CYSP Update:
CYSP is now Grover Street Ventures - an Internet Business Incubator specializing in early stage internet startups.
New Symbol: TAUB (?)
Kevin Miller, the new president, announced sale of Electronics.net to ElectronicsOnline.com:
Sale Enables Cybershop To Exit E-Tail Operation And Focus On Its Internet Incubator Strategy, Grove Street Ventures,Inc.
JERSEY CITY, N.J.--(BUSINESS WIRE)--Feb. 22, 2000-- Cybershop.com, Inc.(Nasdaq: CYSP), one of the first publicly traded Internet incubators, today announced that it has signed a letter of intent to sell substantially all of the assets of electronics.Net, its on-line consumer electronics business, to Electronics Online, Inc., a company formed by the former Vice President of Development of Cybershop.com and the former General Merchandise Manager of electronics.Net.
In exchange for the assets of electronics.Net, Cybershop.com will receive a convertible note and 19.9% of the equity of the newly formed company. The transaction is expected to close by the end of the first quarter of 2000.
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Financial Statements are yet to be released...
IMHO, this is a great time to aquire this stock since it has been hammered down so hard - I would rather own an Internet Incubator than a struggling eTailer!
Hang in there... |
