Sale of SD SOCCER...
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Peacock Selling Soccer Holdings to San Diego Soccer Development Corp. for $3.5M
SAN DIEGO--(BUSINESS WIRE)--June 21, 2000--Peacock Financial Corporation, (OTCBB:PFCK) a publicly traded investment company, announced today that it has entered into a binding agreement with the San Diego Soccer Development Corporation (SDSDC) to sell its soccer holdings in the Orange County "WAVES," San Francisco "BAY AREA SEALS" and Riverside "ELITE" for $3.5 million in a combination of cash and additional stock in SDSDC. Terms of the sale call for a close before December 31, 2000. This transaction reinforces the continuation of the Company's migration to allocate resources to its Internet incubator business model.
Steven R. Peacock, president of Peacock Financial Corporation, stated, "This transaction represents the culmination of Peacock's incubator role in organizing professional soccer in California, with plans for expansion elsewhere. The sale of the teams will return all of our invested capital, which will be realized as net revenue; and accordingly will increase assets and shareholder net worth. Also, it will substantially increase our stock position in the holding company, San Diego Soccer Development Corporation."
Yan Skwara, President and CEO of San Diego Soccer Development Corporation, stated, "I would like to personally thank the management team and shareholders of Peacock Financial Corporation for making this dream a reality. Operating multiple franchises in excellent markets will attract larger sponsorship dollars and produce economies of scale for operations."
In a further announcement, Steve Peacock stated that he would be attending a series of meetings in England on August 1-5 with members of the A-League Executive Committee and representatives of the "English Premier League." Mr. Peacock's itinerary will include additional meetings with international investors and investment banking houses in Europe.
Peacock Financial is an investment holding company, fully reporting with the Securities & Exchange Commission as a BDC (Business Development Corporation) under the Investment Company Act of 1940, as amended. Its current holdings include investments in Solutions Media, Inc. (dba SpinRecords.com), Desert Winds Entertainment (DESW-NQB), First Miracle Entertainment (MVEE-NQB), DotCom Ventures, LLC (wholly owned subsidiary), iNetPartners, Inc. (iNet4Cars.com). More information can be found at www.peacockfinancial.com.
Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the SEC (Securities and Exchange Commission).
CONTACT:
Peacock Financial Corp.
Steven Peacock, 909/652-3885
or
San Diego Soccer Development Corp.
Yan Skwara, 858/581-2120
or
Stock Enterprises
Jim Stock, 702/614-0003 (Investor Contact)
or
NFC
Mario "Ike" Iacoviello, 800/878-9460 (Investor Contact)
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