GLENDALE, Calif., Jul 13, 2000 /PRNewswire via COMTEX/ -- Ron Foster,
chairman, president and chief executive officer of SBI Communications, Inc. (OTC
Bulletin Board: SBID) announced today that the company's board of directors is
considering several scenarios in response to shareholder concerns relating to
liquidity of the company's common stock, including but not limited to, a forward
split of the company's stock. SBI, which currently has approximately 6 million
shares of common stock outstanding, has approximately 1,500,000 shares in the
public float and approximately 750,000 that are traded.
"We are very concerned with shareholders' ability to participate in the value we
are creating in the SBI family of companies, and we are considering various
alternatives to address shareholders' often expressed concerns about liquidity
of the company's stock," said Foster.
Foster indicated that the board of directors will be evaluating various
alternatives, including a forward split of the Company's stock, and expects to
make its determination within the next 7 to 14 days. "While we want to be
responsive to the immediate concerns of our shareholders, we remain keenly
focused on preserving a capital structure that will be in the best long-term
interest of the company," Foster said. SBI Communications, Inc., is a marketing,
Internet Media, and Entertainment company focused on building, operating and
managing business-to-business companies. SBI seeks to acquire majority or
controlling interests in companies engaged in entertainment, e-commerce,
e-communication, and e-business services, which will allow the company to
actively participate in management, operations and finances of these target
companies. SBI's network of affiliated companies is designed to encourage
maximum leverage of information technology, operational excellence, industry
expertise and synergistic business opportunities. SBI is committed to building
shareholder value by positioning affiliated companies as independent business
entities in which SBI shareholders enjoy equity participation. The shareholder
of record date for the forward split and the number of shares will announced in
the foreseeable future.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Actual results could differ materially from those
projected in the forward-looking statements as a result of various factors
including the ability of the company to successfully commercialize its new
technologies as well as risk factors set forth under "Factors Affecting Future
Operating Results" in the company's annual report on Form 10-K and such other
risks detailed from time to time in the company's reports filed with the
Securities and Exchange Commission. The company undertakes no obligation to
publicly release the result of any revisions to these forward-looking
statements, which may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
SOURCE SBI Communications, Inc.
CONTACT: Ron Foster of SBI Communications, Inc., 818-550-6181
(SBID)
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