HouseHold Direct Initiates Corporate Acquisition Campaign
NEW YORK, Sept. 25 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYITE - news) announced today that it has initiated its acquisition process to dramatically expand its central purchasing and distribution facilities so as to supply an expanded range of products to HouseHold Direct members and to the members of third party membership clubs utilizing the Company's services.
These acquisitions will be immediately accretive to the bottom line, will make HouseHold Direct instantly profitable. The key strength of these acquisitions lie in the range of products represented that will now become available directly to HouseHold Direct.com members, and other third parties, when the newest version of the Web site is launched.
Because of competitive reasons, the names and details will be released at a later date.
``The consummation of these acquisitions,'' stated John Folger, President of the Company, ``will enhance not only the Company's offered product range, but, perhaps more importantly, the Company's product delivery and customer service capacities through relationship with a number of retail locations and wholesale buying clubs which will accompany such acquisitions. By the end of the current fiscal year, both acquisitions should be consummated and integrated into the Company's operations with a resulting products purchasing volume of in excess of $22,000,000 annually.''
One of the distributors is a well-established furniture specialist, distributing the products of over 50 furniture manufacturers, and has operated a successful retail and wholesale business for over 15 years. This company provides both retail and wholesale sales support to these manufacturers. Located in the heart of the furniture capitol the company has been expanding its geographic sales through consumer mail order and direct traditional channels. In addition, the distributor currently supplies several of the other third party membership clubs to which HouseHold Direct expects to provide purchasing services.
The second distribution company is larger in sales volume. The specific product lines include appliances, consumer electronics, hardware and lawn and garden supplies. This company is the current source of supply to a network of retail locations in 42 states. An immediate benefit to HouseHold Direct.com is the ability to add these retailers as new potential shipping points to the member support network. The key vendor and manufacturer relationships result from years of purchasing experience by the retained management team.
While the initial due diligence on these acquisitions has been completed, the required audit process is expected to be incorporated in the year-end financial reports of HouseHold Direct.com. The Company anticipates having all the appropriate audits completed and the transactions consummated by the middle of the fourth quarter.
HouseHold Direct provides the technology, personalized customer support, and leading edge, in-home, product delivery and fulfillment for its members and affiliates. HouseHold Direct has formed relationships across manufacturing, distribution and retail operations. Through physical locations in key markets, and with a supported Internet presence, the Company brings to the marketplace a unique shopping experience providing consumers with the ability to ``live better for less.''
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
CONTACT: E-mail: infohhd@householddirect.com
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SOURCE: HouseHold Direct.com, Inc. |
