TSIG.com Announces Recent Development Regarding Affinity
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Feb. 14, 2001-- TeleServices Internet Group Inc. (OTCBB:TIGI), also known as TSIG.com, today announced that it has received a "Notice of Rescission/Reacquisition/Buy-Back" from a majority of the former shareholders of The Affinity Group, Inc. TSIG.com had acquired a 100% interest in Affinity from the former shareholders of Affinity on December 5, 2000. The Notice alleges "a material breach of Representations or Warranties" in the original Acquisition Agreement.
TSIG.com also received the resignation of Scott Roix as President, CEO and a director of TSIG.com, and the resignations of several members of the management team of TSIG.com who were engaged in connection with the acquisition of Affinity.
Under the terms of the Acquisition Agreement, TSIG.com has 30 days to investigate matters and cure any actual breach. No additional information is available at this time.
This press release contains "forward-looking statements" within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company and its partners to execute their plans, (3) the ability of the company to finance its operations, and (4) other factors detailed in the company's public filings with the SEC.
CONTACT: TSIG.com, St. Petersburg
Paul Henry, 727/897-4036
or
Steven Kaston, 631/784-7838 |
