The General Store Receives UFOC Approval to Franchise Online
Shopping [GSIC-news]
The General Store Receives UFOC
Approval to Franchise Online Shopping Service in the United States
SEATTLE--(BUSINESS WIRE)--June 10, 1999--The General Store
International Corp. [GSIC-news] announced today that the company
has received approval of its UFOC (Uniform Franchise Offering
Circular) application to the State of Washington.
The UFOC is a detailed disclosure document required by federal
and state regulators prior to the establishment of franchises in the
United States.
According to The General Store CEO Glen Easthope, the approval of
the UFOC is the single most important component needed for The General
Store to rollout across the United States.
As an integral part of Phase II of the company's franchise
business strategy, The General Store intends initially to offer Area
Franchises throughout Washington State. The approval for Washington
State also allows The General Store to sell franchises in 32 of the 50
states immediately without further registration or approval. The first
US clone of the original control model will be in Seattle, Bellevue,
and the surrounding areas.
A franchise with The General Store allows an individual to
purchase a region (neighborhood of 500 homes) or multiple regions (up
to 1500 homes) for the exclusive sale and service of home delivery of
groceries and other products and services, utilizing The General Store
name and online proprietary shopping network.
The Administrator for the State of Washington has formally
approved the UFOC filing, which was submitted to the State of
Washington Department of Financial Institutions on May 12, 1999. To
sell franchises in the United States, in 32 of the 50 states, no
formal approval is required from Federal agencies other than the full
compliance of the Uniform Franchise Offering Circular. The General
Store intends to immediately file the necessary documentation in 12
other States requiring registration, and to file the documents with
the remaining 6 states that only require a notice to be filed.
A pioneer in online shopping, The General Store International
Corp. provides convenient, competitively priced shopping solutions
"online vs. inline." With its unique ordering and distribution system
for grocery products, customers can shop from the comfort of their
homes through a color print catalog, CD-ROM catalog, telephone, fax or
The General Store's soon-to-be-released e-commerce site. All grocery
products are delivered to the customer's front door.
The General Store is also developing the proprietary technology
CARAT(TM) DVD-TV/PC system, which is an evolution in online shopping
for both the general population and over 9 million blind and disabled
consumers across North America.
The statements made in this News Release may contain certain
forward-looking statements. Actual events of results may differ from
the Company's expectations. Certain risk factors may also affect the
actual results achieved by the Company.
--30--CER/se*
CONTACT: General Store Investor Relations Department
Toll Free: 888/252-8288 or 604/669-7511
Email: infogenstore.com
www.genstore.com |
