Going to pick up some SCPI @ 7/8 on news;
LONDON, STOCKHOLM, Sweden, Oct. 8, 1999 (PRIMEZONE via COMTEX) --
Infinicom AB /24 Store.com (OTCBB:SCPI) (Sweden and United Kingdom)
today announces the approval by the United States Bankruptcy Court,
located in Santa Ana, California, of the Scoop Inc. reorganization plan
and its intent to move forward and complete the plan which provides for
the acquisition of 24 Store.com by Scoop and the acquisition of a
majority interest (91.8 percent) in Scoop by Infinicom AB (the primary
shareholder of 24 Store.com). The Bankruptcy Court's approval was
entered on Oct. 5, 1999 after a hearing on the matter which took place
on Sept. 30, 1999.
Pursuant to Scoop's reorganization plan Scoop will conduct business as
an Internet commerce company with its main operations in the United
Kingdom and Scandinavia. The company anticipates changing its name to
24 Store.com and applying for Nasdaq listing in the near future.
"Consummation of the Scoop plan of reorganization approved by the
Bankruptcy Court should be completed shortly," said Larsake Sandin,
Chairman of InfinCom AB. Sandin continued, "Only a few logistical items
remain to be completed, and we look forward to our new presence in the
US financial markets."
Infinicom AB is the primary shareholder of 24 Store.com and, therefore,
will be the primary shareholder of the merged company - Scoop/24
Store.com.
Infinicom AB /24 Store.com had revenues of $63 Million for calendar
year 1998.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Some of the statements contained in the above release
which are not historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results to
differ materially from those set forth in the forward-looking
statements, including the uncertainties inherent in the process of
auditing and making end-of-year adjustments to a corporation's
financial statements. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.
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