Oops, bad news, guys!
Reliant Interactive Media Corp. Announces Cancellation of Agreement With
Teleservices Internet Group Inc.
TAMPA, Fla.--(BUSINESS WIRE)--Nov. 30, 2000--Reliant Interactive Media Corp.
(OTCBB:RIMC - news; www.rimc.com; www.asseenontvpc.com) Thursday announced
that the proposed business combination with Teleservices Internet Group Inc.
(OTCBB:TSIG - news; ``TSIG'') has been cancelled.
Legal counsel for Reliant notified TSIG today that Reliant, AsSeenOnTVpc.com Inc. and
the shareholders of AsSeenOnTVpc.com Inc., will not proceed to a closing of the
transaction with TSIG for the following reasons:
1. A failure to satisfy all conditions precedent to closing by the date the transaction was
scheduled to close; and 2. Material non-disclosures of information, that now being
known, preclude a business combination with TSIG at this time.
Kevin Harrington, chairman and CEO of Reliant, stated: ``It is unfortunate that we could
not conclude this transaction with TSIG in a manner that would have benefited Reliant
and its shareholders. On the other hand, we have never been more optimistic about the
future of our company and the business model that we have constructed.
``As we reported last week, our sales for the first nine months of this year were over
$61 million with a net profit of $533,670 compared to $9 million in sales and a loss of
$879,468 for that same period last year, which was our first year of operations.
``We expect to continue to see our revenues grow in the final quarter of this year and
next year. In fact, our revenues this quarter should easily exceed those in any other
quarter since we have been in business.''
About Reliant Interactive Media
Reliant Interactive Media Corp. is a multimedia direct marketing company that sells
computers, consumer electronics and other products. These products are primarily sold
via long-form television commercial productions and through the company's Web site
(www.AsSeenOnTVpc.com). The company was founded in 1984, and current
management took over in late 1998 and launched operations in early 1999.
Reliant is run by brothers Kevin and Tim Harrington and Mel Arthur, who have advanced
the concept of interactive product selling through their television productions and Web
site.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This
news release contains forward-looking information within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements that include the words
``believes,'' ``expects,'' ``anticipates'' or similar expressions. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that may
cause the actual results, performance or achievements of Reliant Interactive Media
Corp. (the company) to differ materially from those expressed or implied by such
forward-looking statements. (Such factors include, among others, the risk factors
contained in the company's Annual Reports and other filings with the Securities and
Exchange Commission.) In addition, description of anyone's past success, either
financial or strategic, is no guarantee of future success. The company will remain
dependent upon future financing for its growth and development, and for it to
successfully implement its business plan. No statement contained herein should be
construed as indicating that such financing is or will be available, and if available, will
be on terms favorable to the company. This news release speaks as of the date first set
forth above and the company assumes no responsibility to update the information
included herein for events occurring after the date hereof.
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Contact:
Reliant Interactive Media Corp.
Karl E. Rodriguez, 949/248-9561 |
