International Internet, Inc. Closes On Sale Of Majority Interest In American Computer Systems - ACS -
BOCA RATON, Fla., Apr 5, 2000 (BUSINESS WIRE) -- International Internet, Inc.
(OTCBB: IINN) announced today that it has closed on the sale of American Computer
Systems (ACS). International Internet has sold 80% of its wholly owned
subsidiary, American Computer Systems, Inc. for $500,000 in cash, retaining a
20% equity ownership in the company. As previously announced on March 27, 2000,
International Internet grants the purchaser an option to acquire International
Internet's remaining 20% ownership for $1,000,000.
Herb Tabin, COO and Vice-President of IINN stated, "It has become apparent over
the past months, as our business plan has developed and new opportunities have
presented themselves, that our greatest strengths lie in locating, investing in
and fostering the development of certain types of E-businesses. By focusing more
completely on our desire to move our own E-business ventures such as
StogiesOnline.com into the international arena, we felt that the development of
the business of ACS, internally would divide our energies and resources from our
most profitable ventures. In selling ACS, we believe that we are enabling ACS
greater opportunities by allowing the new owners to expand its revenue base and
profitability utilizing their greater experience in that market."
About International Internet, Inc. :
International Internet, Inc. develops and operates Internet and direct retail
marketing companies as well as venture funds focused on the Internet. The
International Internet Group includes wholly owned subsidiaries
StogiesOnline.com, Inc. (www.stogiesonline.com), International Internet E-tail
group, Inc. and International Internet Ventures I LLC and majority owned
subsidiaries, Mr. Cigar, Inc., and TheBroadcastWeb.com, Inc.
(www.thebroadcastweb.com),. International Internet also holds minority interests
in WowStores.com, Inc. (NQB:WOWS) (www.wowstores.com), Goldonline International,
Inc.(OTC:GDOL) (www.goldonline.com), Vertical Computer Systems (OTC:VCSY)
(www.thechinabridge.com), flightserve.com (AMEX: FSW) (www.flightserv.com) and
eStorefronts.net (OTC:RTTK).
Forward-looking statements in this release are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to certain risks and uncertainties and
actual results could differ from those discussed. This material was prepared and
disseminated by The Hawke Group, Inc. ("Hawke") for the Company discussed
herein, based upon Company-supplied information or other sources believed to be
reliable. Hawke does not guarantee the information for accuracy or to be
all-inclusive. This material is information only and is not an offer or
solicitation to buy or sell the securities. Hawke, its affiliates, and/or its
officers, directors and employees may from time to time have a position in these
securities. International Internet has retained The Hawke Group as a Financial
Public Relations Consultant. For services rendered between Jan 1, 1999 and
December 31, 1999, The Hawke Group has received 1,250,000 shares of
International Internet free- trading common stock. On November 15, 1999 Scott
Phillips, an employee of The Hawke Group, was issued 150,000 shares of
restricted stock. Hawke will be paid a total of $40,000 in cash for the period
of 15 January, 2000 through August 14, 2000.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
CONTACT: The Hawke Group, Inc., Fort Lauderdale, Fla.
Brokers:
Scott Phillips, 954/564-7114, or Fax 954/564-9848
Visit our website at www.hawkegroup.com.
or
Investors:
Mandel Consulting, Inc.
Cynthia Mandel, 954/973-3493 or Fax 954/773-3558 |
