www.ws-i.com
ON BEHALF OF THE COMPANY
/s/ 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.
