HouseHold Direct.com, Inc. Announces $10 Million Financing Package
NEW YORK, Aug. 17 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYIT - news) announced today that it has received a commitment for $10 million in equity financing from a European investment group.
The funds will be used to accelerate implementation of the Company's business plan in areas such as: acquisitions of existing buying club memberships; expansion of membership growth and customer service; fulfillment infrastructure; and, additional depth to management and staffing.
John Folger, CEO of HouseHold Direct, stated, ``This financing will allow HouseHold Direct to rapidly expand into areas that will enhance our ability to generate revenue and related profits. The Company will also private-label the Web site to provide support services for other companies and organizations. The financing will build for future national exchange qualification.''
HouseHold Direct provides the technology, personalized customer support, and leading edge, in-home, product delivery and fulfillment for its members and affiliates. HouseHold Direct has formed relationships across manufacturing, distribution and retail operations. Through physical locations in key markets, and with a supported Internet presence, the Company brings to the marketplace a unique shopping experience providing consumers with the ability to ``live better for less''.
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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SOURCE: HouseHold Direct.com, Inc.
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