NetMeasure Technology Inc. ("NetMeasure") Announces Sale of Assets

Apr 24, 2001, 01:00 ET from NetMeasure Technology Inc.

    VANCOUVER, BC, April 24 /PRNewswire/ - NetMeasure Technology Inc. (OTCBB:
 "NTMT") announced today that it has entered into an agreement (the
 "Agreement") to sell the assets (the "Assets") of its wholly owned subsidiary,
 NetMeasure Technology (Canada) Inc. to a private company, Tisai Inc., a
 Delaware corporation. These Assets constitute substantially all the assets of
 NetMeasure and NetMeasure Technology (Canada) Inc. The Board of Directors of
 NetMeasure and NetMeasure Technology (Canada) Inc., as well as shareholders
 representing a majority of the issued and outstanding shares of NetMeasure,
 have approved the sale of the Assets.
     In a March 6, 2001 letter to shareholders, NetMeasure management advised
 shareholders that the company had run out of funds, had not been able to
 secure additional financing, was unable to pay employees and most of the
 company's employees had moved on to other assignments.
     The sale price for the Assets, which include the company's ProbeNET
 technology, is $1,500,000 US and the sale is expected to close by the end of
 August. The Agreement requires NetMeasure, after retiring its debt and the
 debt of NetMeasure Technology (Canada) Inc., to use the remaining funds to
 extend an offer (the "Share Buyback") to all shareholders to buy back their
 shares for cash. Management estimates total debt should not exceed $750,000
 US. As a condition of the sale certain current and former contractors and
 employees of NetMeasure Technology (Canada) Inc., including the company's CEO,
 have agreed to enter into employment or contractual relationships with Tisai
 Inc. after the closing; and to tender their shares in the Share Buyback and
 reinvest the proceeds in Tisai Inc.
     Between now and the closing, a few of the former employees of NetMeasure
 Technology (Canada) Inc. have agreed to return to the company and resume
 product development and market research activities under the leadership of
 Tisai's CEO, who will be providing his services to NetMeasure Technology
 (Canada) Inc. for $1.00 per month. NetMeasure's Board of Directors and
 management are currently undecided about a future direction for NetMeasure and
 will be evaluating various alternatives over the next several weeks.
 
     About NetMeasure Technology Inc.
     NetMeasure Technology Inc. is a registered and reporting Nevada (US)
 company that is currently eligible for trading on the NASD OTC Bulletin Board
 under the symbol "NTMT". NetMeasure Technology's mission is to develop and
 market products to enhance the efficiency, reliability and recoverability of
 Internet Protocol networks deployed by enterprises, large backbone operators
 and Internet Service Providers. The Company introduced its first product,
 ProbeNET, a first generation distributed measurement system, in late 2000.
 ProbeNET is targeted to meet the needs of small and medium size enterprise
 customers (SME).
 
     For further information, contact:
     Corporate Communications
     NetMeasure Technology Inc.
     Telephone: 1.888.644.4636
     Email: corporate@netmeasure.net
     Website: www.netmeasure.net
 
 

SOURCE NetMeasure Technology Inc.
    VANCOUVER, BC, April 24 /PRNewswire/ - NetMeasure Technology Inc. (OTCBB:
 "NTMT") announced today that it has entered into an agreement (the
 "Agreement") to sell the assets (the "Assets") of its wholly owned subsidiary,
 NetMeasure Technology (Canada) Inc. to a private company, Tisai Inc., a
 Delaware corporation. These Assets constitute substantially all the assets of
 NetMeasure and NetMeasure Technology (Canada) Inc. The Board of Directors of
 NetMeasure and NetMeasure Technology (Canada) Inc., as well as shareholders
 representing a majority of the issued and outstanding shares of NetMeasure,
 have approved the sale of the Assets.
     In a March 6, 2001 letter to shareholders, NetMeasure management advised
 shareholders that the company had run out of funds, had not been able to
 secure additional financing, was unable to pay employees and most of the
 company's employees had moved on to other assignments.
     The sale price for the Assets, which include the company's ProbeNET
 technology, is $1,500,000 US and the sale is expected to close by the end of
 August. The Agreement requires NetMeasure, after retiring its debt and the
 debt of NetMeasure Technology (Canada) Inc., to use the remaining funds to
 extend an offer (the "Share Buyback") to all shareholders to buy back their
 shares for cash. Management estimates total debt should not exceed $750,000
 US. As a condition of the sale certain current and former contractors and
 employees of NetMeasure Technology (Canada) Inc., including the company's CEO,
 have agreed to enter into employment or contractual relationships with Tisai
 Inc. after the closing; and to tender their shares in the Share Buyback and
 reinvest the proceeds in Tisai Inc.
     Between now and the closing, a few of the former employees of NetMeasure
 Technology (Canada) Inc. have agreed to return to the company and resume
 product development and market research activities under the leadership of
 Tisai's CEO, who will be providing his services to NetMeasure Technology
 (Canada) Inc. for $1.00 per month. NetMeasure's Board of Directors and
 management are currently undecided about a future direction for NetMeasure and
 will be evaluating various alternatives over the next several weeks.
 
     About NetMeasure Technology Inc.
     NetMeasure Technology Inc. is a registered and reporting Nevada (US)
 company that is currently eligible for trading on the NASD OTC Bulletin Board
 under the symbol "NTMT". NetMeasure Technology's mission is to develop and
 market products to enhance the efficiency, reliability and recoverability of
 Internet Protocol networks deployed by enterprises, large backbone operators
 and Internet Service Providers. The Company introduced its first product,
 ProbeNET, a first generation distributed measurement system, in late 2000.
 ProbeNET is targeted to meet the needs of small and medium size enterprise
 customers (SME).
 
     For further information, contact:
     Corporate Communications
     NetMeasure Technology Inc.
     Telephone: 1.888.644.4636
     Email: corporate@netmeasure.net
     Website: www.netmeasure.net
 
 SOURCE NetMeasure Technology Inc.