HouseHold Direct.com Reporting Under the Securities and Exchange Act; BYITE Shares to Continue Trading on the Bulletin Board
NEW YORK, March 23 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYITE) announced today that the merger of Cross Check Corp. with HouseHold Direct had been consummated and that as a result HouseHold Direct.com, Inc., as successor issuer, is now a reporting company under the Securities and Exchange Act of 1934. Consistent with its obligations under the statute, John Folger, President of HouseHold Direct indicated that the company had filed its Form 8-K reflecting the consummation of the merger with both the Securities and Exchange Commission and the NASD. The merger, Mr. Folger stated, was consummated on terms favorable to the Company and did not result in any measurable dilution.
As previously reported, the Company had been advised by the NASD that the consummation of the merger would satisfy the eligibility requirements of the Nasdaq OTC Bulletin Board; that as a result there would be no interruption in the trading of the Company's common stock on the Bulletin Board; and that the "e" following its trading symbol would be promptly removed. However, Mr. Folger indicated, the Company was advised for the first time yesterday (following the consummation of the merger) that as a result of an unpublished directive issued by the Securities and Exchange Commission on March 17, 2000 (effective March 20, 2000) no company, including HouseHold Direct, which became a reporting entity as a successor issuer, could have its shares traded under the 34 Act as a "successor issuer" until its audited financial statements were filed with the Commission and the NASD.
In a subsequent conversation with the NASD earlier today, the NASD granted HouseHold Direct.com, Inc. an exception from this directive which will now allow an additional thirty (30) days for the filing of its audited financials. Therefore, the Company's shares will continue to trade on the Bulletin Board.
The company has scheduled a conference call to further explain its position this afternoon at 4:00 p.m. (E.S.T.). Call 800-450-0786 to participate in the conference call. The phone number applies to residents in the United States and Canada.
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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