ZSUN, August 31st, Ziasun Receives Purchase Bids For Its Asia4sale Subsidiary
HONG KONG - August 31, 1999 -- ZiaSun Technologies Inc (OTC BB: ZSUN.OB) (www.ziasun.com)a profitable Internet holding company, today announced that it is considering proposals received for the purchase of part of its e-commerce portal "Asia4Sale" (www.asia4sale.com).
The company has received letters of intent and offers for wholly-owned subsidiary Asia4Sale.com Ltd from venture capital firms and potential strategic partners involved in manufacturing in Asia.
The board of directors, at its August 24 meeting in Hong Kong, resolved to make a final decision on the sale within the next several weeks.
"The potentially profitable sale of part of Asia4Sale.com will demonstrate our ability to identify and acquire competitive Internet businesses and then rapidly convert them into profitable entities that generate substantial returns," said Mr Anthony L Tobin, President and Chief Operations Officer of ZiaSun.
"Our earliest convictions have been confirmed in regards to the investor market interest in Asian e-commerce portals," stated Mr Tobin, "and we are right on track for maximizing returns on investment for our shareholders."
The company reported that its board of directors is presently evaluating and conducting due diligence regarding the various offers that were recently presented and believes a sale will generate between US$5 million and $20 million in cash to ZiaSun, depending on what percentage of the subsidiary is sold. It is the company's plan to retain a substantial portion of the subsidiary.
Asia4Sale.com Ltd, based in Hong Kong, is a home shopping e-commerce portal developed in partnership with another ZiaSun e-commerce subsidiary, Momentum Internet, and is set for imminent launch.
More than 50 manufacturers in Hong Kong and China have registered as suppliers to Asia4Sale bringing over 3,000 products to this exciting new Asian e-commerce portal.
Asia4Sale.com will be the first approved shopping mall to use the First Ecom e-payment gateway. First Ecom, operating under license from the Bank of Bermuda, is able to process MasterCard and Visa Card payments for the purchase of goods and services in a variety of major currencies.
The Bank of Bermuda has been in the e-commerce transaction processing business since 1995 and is considered to be a premier offshore institution specializing in e-commerce.
The “Asia4Sale” e-commerce portal also encompasses business barter and commercial auctions. An early September launch is planned.
ZiaSun is a leading Internet holding company focused on e-commerce and specialized on-line support services within Asia and other international markets.
Existing Internet products and services include Swiftrade (www.swiftrade.com), 'M Finance' (www.mfinance.com), MediaHits (www.mediahits.com), PINmail (www.pinmail.com), Search Dragon (www.searchdragon.com), ServiceLive (www.servicelive.com) and Online Investors Advantage (www.i-advantage.com).
Forward looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including without limitation, economic, competitive, governmental, technological and other risks detailed from time to time in the Company's periodic reports.
CONTACTS:
Mark Harris, VP of Investor Relations
ZiaSun Technologies Inc
858-350-4060
mark@PINmail.com
www.ziasun.com
Geoff Eiten
OTC Financial Network
800-230-3519 / 781-444-6100 ext. 13
geiten@otcfn.com
www.otcfn.com/zsun |
