SSCP here's the full release, didn't notice it posted yet.
FREEHOLD, N.J.--(BUSINESS WIRE)--Aug. 30, 2000--stereoscape.com,
inc. (OTC-BB:SSCP) today announced the acquisition of ePiggybank.com,
a financial website for kids. ePiggybank.com is a financial and
educational website that instructs kids on a "learn by doing" basis to
become financially literate so that they will be intelligent savers,
investors and spenders as they grow up. The base elements of
ePiggybank.com are Savings, College Funds, Banking Instruments and
Cyber-cash. Each child develops their own home page, which is password
protected, on which they can track how much they spend and invest.
The acquisition of e-Piggybank.com is the first step in a complete
change of business plan under the direction of new CEO, Mario Bassani.
The Company is in the process of changing its business plan and
becoming a holding company. At its September 19th shareholder meeting
the increase in authorized capital stock shares will be the next step
the Company will take in achieving its goals. With the additional
authorized shares the Company will look to diversify and acquire other
Internet related companies via accretive stock transactions. These
companies may be spun-off to the Company's shareholders to enhance
overall shareholder value.
The transaction includes a payment of 500,000 stereoscape.com
shares in addition to options to purchase 200,000 shares of
stereoscape.com common stock at $1.00 per share, with certain vesting
requirements.
The transaction includes the acquisition of all of the trademarks,
intellectual properties and domain names currently held by and
relating to ePiggybank.com. The Company also has an agreement with
Chevron (NYSE:CHV) for use of their "Piggy Bank" Trademark.
As quoted from Business 2.0, March 2000, "The right domain name
can solidify a company's corporate identity, permanently embed itself
in the human psyche, and garner more attention than a 30-second
advertising spot during the Super Bowl."
Estimates by Jupiter Communications, Inc. (NASDAQ:JPTR) indicate
that by the year 2002 approximately 21,000,000 kids will have direct
access to the Internet. This group controls direct spending of $28
billion, and influences an additional $126 billion in spending
by adults, reported by Packaged Facts of Kalorama. These figures do
not include the "prime spending" teen years from 15-19. Teen Research
Unlimited, reported, "U.S. teens spent $141 Billion last year."
In a survey that may prompt advertisers to pump more money into
marketing to children, a Web tracking firm concluded that kids are
more likely than any other age group to click on Internet banner ads.
The survey - released by the Web measurement firm
Nielen/NetRatings - found that in June 2000 kids 11-years-old and
younger clicked 0.87 percent of banner ads that popped up on their
computer screens. That figure is nearly double the 0.45 percent
average click rate for all U.S. Internet users and significantly
higher than any other individual age group.
ePiggybank.com offers a bevy of interesting options, including:
Money School - Economics and personal finance taught via online
tutorials with an award system designed to encourage kids to learn.
Stock Market - Market fundamentals are taught by trading a mock
portfolio with an established firm and partner.
"How do Banks Work?" - Gives kids an understanding of banking and
the services they provide by practicing with online accounts.
Smart Shopping - Tutorials designed to teach kids how to be smart
shoppers using click through shopping sites.
Earn e-poinks(TM) - Valuable e-poinks are earned by the kids while
participating online. These e-poinks can be used for the "purchase" of
various items.
News and Stocks - Real news pertinent to kids and their interests.
Stock reviews of companies with a kid slant or interest.
Bookstore - Click through bookstore and reviews of financial
publications appropriate for kids of various ages and peer reviews.
Video Vote - Kids vote for their favorite videos online.
Sports - Hot links to the best sports site.
Global Pen Pals - Code name for chat room, also "Financial
Celebrity" scheduled discussions.
Calendar - Calendar of upcoming events.
Multilingual Site - The site will soon be available in several
languages.
The graphic design team, Keech Studios, have the ePiggybank.com
site available for preview viewing, at ePiggybank.com with the
complete fully operational site scheduled for release in late October
2000. Keech Studios have performed projects for such major companies
as Planet Hollywood, US West, Celestial Seasonings, J. Walter
Thompson, Lockeed/Martin, Reebok, and Coors.
In addition to ePiggybank.com, stereoscape.com through its other
subsidiaries, Alpha Sound and Vision, Inc. and American Buyers Club
International, Inc. sells high-end audio, video and home theatre
equipment through the Internet and its retail outlet in Freehold, New
Jersey.
This release contains forward-looking statements that involve
risks and uncertainties. The Company's actual results may differ
materially from the results discussed in the forward-looking
statements. Factors that might cause such a difference include, among
others, general economic and business conditions; industry trends; the
loss of major customers; changes in demand for the Company's product;
the timing of orders received from customers; dependence on third
party sources of supply; the loss of licenses; availability of
management; availability, terms and deployment of capital; and changes
in state or federal governmental regulations of telecommunications
services.
--30--mjr/ny*
CONTACT: stereoscape.com
Mario Bassani, 800/354-1324
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
MERGERS/ACQ
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