HouseHold Direct.com Releases Progress Report to Shareholders
NEW YORK, Feb. 15 /PRNewswire/ -- House Hold Direct.com (OTC Bulletin Board: BYIT - news) offers an update to shareholders from John Folger, President and CEO, on the status of a number of issues relating to the Company.
Future Acquisitions
HouseHold Direct.com has not proceeded with additional plans regarding the acquisition of any other companies. This decision was made to avoid adding complications or potential delays to the audit and reporting process. The company believes that any discussion, news release or activity relating to acquisitions could cause that entity to be added to the audit requirements of the SEC as it relates to HouseHold Direct.com completing the filing of Form 10.
Audit Update
The filing of Form 10 is nearing completion. The only remaining task, prior to the filing, is the actual completion of the Form 10 document by Craig Ongley, HouseHold Direct.com's SEC attorney, and his staff.
The following is a direct quote from Craig Ongley of McCue & Lee P.C., HouseHold Direct.com's SEC Attorney, who is handling the drafting and submission of the Form 10:
``First, the filing is expected to be completed within the next week or two. The only thing currently delaying its completion is certain historical financial information required by the auditors due to the PCS acquisition.
``Second, I have been asked to clarify the review process and the 'E' status. Apparently many do not realize that the SEC is working hard to review filings of companies that are near their reporting deadline. We are also being very diligent in our draft in an attempt to minimize any
questions that the SEC may have. If comments do arise from the SEC, we plan to satisfy their requests within 48 hours. There will most definitely be an 'E`` added to HouseHold Direct.com's ticker symbol on February 23, 2000, but it signifies nothing other than the designation that the Company is within 30 days of its scheduled compliance date.
``Third, and perhaps of significance to stockholders who are concerned about the deadline, is the 30-day extension that is granted by the OTC/BB Exchange. Even though the deadline for HouseHold Direct.com (based on the alphabetical position of RDI Marketing, their former name) is March 23, 2000, it should be noted that the exchange grants a 30-day extension to allow the SEC and the Company to complete the
compliance process. While there can be no assurance that HouseHold Direct.com will comply with the exchange requirements, we believe that the April 23, 2000 date will provide ample time for HouseHold Direct.com's filing to be completed successfully, and receive a 'PASS' rating from the SEC and the Exchange. The 'E' will then be removed, typically within 24-48 hours.'
John Folger, CEO and President of HouseHold Direct. Com added, ``It should be noted that our large investors understand this process, and have indicated to us that an 'E`` will have no material effect on our ability to continue funding the Company.'
The management of HouseHold Direct.com supports the reporting process, and will continue to do whatever is required to comply with the SEC. We plan eventually for a Nasdaq listing for HouseHold Direct.com, but first, we need to pass this process and we are all committed to do so.
HouseHold Direct.com ( householddirect.com ) offers a unique cost-plus handling shopping service on the Internet. The company's Web site allows consumers to purchase a vast array of brand name products at direct manufacturer and distributor prices. This arrangement
works well for both consumers and manufacturers -- consumers buy products without a retail markup and manufacturers are able to offer specific products to qualified consumers.
Additional information on HouseHold Direct.com, including Frequently Asked Questions (FAQ) can be obtained at
1stnettech.com or by sending an email to: smartstockadvisor@yahoo.com
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
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