Looking for a 75% or better return in a short period of time?
Based on this acquisitions completion and the forward split of 11/13/01 the symbol
for SPGY is changed to SPCY.
Friday will be the last day for low low prices and buying level will be $2.20 or less
per share.
Target price in less than 6 trading days will be $4.50 per share
(Latest news release)
***November 21, 2001 07:00am
Spicology Announces Closing of Leftbid Acquisition And
Appoints New Board and Advisors
SEAL BEACH, Calif., Nov. 21 /PRNewswire/ - Spicology, Inc. (OTC Bulletin Board: SPGY)
announced today that it has completed its acquisition of Leftbid.com, Inc., with
approximately 90% of the Leftbid shares tendered. The remaining shares have been
accounted for and are in transit.
With the closing, Leftbid, the worldwide auction service, is now a wholly owned subsidiary of
Spicology. In conjunction with the acquisition, Spicology will changed its name to Leftbid
Corp. Leftbid's online and live webcast auctions, which allow bidders to bid in real time, have
been held in conjunction with leading auction houses such as Kruse Auctioneers (a
subsidiary of e-Bay), Superior Auctioneers and Marketing, Guernsey's Auctioneers, Network
Oil, The Auction (Imperial Palace, Las Vegas), RM Auctions, and Richard Hatch &
Associates.
Spicology announced the resignation of interim management and the appointment of a
provisional board of directors and advisory board. Mr. Daniel Kruse has been appointed a
corporate advisor to Spicology for future business development. Mr. Kruse is the Chairman
of Superior Auctions and Marketing. Mr. Kruse, a third-generation auctioneer with over 30
years experience, has participated in converting billions of dollars in assets through oral bid
auctions. In 1970, Daniel and his family at Kruse International, Inc. founded the world's
largest classic car sales organization, headquartered in Auburn, Indiana. Kruse International,
Inc. and Dan Kruse Classic Car Productions were recently sold to the world's largest on-line
auction company, eBay.
Michael Luther has been appointed to the board of directors and has assumed the role of
Chairman & CEO of Spicology. Mr. Luther has 15 years of experience in corporate finance
with an emphasis on investing and building technology service businesses. Mr. Luther has
been an investor or financial engineer for a number of public companies, including
Homestore.com, Transaction System Architects and Buffets, Inc.
Mr. Patrick Baugier has been appointed director of the new Spicology Board. Mr. Baugier is
the founder and Chief Executive Officer of Metrowine Distributing Co., Inc., a New York
based corporation specializing in the importation and distribution in fine wines from around
the world.
Separately, Leftbid.com announced that it has entered into a Letter of Intent to acquire
Signature Auctions LLC of Lincoln, Nebraska. Signature is a leading industrial equipment
auction company that conducts unreserved auctions of construction, mining, agricultural,
transportation and industrial equipment throughout the United States. Co-founders Greg
Forke and Kevin Duling draw their equipment auctioneering experience from their tenure with
Forke Brothers, the Auctioneers, a partnership which was known name in heavy equipment
auctioneering for nearly 80 years.
Leftbid auctions fine art, antiques and collectibles; automobiles and motorcycles; and
industrial equipment.
This press release contains statements which may constitute "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934,
as amended by the Private Securities Litigation Reform Act of 1995. Those statements
include statements regarding the intent, belief or current expectations of Spicology, Inc. and
members of its management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that actual results
may differ materially from those contemplated by such forward-looking statements.
Important factors currently known to management that could cause actual results to differ
materially from those in forward-statements include fluctuation of operating results, the
ability to compete successfully and the ability to complete before-mentioned transactions.
The Company undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes to future
operating results.
For information on Left Bid, please contact: Michael Luther at (402) 334-5556, or visit their
web site at www.leftbid.com .
For further information, please contact Investor Relations, +1-402-334-5556, for Leftbid.com,
Inc.; or Kenneth G. Eade, +1-805-560-9828, for Spicology, Inc. |
