| HOUSTON, Sep 11, 2000 /PRNewswire via COMTEX/ -- Baltic International USA, Inc.
(OTC Bulletin Board: BISA) announced today that the company has signed a letter
of intent to acquire 15% of eSavingsGroup.com, Inc. ("ESG"). Certain common
shares of ESG will be registered and distributed to the Baltic shareholders as a
stock dividend. This registered distribution will enable ESG to become a public
company. This transaction is subject to ESG obtaining financing agreeable to
both Baltic and ESG.
Baltic's chairman and CEO, Robert Knauss, stated, "We are excited about the
opportunity to bring additional value to the Baltic shareholders. ESG will
remain a completely separate company from Baltic, but Baltic's approximately
1000 shareholders will become shareholders in ESG. This transaction provides ESG
an economical way to become a public company and enables Baltic and Baltic's
shareholders to participate in the e-commerce industry. We are working with ESG
in an effort to obtain their initial financing needs. After this financing is in
place, we will move forward with this transaction. The shares of ESG will be
distributed to our shareholders upon the registration of the shares with the
Securities and Exchange Commission. In addition to this transaction, our
management team has reviewed other similar transactions that may take place at a
later date."
ESG's CEO, Laurence Paskowitz, stated, "We create dynamic websites that
highlight the special deals small businesses and consumers are eager to find on
the web, but rarely have the time to discover on their own. ESG is an innovative
developer of business-to-business and retail sites aimed at both enabling web
users to save money and helping sellers reach those who demand that the web
deliver bargains and discounts. In October 1999, we successfully launched our
premiere consumer site, SavingsYellowPages.com. We have also entered into a
number of strategic partnerships that have positioned us for significant
potential growth, subject to necessary financing. We are entering this
transaction so that we can become a public company and have access to the
potential financing opportunities that would enable ESG to reach its goals."
ESG operates a comprehensive web portal devoted to scouring the web for the best
coupons, discounts, rebates and special offers available on and off the
Internet. Features have included free newsletters, highlighting savings
opportunities, and Savings University, an education section providing features
on how to save. ESG's homepage is at www.SavingsYellowPages.com.
BIUSA owns Advanced Reclamation Company and an interest in Pembrooke Calox.
The Company's homepage is currently at
ourworld.compuserve.com and Advanced Reclamation's
homepage is at www.refrigerantARC.com.
This document may contain forward-looking information. Although the Company
believes that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could be inaccurate, and therefore, there can
be no assurance that the forward-looking statements included herein will prove
to be accurate.
SOURCE Baltic International USA, Inc.
CONTACT: Robert L. Knauss, Chief Executive Officer, or David A.
Grossman, Chief Financial Officer, both of Baltic International USA, Inc.,
713-961-9299, or fax, 713-961-9298 |
