Drucker Inc.
OTC Bulletin Board : DKIN

December 19, 2008 18:41 ET

Drucker Inc.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Drucker Inc. (OTCBB:DKIN) -

This press release will bring shareholders and investors up to date on the Company's business affairs and includes information from the Company's press releases of July 18 and November 13, 2007:

Drucker Inc. (the "Company") announces that it entered into a Letter of Intent as amended ("LOI") with Global Fusion Media Inc. ("Global") and that company's shareholders to acquire all of the issued and outstanding shares of Global. Global is a private company that has a contract to provide a Captive Area Television Network to the U.S. army and other corporate entities and is negotiating other contracts with various parties to provide the same service to them. As part of the LOI the Company has loaned over a period of several months approximately CDN$400,000 (US$320,000) to Global. Under the LOI the Company and Global had 90 days to complete a due diligence review of each other prior to either executing a formal agreement or terminating the LOI. Pursuant to the terms of the LOI both parties agreed to terminate the LOI without entering into a formal agreement and further executed a Loan Settlement Agreement (LSA) whereunder Global agreed to repay 50% of the loan (CDN$195,000) in cash and to issue 1,950,000 common shares of its capital stock to the Company. The LSA requires the cash payment to be made from the first funding acquired by Global under its current anticipated equity financing arrangements. Neither the payment or the issuance have been made to date.

Also the Company has settled its legal action (as announced by press release dated March 30, 2006) against two of the Company's former directors. As part of the settlement the Company received approximately $400,000 CDN in cash and 1,097,296 shares of Continental Minerals Corporation (TSX Venture Exchange "KMK") as repayment of corporate funds which were expended on matters which the current management did not believe returned real value to the Company as the acquisition transaction in China upon which funds had been expended was terminated.

The Company is still investigating funding of expenditures by a former director and an employee and has recently commenced a further legal action against one former director and a former employee. These legal actions are still in process and as a consequence of same, two of the Company's current directors have been countersued by one of the defendants in the case demanding a contribution for any damages won by the Company against the defendant former director. The Company has requested that its legal counsel challenge the validity of such counterclaim with the goal of having such countersuit quashed.

The current Board has completed audited financial statements for the last three years and will be filing same shortly.


Robert Smiley, President

This press release includes certain forward looking statements which are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward looking statements reflect beliefs, expectations, objectives and goals which are believed to be reasonable at the time such statements are made. Actual results could differ materially from anticipated results and may be impacted upon such factors as commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation amongst other things.

Contact Information

  • Drucker Inc.
    Robert Smiley
    (604) 689-4407
    (604) 408-8515 (FAX)