NEWS!!!! Maybe the "E" can come off now...
NEW YORK--(BUSINESS WIRE)--Jan. 13, 2000--Specialty Retailer International Cutlery,
Ltd. (OTCBB: ICUT) today announced the launch of its website at www.internationalcutlery.com, the company's
first Internet presence. The company expects that within the next two to three weeks, the site will be fully
operational and ready to execute e-commerce transactions.
With 15% of its total product line available through its web site, internationalcutlery.com gives customers another
convenient way to shop with the company 24 hours a day, with most orders being shipped within 24 hours. Most
of the products that will initially be sold on the Internet will be from the company's private label collection made in
Germany and Italy. Ultimately, the company intends to make available all of its 1,000 SKUs on the Internet as
well as offer certain products that are not available in its retail units.
"The Internet will be the dominant component of our overall strategy," said International Cutlery CEO Joel Silver.
"We subscribe to the philosophy that retailers that offer their customers a fully integrated combination of stores
and on-line shopping will have a significant service advantage. We believe that our line of products is uniquely
situated for Internet shopping and that our company is poised to dominate in our industry niche."
"The household goods industry is poised for a decade-long acceleration in spending, and we intend to capture
a significant share of all items that cut," added Silver. "Our experience in this industry, coupled with our order
fulfillment capability from our Hoffritz days, and our strong vendor partnerships will contribute to a highly
successful Internet presence." In addition to its own private label brand and many unique European brands, the
Company sells product from well-known names such as Wusthof, Henckels, and Victorinox, the maker of the
Swiss Army Knife.
Internationalcutlery.com was developed and designed by Sid Paterson Advertising of New York City. Web
hosting services will be provided by Globix Corporation (NASDAQ: GBIX), a leading provider of Internet
connectivity and sophisticated Internet solutions for businesses. Patterson has also been involved with other
retailers such as Tops Appliance and Room Plus Furniture, and Globix has worked with Bloomingdales, Dow
Jones, Real Networks, and MaMaMedia.
The company intends to release additional details about its Internet strategy in the near future.
The company intends to raise additional capital in a private placement during the next several months to further
expand its Internet presence and to open additional retail units that will support its on-line operations.
International Cutlery operates 12 specialty retail units in New York, New Jersey, Maryland, and Florida. The
company sells cutlery-related products including kitchen knives, kitchen gadgets, scissors, personal care
implements, barware, and sporting knives.
Certain statements in this news release contain "forward-looking" information (as defined in the Private
Securities Litigation Reform Act of 1995) that involves risks and uncertainties, including anticipated store
openings and distribution channels, planned capital expenditures, and trends in company operations. Actual
future results and trends may differ materially depending upon a variety of factors including, but not limited to, the
company's ability to predict fashion trends, consumer apparel buying patterns, the company's ability to control
costs and expenses, weather conditions, hazards of nature such as earthquakes and floods, trends in personal
bankruptcies and bad debt write-offs, employee relations, the company's ability to continue its expansion plans,
and the impact of economic and competitive market forces.
The company's SEC reports may contain other information on these and other factors which could affect its
financial results and cause actual results to differ from any forward-looking information it may provide.
Contact: International Cutlery, Ltd.
Joel J. Silver
212/924-7300 ext. 11
Source: BW |
