IBZT - news last night:
iBIZ Technology Corporation to File Preliminary Proxy and Seek Shareholder Conse
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS AND TECHNOLOGY EDITORS:
iBIZ Technology Corporation to File Preliminary Proxy and Seek Shareholder
Consent to Spin off Subsidiary
PHOENIX, July 23 /PRNewswire-FirstCall/ --
iBIZ Technology Corporation (OTC Bulletin Board: IBZT) ("the Company"), in
connection with its plan to spin off our wholly-owned subsidiary iBIZ Inc.,
will file a preliminary proxy with the Securities and Exchange Commission, to
seek the written consent of shareholders in this transaction. This is an
initial step necessary for making iBIZ Inc. a separate reporting company
eligible for listing on the OTC Bulletin Board.
iBIZ Technology Corp., as the parent company, will continue designing,
building and distributing PDA accessories and products, hand in hand with the
separate company, which (with its completely separate and distinct capital
structure) will in turn provide support to its parent to fund future product
development, complete targeted acquisitions, retire convertible debt and
deliver value to the Company's shareholders.
President and Chief Executive Officer, Ken Schilling stated, "Spinning off
our subsidiary, iBIZ Inc., is a natural migration for iBIZ Technology Corp. in
our continuing efforts to grow the Company. Our shareholders in iBIZ
Technology Corp. as of the record date September 25, 2003 will receive common
stock in iBIZ Inc. at a ratio of one share of iBIZ Inc. for each 500 shares of
the parent owned as of that date. It is anticipated that the shares issued in
iBIZ Inc. for the shareholders other than the affiliates of iBIZ Inc. will not
be restricted.
Mr. Schilling further commented, "The planned capital structure in iBIZ
Inc. has allowed us to enter into a definitive agreement to acquire the assets
of Endeavor Input Devices, a subsidiary of Endeavour Capital AG, headquartered
in Zurich, Switzerland with operations in Tel Aviv, Israel. EID designs and
manufactures virtual technologies and will bring a myriad of new innovation to
iBIZ Inc. EID has begun mass production on its VKB Virtual Keyboard
( vkb.co.il ), which projects a fully functional keyboard on
to a flat surface. The VKB interfaces to a variety of devices such as PDA's,
Tablet PC's, Cell Phones and other devices, which are performance enhanced by
data entry from a keyboard. No larger than a disposable cigarette lighter,
the VKB is truly the most innovative keyboard product to come to market.
Endeavor and their products will continue to enhance iBIZ Technology's road
map of innovative PDA and computer accessories".
EID will provide cross distribution with iBIZ Technology as EID will sell
and distribute iBIZ branded products in Europe, Africa and the Middle East.
iBIZ Technology Corp. will maintain the sole and exclusive distribution rights
to EID products in Asia, North and South America.
About iBIZ Technology
iBIZ (OTC Bulletin Board: IBZT) is a leading manufacturer and distributor
of accessories for personal digital assistant (PDA) and hand-held devices.
iBIZ is recognized for innovative, high-quality, competitively priced products
available through major retailers. For more information on iBIZ products and
services, go to www.ibizcorp.com , email sales@ibizcorp.com, or call to
1-800 234-0707.
For further information, please contact Ronald L. Garner of Equitilink,
LLC, +1-877-788-1940, ron@equitilinkpr.com, for iBIZ Technology Corporation
About Endeavour Capital
Endeavour Capital AG is a Swiss public investment company, which leverages
unique technologies and products developed in Israel into the global market.
Endeavour Capital is an equity growth company, which maximizes shareholder
benefits through a continuous increase of its market capitalization and price
per share.
Forward-looking statements in this release relating to financing, profits
and revenue growth are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and involve risks and
uncertainties including, without limit, market competition, demand for the
Company's products and services, technological change, dependence upon
suppliers, and other risks described in the Company's Form 10-KSB for the year
ended October 31, 2002.
SOURCE iBIZ Technology Corp.
/CONTACT: Ronald L. Garner of Equitilink, LLC,
+1-877-788-1940,ron@equitilinkpr.com, for iBIZ Technology Corporation/
/Web site: ibizcorp.com /
Jul-24-2003 00:54 GMT
Symbols:
US;IBZT
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