Jim you doing the golden list or just ssp? INTXA just gave us an impact date today.
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Interiors Creates B2B Subsidiary
Interiors.com, Inc. to be Positioned for IPO
Bill Newell, Former Vice President of Safeguard Scientifics, Joins as CEO
MT. VERNON, N.Y.--(BUSINESS WIRE)--May 17, 2000--Interiors, Inc. (Nasdaq:INTXA - news; Nasdaq:INTXP - news) today announced that it has formed Interiors.com, Inc., a wholly owned subsidiary, that will derive B2B revenues from a broad range of products and services that are complimentary to furniture retailers worldwide.
The newly recruited CEO, Bill Newell, formerly Vice President at Safeguard Scientifics (NYSE:SFE - news), stated, ``I look upon Interiors.com as a unique new B2B e-commerce company that is generating over $40 million in revenues and will have 3,000 retailing customers when it brings up its new web site around August. By capitalizing on my experiences at Safeguard, Interiors.com should be in a position to pursue an IPO in the future. What a great way to start a new business.''
Interiors.com plans a unique model to draw traffic to its site. Rather than rely upon advertising spending, Interiors.com plans to take advantage of the relationships already held by its parent company with 3,000 furniture retailers. These retailers would be encouraged to provide seamless interfaces from their web sites to Interiors.com. Interiors.com plans to offer a broad range of products and services that are complimentary to those furniture retailers' businesses, including decorative lamps, silk flowers, sculptures, decorative rugs, paintings, table-top accessories, mirrors and prints (all which Interiors, Inc. currently manufactures or directly imports). Interiors.com plans to provide links to gift providers, decorators, an antique locator, and a furniture selection guide. A community may also be created that will have chat rooms, an auction system for fine art and collectibles, related magazine subscriptions and ads for products such as appliances, carpets and draperies. This would enable those retailers' sites to provide one-stop solutions for whole-room virtual decorating. Interiors.com would likely handle the orders and shipping of its products and rebate a percentage of the revenues to the retailer.
Interiors.com has access to a number of assets that are key to providing these decorating services. Petals, Inc., a wholly owned subsidiary of Interiors, Inc., is a provider of silk floral arrangements with almost $60 million in annualized gross revenues. Petals' call center will be able to help build Interiors.com sales and revenues. Model Home Interiors, which is wholly owned by the parent, provides decorating services and merchandising for model home builders, and Concepts 4, also wholly owned, provides services and merchandising for Marriott and other hotel developers. These subsidiaries will provide Interiors.com with in-house, leading-edge design and merchandising talent.
Interiors.com has been capitalized with funding from Seaside Partners, L.P. and additional funding will be sought by year end. The parent plans to sell a minority position in Interiors.com, Inc. pursuant to an initial public offering and has had discussions with potential underwriters. There can be no assurance, however, whether an initial public offering will occur.
About Interiors, Inc.
Interiors is a rapidly expanding manufacturer and marketer of quality decorative accessories for the home. One of the nation's largest home decor companies, Interiors designs, manufactures and markets more than 10,000 products sold through many of the nation's leading home furnishing chains. The Company is pursuing an aggressive acquisition strategy in the highly fragmented $54 billion decorative accents industry. As a result, annualized pro forma revenues have increased to approximately $180 million from $13 million the previous year. The Company's strategy is to further enhance sales by taking advantage of cross-merchandising opportunities and to differentiate itself from its competition by offering ``whole-room'' life-style solutions that make assembling a coordinated, designed look easier for both retailers and consumers. Interiors' web sites are located at Interiors.com and Petals.com.
This statement contains certain forward-looking statements, which may involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance and achievements of the Company to be materially different from the results, performance, or expectations of the Company. These factors include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.
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Contact:
Interiors, Inc.
Max Munn, 914/665-5400
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