Press Release: Hars Systems Inc.
May 1, 2002
CALGARY, AB -- HARS (CDNX:HSS) Mr. Terry Holland, President of Trimin Capital Corp. (TSE: TMN), and Mr. Kelly Blake,
President of HARS Systems Inc. (CDNX: HSS), reports that on April 26, 2002, pursuant to a definitive support agreement
entered into with HARS Systems, Inc., HSI Acquisition Corp., a company owned by Trimin Capital Corp. and certain
members of the management of HARS and its operating subsidiary VIP International Corp. (the "managers"),
filed a take-over bid circular with regulatory authorities to acquire all of the issued and outstanding common
shares of HARS for 60 cents per share. Trimin, together with the managers, have beneficial ownership of, or exercises
control or direction over, a total of 5,879,975 HARS common shares representing 27.11 percent of the issued and
outstanding common shares of HARS on a fully diluted basis. Also on April 26, HARS filed a directors circular recommending
that shareholders accept the HSI bid. The HSI bid circular and HARS directors circular can be accessed on www.sedar.com.
On April 26, 2002, Executive Inn (EII) extended the expiry deadline of its lower 57 cent bid to May 24, 2002. EII
also waived a condition requiring a minimum deposit of a simple majority of the HARS shares issued and outstanding
on a fully diluted basis. As a result of this and other modifications to the bid, beginning May 7, 2002, EII will
have the opportunity to purchase any HARS shares deposited under the offer at a price of 57 cents, regardless of
the number of HARS shares deposited under the EII offer. Once taken up by EII, these shares cannot be withdrawn.
Shareholders wishing to tender their shares to the higher 60 cent HSI bid must withdraw any shares previously tendered
to the EII bid prior to May 7th.
Trimin Capital Corp. is a management company. Trimin's strategy is to acquire large equity interests in operating
businesses-its "partners in industry"-and build value for its shareholders through a combination of the
established financial skills of its corporate management and the strong operating management teams of acquired
businesses.
VIP International Corporation (www.vipintcorp.com), a wholly owned subsidiary
of HARS Systems Inc., provides electronic distribution and marketing services for thousands of hotels and car rental
locations around the world. VIP International is the central point of distribution to every viable Internet travel
Web site, including VIP's proprietary Web site (www.CarsAndHotels.com),
and all of the major travel agent computer reservation systems (Global Distribution Systems.) With 22 years of
GDS expertise, and a history of unparalleled client-focused service and marketing support, VIP International is
positioned to provide the premier reservations solution available today.
With its World Headquarters in Calgary, Canada, VIP International has business development offices in Denver and
Kansas City, USA; Toronto, Canada; London, England; Hong Kong, China; and Buenos Aires, Argentina.
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Contact:
VIP International Corporation, Calgary
Kelly Blake, 403/269-3566
or
Trimin Capital Corp.
Terry Holland, 604/ 688-3416