Interfoods Acquires Internet Services Company; Company to Change its Corporate Focus From Food Investment Company to Internet Investment Company
Business Wire - July 27, 1999 13:55
ENCINO, Calif.--(BUSINESS WIRE)--July 27, 1999--Interfoods Consolidated, Inc. (OTC BB:IFCO) today announced that it has acquired Sitestar Corporation, an emerging Internet development and services company based in Annapolis, Maryland that offers High-Speed Internet access, web hosting, web development and web design.
With this recent acquisition, the Board of Directors of Interfoods announced that the company is changing its corporate focus from that of being a food holding company to that of an Internet investment company. The Company intends to aggressively pursue acquisition opportunities in the Internet segment focusing primarily on e-commerce, value-added content, ISP, Portal and Community related Internet enterprises. The Company also announced that it will change its corporate name and stock symbol to properly reflect the change in its corporate focus. The name change and the new stock symbol will be announced shortly. The Company is also evaluating a possible spin-off or divestiture of its current food-related assets.
About Sitestar Corporation
Sitestar (http://www.sitestar.com) is an established web development and hosting company founded in 1996. Recently the company has expanded its products and services to include unlimited dial-up Internet access, networking services, web development and hardware distribution. In addition to selling Internet access and accepting online orders via its corporate website, Sitestar has recently launched a high-speed Internet access service utilizing cutting edge wireless technology and hardware. Through its wireless system, Sitestar is able to offer its customers up to 11 MBPS of Internet access without the high cost of T1 or T3 lines.
New Corporate Focus
Starting with this recent acquisition, the Company will now become a diversified Internet holding company that will participate, through its wholly owned web-based subsidiaries, in emerging segments of the Internet, such as e-commerce (shopping), value-added content, ISP, Portal/Community. To sustain its growth, the Company will acquire and invest in emerging Internet-related enterprises to create a broad and diverse set of core Internet businesses that will deliver a variety of online solutions. In addition to developing and integrating Internet-based technologies, the Company's primary objective is to enhance shareholder value by creating a healthy mix of Internet operating companies and Internet-related portfolio investments that will enhance the value of its core holdings. New Corporate Mission
The Company's new mission is to develop its Internet operating subsidiaries and future portfolio investments in other Internet enterprises into highly focused and successful stand-alone Internet businesses. The Company intends to achieve a fast-track development process by tapping the services, support and knowledge of individuals and organizations that have extensive experience in developing Internet concepts and technologies.
Certain information and statements included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
CONTACT: Interfoods Consolidated, Inc.
Eric Manlunas, 818/981-4519
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