San Francisco -- January 30, 2001 -- BUSINESS WIRE Thanks to the recent discovery that its majority-owned subsidiary, AgriPlace, is insolvent, Verida Internet Corp. is planning to reorganize. AgriPlace is/was an exchange for the Canadian grain market.
AgriPlace efforts to secure funding have failed. As a result, stake holders are proceeding with steps to seize the company's remaining assets. AgriPlace directors have already resigned.
There is a good possibility that Verida will not recover any of its investment in AgriPlace. Company officials are starting to get nervous. They are consulting with legal counsel about protection protective measures from creditors if necessary.
Michael Hinshaw, President of Verida, stated "It is unfortunate that the dot-com fallout has pushed businesses such as AgriPlace --who use the Internet primarily as a facilitator of traditional business practices -- into situations like this. We are particularly disappointed by this in light of the fact that less than 2 months ago we were recognized by Internet e-commerce authority Jupiter Research as being the 18th largest Net market by gross income out of over a thousand international and U.S. based Net markets."