VTCO news......
virtual-world.com
Monday October 4, 9:31 am Eastern Time
Company Press Release
Virtual Technology Corporation Signs Letter of Intent to Acquire UK-Based 24STORE.com, Ltd.
VTC AND 24STORE.Com to Become a Global E-commerce Leader
MINNEAPOLIS--(BUSINESS WIRE)--Oct. 4, 1999--Virtual Technology Corporation (OTCBB: VTCO - news) and InfiniCom AB, majority shareholder of UK-based 24STORE.com, Ltd., today announced that they have signed an agreement in principle for Virtual Technology Corporation (VTC) to acquire 24STORE.com.
24STORE.com is a leading European e-commerce company specializing in computer hardware, software and related services. It currently operates websites in English, Swedish and Norwegian. The company's revenues for the first six months of 1999 were $15.2 million (US).
VTC intends to integrate 24STORE.com under a yet to be named global brand intended to position VTC as a global e-commerce leader. The transaction is subject to satisfactory due diligence and negotiation and execution of a definitive agreement.
Greg Applehof, President and CEO of VTC said, ''We're extremely excited to add a substantial e-commerce presence in Europe with the planned acquisition of 24STORE.com. Acquiring a proven e-commerce leader will enable us to gain immediate and substantial infrastructure in the fast-growing European e-retailing arena. This acquisition is consistent with our ongoing corporate vision of becoming a dominant international global brand.''
Karl-Magnus Karlsson, Chairman of 24STORE.com said, ''This combination creates the critical mass required to become a dominant trans-Atlantic e-retailer. We are truly looking forward to joining a well-positioned winning team.''
ABOUT VIRTUAL TECHNOLOGY CORPORATION
Minneapolis-based Virtual Technology Corporation, (OTCBB: VTCO - news) founded in 1996, is a publicly traded e-commerce company specializing in computer hardware, software and services. Its primary e-commerce sites include www.virtual-world.com and the Virtual Technology auction site www.vtcoauctions.com. VTC's GTI Division (www.graphicstech.com) specializes in wholesale distribution of technology products. VTC also has entered into letters of intent to acquire operating assets of Minneapolis-based Tech Squared Inc. (OTCBB: TSQD - news) and of Shreveport, Louisiana-based Softdisk, LLC. More corporate information may be found at www.vtechco.com.
Statements in this Press Release that are not purely historical are ''forward looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding VTC's expectations, hopes, beliefs, intentions or strategies regarding the future generally, VTC's growth strategy, future sales and anticipated trends in VTC's business. All forward looking statements included in this Press Release are based on information known to VTC on the date hereof, and VTC assumes no obligation to update any such forward looking statements. It is important to note that actual results could differ materially from those in such forward looking statements as a result of a number of factors, most of which are out of the control of VTC, including, but not limited to, VTC's early stage of development, its lack of profitability and cash flows and competition for the sale of hardware and software products both on and off the internet. There is no assurance that VTC will successfully consummate any of the acquisitions referred to above in this Press Release.
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Contact:
Virtual Technology Corporation, Minneapolis
Greg Appelhof, CEO
612/915-1122
greg@vamail.com
or
Lanzet, Inc. Public Relations
Herb Lanzet
212/687-0061
lanzet@aol.com
or
24STORE.com Ltd, UK
Karl-Magnus Karlsson, Chairman
+44 1256 867 800 |
