Check out the USAV news!!!
CNBC date on CNBC's .com program. A major acquisition with depletion of 3 million shares. Apparently could be shorted millions of shares come Monday as USAV plans on a verdict of specific companies buying back 3 million shares in the open market.
This is BIG!!!
quotes.freerealtime.com
CostPlusFive.com Acquires Beverly Boulevard Associates Inc. as a Wholly Owned Subsidiary
BERMUDA DUNES, Calif., Oct 12, 1999 (BUSINESS WIRE) --
CostPlusFive.com (OTC BB: USAV) Tuesday announced that after lengthy
negotiations, it has signed a Stock Purchase Agreement to purchase
Beverly Boulevard Associates Inc. as a wholly owned subsidiary for 3
million shares of CostPlusFive.com Inc. common stock.
CostPlusFive.com is an Internet e-commerce business specializing in the
sale of computers and computer equipment at 5 percent over cost.
Beverly Boulevard Associates operates two of the largest courier
services in Southern California under the business names of Corporate
Couriers and Corporate Legal. They have been in business for 17 years
and have annual sales averaging more than $3 million.
The addition of Corporate Couriers and Corporate Legal to
CostPlusFive.com is an integral part of their continued growth program
and establishment of a system of nationwide affiliate locations.
Frank Scivially, president of CostPlusFive.com, commented: "This action
is extremely positive for the company. It will open up new
opportunities for our affiliates and enhance service and support of our
core products, plus Corporate Couriers' management team is very strong
and will enhance our management team and board of directors."
Mike Taradash, president of Corporate Couriers stated: "The acquisition
of Corporate Couriers by CostPlusFive.com Inc. is a good strategic move
for both companies. I am extremely impressed with the CostPlusFive.com
business model and their products, and believe that our businesses are
complementary.
"Jointly, we will develop strategic relationships with a host of
affiliates allowing us to take our business model nationwide
immediately. Our shared goal for affiliate growth is paramount."
Taradash has more than 30 years in the courier business, first in
Chicago and then in Los Angeles for the past 20 years. The company
operates from a single tenant, two-story office building in Los Angeles
with more than 4,000 square feet to accommodate a staff of 18
administrative, sales and dispatching personnel.
The downtown location serves as the nerve center for the operation
where more than 100 messengers are dispatched daily throughout Southern
California, via the company's state-of-the-art radio system.
Representative customers include major movie studios, leading national
law firms and accounting firms, area schools and universities as well
as various governmental agencies.
According to Forrester Research, a leading Internet research firm,
projected spending for Internet advertising is expected to reach $15
billion by 2003 with the value of goods and services traded over the
Internet to be over $165 billion by the year 2000.
"The addition of the courier service to our company will allow for our
implementation of a delivery system for such service in a much more
rapid and efficient manner than the proposed expansion of the U.S.
Postal Service into the e-commerce market," Scivially noted.
Scivially and Taradash will appear on CNBC's .COM program on Saturday,
Dec. 4, 1999 at Noon, Eastern time to discuss the company's marketing
plans, affiliate program and growth opportunities. The .COM program,
hosted by Mark Hamil, will be replayed on the Bravo channel on Monday,
Dec. 6 and Friday, Dec. 10, 1999 at 8 a.m. Eastern time.
For more information, contact CostPlusFive.com Investor Relations, Skip
Nordstrom, at 800/561-4642.
This news release may contain forward-looking statements that involve
risks and uncertainties that could cause actual results to differ
materially from the statements contained herein. Such risks and
uncertainties include, but are not limited to, changes in the
performance of the financial markets, change in the demand for and
market acceptance of the company's products and services, changes in
the mortgage and Internet industry, the impact of competition and other
risks disclosed from time to time in the company's regulatory reports
and filings. |
