TSIG.com Increases Equity Line Financing to $125
Million
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--April 26, 2000-- TeleServices Internet Group Inc. (OTCBB:TSIG - news), known as TSIG.com, today announced that the letter agreement engaging a prominent New York based investment banking firm as its exclusive agent for a private placement financing, previously announced as up to $40 million, has been amended to increase the size of the financing to up to $125 million. The increase is intended to provide TSIG.com with a sound financial base to implement its business plan, which includes the proposed acquisitions of General Search.Com, The Affinity Group and American Teleswitch, as well as other initiatives that the company is pursuing.
It is contemplated that the proposed private placement would be for a common stock equity line of credit. The securities will not be registered under the Securities Act and may not be offered or sold absent a registration or an applicable exemption from registration, but the investors would have registration rights. Other terms of the offering are unknown at this time.
About TSIG.com
Headquartered in St. Petersburg, Florida, TeleServices Internet Group Inc., known as TSIG.com, has created its myCard programs to benefit both the corporate and non-profit communities, as well as consumers. TSIG.com forms myCard partnership agreements with national corporations and non-profit organizations, and then works with those partners to design revenue-generating programs that attract consumers to their Web sites. The first myCard program was myMusicCard, which enables consumers to purchase CDs and cassettes at the lowest available prices. Similarly TSIG.com's myPhotoCard programs provide low-cost film processing and Kodak Film, and the myPhoneCard programs provide low-cost prepaid long-distance calling card services.
TSIG.com has recently acquired General Search.Com, an Internet portal with one of the most powerful and accurate search engines on the Internet, with access to a database of more than 100 million links. The search engine is family-oriented, with filters that eliminate virtually all adult-oriented content, while still providing the most accurate search results available on the Internet. GeneralSearch has more the 800 Internet-based affiliates, including Amazon.com, Land's End, Office Max and other popular sites. Through General Search, TSIG.com is able to provide its customers free Internet access for life, free e-mail, fax, integrated messaging and other features.
These customized marketing programs provide recurring revenues to TSIG.com and its partners, and help develop strong brand loyalty and awareness within target communities. TSIG.com further enhances its myCard programs by providing customer service and support with its Web-based call center and related services. With non-profits, TSIG.com is engaged in ``cause-related marketing'' and has a ``volunteer sales force'' of millions generating sales and driving traffic to Internet sites for the lowest customer acquisition cost in the business. TSIG.com is the national marketing partner of UCP, the nation's largest non-profit health care organization and leader in the disability field, serving over 1 million people with disabilities a year in the United States. TSIG.com's corporate web site is at www.tsig.com and the myMusicCard web site is at www.mymusiccard.com.
This press release contains ``forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company to execute its plans, (3) the availability of financing at favorable terms, and (4) other factors detailed in the company's public filings with the SEC.
Contact:
TSIG.com, St. Petersburg
Paul Henry, phenry@tsig.com
Richard Wheeler, dwheeler@tsig.com
727/897-4000 |
