Site Technologies, Inc. Completes Sale of StarBase Corp. Stock
January 28, 2000 08:50 PM
SCOTTS VALLEY, Calif., Jan. 28 /PRNewswire/ -- Site Technologies, Inc. (the "Company"), announced today that it has completed the sale of 625,000 shares of StarBase Corp. SBAS common stock. On December 21, 1999 the Company received approval from the U.S. Bankruptcy Court (the "Court") to sell the 625,000 shares of StarBase Corp. stock the company received in exchange for the intellectual property it sold to StarBase Corp. in March 1999. Per the approval of the Court, the Company engaged First Security Van Kasper as its brokerage firm and completed the sale to the open market on January 18, 2000. Proceeds from the sale were approximately $8,365,840. The Company will incur an estimated commission expense of $0.02 per share or $12,500.00. In February 2000, the Company plans to file with the Court its liquidating plan of reorganization providing for the distribution of the proceeds to its creditors first and then, if any assets remain in the Company, to the Company's shareholders.
This press release contains forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including, but not limited to, the Company's future filings with the Court, approvals and authorizations from the Court and the Company's ability to pay all of its creditors in full prior to any distribution to shareholders. Actual results may differ materially from such forward-looking statements. The Company does not undertake to update any oral or written forward-looking statements that may be made by or on its behalf.
SOURCE Site Technologies
|
