HouseHold Direct.com, Inc. Clarifies Rights Offering Details
NEW YORK, Sept. 25 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYITE - news) announced today that the current shareholder rights offering will not be extended past September 29, 2000. The Company feels that there has been undue pressure on the market price of the stock during the period that this offer has been in effect, and therefore does not wish to extend the offer to the detriment of our shareholders.
All of the stated objectives of this offering are to allow the shareholders of record as of July 25, 2000 the right to purchase additional shares on the same terms and prices to those being made available to management. Management continues to express confidence in the implementation of the business plan of the Company, and expects to convert all or a substantial portion of their existing HouseHold Direct.com corporate debt into equity, in order to enhance the Company's balance sheet.
Management is willing, and intends, to purchase up to approximately 2.5 million of the total amount of 4,805,891 shares available under the offering at the stated price of 30 cents ($0.30) per share. The interest in any excess allocation shares by the shareholders will determine the final amount available to management.
The deadline for shareholders to purchase either their basic allocation of 1 share for 5 shares owned, or their excess allocation for any remaining shares, will be at the close of business on September 29th. In order to be assured of proper execution, all cleared funds should be available to the transfer agent as of that date.
For any additional details or further information regarding execution of these rights, please contact American Stock Transfer and Trust Company (212-936-5100).
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.
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