Sitestar Signs Letter of Intent to Acquire
Soccersite.com
Business Wire - August 05, 1999 11:16
ENCINO, Calif.--(BUSINESS WIRE)--Aug. 5, 1999--Sitestar Corp. (OTC
BB:SYTE), a diversified Internet investment company, Thursday announced that it
has signed a Letter of Intent to acquire Soccersite.com, a provider of value-added
content about the sport of soccer.
The terms of the Letter of Intent were not disclosed. The closing of the transaction is
subject to the execution of a definitive agreement between the parties, approval by
their respective boards and by Soccersite.com's shareholders, the satisfactory
completion of due diligence and other conditions. The parties anticipate that the
transaction will close in the early part of August.
About Soccersite.com
Soccersite.com (http://www.soccersite.com) provides its target audience with
value-added information about the sport of soccer. The site has more than 400 pages
of value-added information targeted at soccer enthusiasts and participants. To
capitalize on e-commerce opportunities, it also has a retail section, SoccerMall,
where audiences can shop for a wide array of soccer-related merchandise and
apparel.
Soccersite.com generates its sales from advertising and retail merchandising. The site
also provides free hosting services to a variety of soccer organizations throughout the
United States. To realize additional growth, Soccersite.com intends to aggressively
pursue international soccer clubs and organizations for its hosting services.
This free hosting service is a strategic initiative to help the company achieve its goal of
becoming a premier portal for the sport of soccer. This effort will help the company
reach its goal of achieving critical mass.
About Sitestar
Sitestar (http://www.sitestar.com) is a diversified Internet holding company that
participates, through its wholly owned Web-based subsidiaries, in emerging segments
of the Internet such as e-commerce (shopping), value-added content, ISP and
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 maximize 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.
Sitestar Corporate Mission
The company's 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 that 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: Sitestar Corp., Encino
Eric Manlunas, 818/981-4519 |
