Exhibit 99.2: Press Release
CHELL GROUP SETTLES SUBSIDIARY LOGICORP'S REBATE ISSUES
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Monday February 3, 2003,
NEW YORK, NEW YORK, February 3, 2003: CHELL GROUP CORPORATION (the "Company"), a
technology holding company in business to acquire and grow undervalued
technology companies, announced today that it had concluded its investigation
into the receipt of improper rebates from the resale of computer equipment by
its subsidiary Logicorp Data Systems Ltd. previously announced on October 30,
2002.The Company has determined that the incidents were the results of an
isolated matter. On December 17, 2002 the Company entered into a settlement
agreement with the computer equipment vendor and it now believes that normal
business relations have been restored. As a result of the settlement, the
Company expects to take a charge in its fiscal year end for 2002 of $840,000.
The Company also announced that the original purchase price for Logicorp is
being reduced in excess of 20%.
About Chell Group Corporation:
Chell Group Corporation is a technology holding company in business to acquire
and grow undervalued technology companies. Chell Group's portfolio includes
Logicorp http://www.logicorp.ca, NTN Interactive Network Inc.
http://www.ntnc.com, GalaVu Entertainment Network Inc. http://www.galavu.com,
Engyro Inc. (investment subsidiary) http://www.engyro.com and cDemo Inc.
(investment subsidiary) http://www.cdemo.com. For more information on the Chell
Group, visit http://www.chell.com.
Forward-looking statements and comments in this press release are made pursuant
to safe harbor provisions of the Securities Exchange Act of 1934. Certain
statements, which describe Chell Group Corporation's intentions, expectations or
predictions, are forward-looking and are subject to important risks and
uncertainties. The results or events predicted in these statements may differ
materially from actual results or events. Factors which could cause results or
events to differ from current expectations include, among other things: the
acceptance of Internet based application service providers in the consumer
market, the impact of rapid technological and market change, general industry
and market conditions and growth rates.
Contact:
Chell Group Corporation
Ron Matthews Director, Investor Relations
Direct: (403) 567-0855 ; e-mail rmatthews@chell.com