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Thursday August 12, 2:36 pm Eastern Time
Company Press Release
SOURCE: PetQuarters.com
PetQuarters.com Closes Purchase of Leading Pet
Supply Catalog Company
LONOKE, Ark., Aug. 12 /PRNewswire/ -- PetQuarters.com (OTC Bulletin Board: PDEN - news), the Internet's premier pet supply store located at www.petquarters.com, announced today that it had closed the acquisition of Humboldt Industries, Inc. of Hazelton, Pennsylvania. PetQuarters had previously announced the signing of a definitive purchase agreement in June 1999. In addition to cash consideration, PetQuarters also issued shares of its common stock to the owners of Humboldt as part of the acquisition.
A leader in the pet supply catalog business with 1998 revenues of nearly $15 million, Humboldt distributes two pet
catalogs -- Home Pet Shop and the Dog's Outfitter -- to retail and wholesale customers throughout the United States and in selected foreign markets. The company operates a distribution center with more than 80 employees on its 10-acre site in Hazelton, Pennsylvania. The center includes a call center, an internal catalog design department, and a warehouse operation that stocks more than 14,000 stock-keeping units (``SKUs').
``Acquiring Humboldt is a major step forward in the implementation of PetQuarters' business strategy. Jack Rosenzweig, the president and CEO of Humboldt, and his team have built a scalable, state-of-the-art fulfillment and customer care platform that can support our future growth,' stated Steve Dempsey, president and CEO of PetQuarters. ``They have addressed many, if not most, of the fulfillment and customer care issues that PetQuarters faces in the online marketplace. I am particularly pleased that Jack will join us at PetQuarters as vice president - new business development. In that role, he will, among other projects, lead the effort to expand our Therapet(TM) private label line of pet products.'
``We believe that there is tremendous synergy between our Internet and catalog operations,' stated Jack Rosenzweig,
vice president - new business development of PetQuarters. ``With our sophisticated information technology platform,
which integrates order entry, payment, and tracking with fulfillment, inventory management, and accounting, our
knowledgeable customer service representatives are prepared to offer PetQuarters' customers excellent service and care,
24 hours a day, 7 days a week.'
PetQuarters.com, founded in 1997, is the Internet's premier site for pet supplies, catering to the needs of pet owners by providing secure, online purchases of thousands of items from its web site at www.petquarters.com. The company also
disclosed today that it had entered into an agreement to acquire Chartendure Ltd., a developer of authoritative advice on pet issues, for shares of PetQuarters common stock. With the completion of the Humboldt and Chartendure acquisitions, PetQuarters will have approximately 12 million shares outstanding.
SOURCE: PetQuarters.com
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