Peacock Shareholders Given Access to Internet Companies in Advance Of IPOs
SAN JACINTO, Calif.--(BUSINESS WIRE)--Jan. 18, 2000--Peacock Financial Corp. (OTC BB:PFCK - news)
announced today its long-term plans for its wholly owned subsidiary, DOTCOM Ventures, LLC. The plan includes a
significant expansion in the number of its Internet holdings, and a move toward a business model similar to CMGI's
(Nasdaq:CMGI - news).
Peacock Financial management wants to meld financial resources, Internet expertise and an experienced management team all
within one organization. Its goals are to invest in promising early-stage Internet companies and guide them to maturity before
taking them public either through an initial public offering (IPO), or a reverse merger. Peacock's strategy is to remain a minority
shareholder after the portfolio companies have become publicly traded. Peacock typically issues 'spin-off' shares to its
shareholders. This way, Peacock shareholders can gain access to shares in these Internet companies before their IPO.
''DOTCOM Ventures plays a key role in both the evaluation of potential investments for Peacock and in the development of
its own proprietary technologies and Internet ventures. If the ventures are judged to have merit, Peacock Financial then
assumes the role of investment banker, supplying these investment companies with the first or second tier funding they'll need to
reach maturity. We often take an active role in these companies, providing them with the managerial expertise and mentoring,''
states Steven R. Peacock, president of Peacock Financial.
''One of our main goals for 2000 is to rapidly increase our Internet holdings. DOTCOM Ventures is already in the process of
evaluating dozens of Internet related ventures. They range from business-to-business Internet sites and various contest sites to
WAP portals and web enabling technologies. As the investigations progress, we'll keep the media and the investment
community updated concerning any major developments,'' adds Peacock.
DOTCOM's first Internet ventures is iNetMotors.com, a new automotive Web site that is due to be launched in the very near
future. The company behind iNetMotors.com is iNetPartners, which was founded by Robert A. Braner, former president and
COO for North and South-American operations for the Italian car manufacturer, Lamborghini.
iNetMotors.com's regionally branded Auto Discount Centers will provide local car buyers with access to real-time dealer
inventories, detailed pictures of the autos for sale and reliable pricing information. The concept is significantly different from the
majority of iNetMotors's competitors, which often just collect their users' contact information and sell it to participating
dealerships.
The growth in automotive sites has led to a number of other publicly traded ventures, including Microsoft's Carpoint
(Nasdaq:MSFT - news), Autoweb.com (Nasdaq:AWEB - news) and Autobytel (Nasdaq:ABTL - news). Other Internet
commerce companies, including Priceline.com (Nasdaq:PCLN - news), have recently begun introducing car related services
as well.
''We believe that strong regional portals and local car Web portals are the wave of the future, since 80 percent of all vehicles
are already purchased within 35 miles of where the buyer lives or works. What we are seeing is that big name, national car
Web sites are great for informational purposes, but when it comes to actually purchasing a vehicle, people are still using
traditional methods to find the vehicle they like,'' explains Braner.
Last year Forrester Research (Nasdaq:FORR - news) estimated that by 2004, at least 4% of all motor vehicle related
transactions would take place online and over 50% of all new-car purchases would be influenced by the Internet. In 1999,
auto sales represented almost half-a-trillion dollar market in the U.S. alone.
Two of Peacock's portfolio companies have already gone public or are currently in the process of doing so. Last week,
Peacock announced that San Diego Soccer Development Corp. - the nation's first publicly traded soccer development
company - had started trading on the OTC Pink Sheets under the ticker symbol SDSD. iNetPartners is planning a public
offering for late 2000 or early 2001.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are
not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements, including but not limited to certain delays beyond the
company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of
products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. This
information is not a recommendation to buy or sell securities of PFCK. Merger Communications (Merger) is a media relations
firm employed by PFCK. Merger and PFCK believe that all information in this release has been obtained from sources
considered reliable, but cannot guarantee that the statements presented herein are accurate or complete. Merger
Communications, its officers, directors and employees own 130,000 shares of PFCK common stock. Merger typically has a
long position in the securities of the companies in which it distributes information, and Merger may be buying or selling
securities in the course of its regular business.
Contact:
Merger Communications
Evan Reineking or David Drake, 713/572-2560 ext. 103
ereineking@mergerusa.com
or
National Financial Communications
Geoffrey Eiten, 800/458-1799
or
Stock Enterprises (PFCK Investor Relations)
Jim Stock, 702/614-0003
Company Website: peacockfinancial.com |
