CTCK news P Youllin is gonzo.
(BSNS WIRE) CraftClick.com Announces Change of Control and Two Year Financi
CraftClick.com Announces Change of Control and Two Year Financing Commitment
Business Editors
PLAYA DEL REY, Calif.--(BUSINESS WIRE)--Sept. 22, 2000--
Russell Murray Assumes Control of CraftClick.com Board of Directors
and Voting Majority; Makes Binding Two-Year Commitment to Fund
Company Operations
CraftClick.com (OTCBB:CTCK) announced today a change of management
control of the company, and a commitment from an investor to fund the
operations of CraftClick.com for a period of two years.
Russell Murray, who serves as CraftClick.com's Vice President,
Internet Operations, has now assumed the role of Chairman of the
Board. Murray is the founder of Art2Art.com, the number one revenue
producing website in CraftClick.com's Network of Arts & Crafts sites,
which CraftClick.com acquired in February of this year.
Under the Agreement, CraftClick.com will issue a new class of
voting preferred shares to Murray, which are each convertible on a
1-to-1 basis with CraftClick.com's common stock, and which have
20-to-1 voting rights.
(BSNS WIRE) CraftClick.com Announces Change of Control and Two Year Financi
CraftClick.com Announces Change of Control and Two Year Financing Commitment
Business Editors
PLAYA DEL REY, Calif.--(BUSINESS WIRE)--Sept. 22, 2000--
Russell Murray Assumes Control of CraftClick.com Board of Directors
and Voting Majority; Makes Binding Two-Year Commitment to Fund
Company Operations
CraftClick.com (OTCBB:CTCK) announced today a change of management
control of the company, and a commitment from an investor to fund the
operations of CraftClick.com for a period of two years.
Russell Murray, who serves as CraftClick.com's Vice President,
Internet Operations, has now assumed the role of Chairman of the
Board. Murray is the founder of Art2Art.com, the number one revenue
producing website in CraftClick.com's Network of Arts & Crafts sites,
which CraftClick.com acquired in February of this year.
Under the Agreement, CraftClick.com will issue a new class of
voting preferred shares to Murray, which are each convertible on a
1-to-1 basis with CraftClick.com's common stock, and which have
20-to-1 voting rights.
(BSNS WIRE) CraftClick.com Announces Change of Control and Two Year Financi
CraftClick.com Announces Change of Control and Two Year Financing Commitment
Business Editors
PLAYA DEL REY, Calif.--(BUSINESS WIRE)--Sept. 22, 2000--
Russell Murray Assumes Control of CraftClick.com Board of Directors
and Voting Majority; Makes Binding Two-Year Commitment to Fund
Company Operations
CraftClick.com (OTCBB:CTCK) announced today a change of management
control of the company, and a commitment from an investor to fund the
operations of CraftClick.com for a period of two years.
Russell Murray, who serves as CraftClick.com's Vice President,
Internet Operations, has now assumed the role of Chairman of the
Board. Murray is the founder of Art2Art.com, the number one revenue
producing website in CraftClick.com's Network of Arts & Crafts sites,
which CraftClick.com acquired in February of this year.
Under the Agreement, CraftClick.com will issue a new class of
voting preferred shares to Murray, which are each convertible on a
1-to-1 basis with CraftClick.com's common stock, and which have
20-to-1 voting rights.
(BSNS WIRE) CraftClick.com Announces Change of Control and Two Year Financi
CraftClick.com Announces Change of Control and Two Year Financing Commitment
Business Editors
PLAYA DEL REY, Calif.--(BUSINESS WIRE)--Sept. 22, 2000--
Russell Murray Assumes Control of CraftClick.com Board of Directors
and Voting Majority; Makes Binding Two-Year Commitment to Fund
Company Operations
CraftClick.com (OTCBB:CTCK) announced today a change of management
control of the company, and a commitment from an investor to fund the
operations of CraftClick.com for a period of two years.
Russell Murray, who serves as CraftClick.com's Vice President,
Internet Operations, has now assumed the role of Chairman of the
Board. Murray is the founder of Art2Art.com, the number one revenue
producing website in CraftClick.com's Network of Arts & Crafts sites,
which CraftClick.com acquired in February of this year.
Under the Agreement, CraftClick.com will issue a new class of
voting preferred shares to Murray, which are each convertible on a
1-to-1 basis with CraftClick.com's common stock, and which have
20-to-1 voting rights.
In exchange for financing CraftClick.com's operations for a period
of two years, maintaining CraftClick.com's public company status and
filing requirements, and satisfying all of the companies ongoing
obligations, Murray has been granted 1.5 million voting preferred
shares, and will receive 1 million voting preferred shares every six
months for two years.
As part of the transaction, Peter Yollin has resigned his position
as CraftClick.com's CEO.
Russell Murray, CraftClick.com's new Chairman of the Board,
stated, "I am very pleased to become CraftClick.com's Chairman, and I
look forward to further establishing CraftClick.com's leadership
position in the online Arts & Crafts marketplace. In a short period of
time, through organic growth and through complimentary acquisitions,
we have built a very popular network for Arts & Crafts amateurs and
professionals to purchase supplies, get ideas, and communicate with
other craftspeople around the world. I intend to build on that lead,
with a focus on increasing revenues and reducing our cost base. To
this end, we have recently reduced our operating costs significantly
without impacting revenues."
Murray continued, "We are grateful to Peter Yollin for his
leadership of CraftClick.com, and for successfully building the
company and guiding our growth since CraftClick.com's inception. We
wish Peter the best of luck in his future endeavors."
Peter Yollin stated, "I have greatly enjoyed serving as
CraftClick.com's CEO, and I know that Russell will continue to fulfill
our company vision of providing CraftClick.com's users with the
ultimate online Arts & Crafts community. Russell's extensive
experience in both e-commerce and the Arts & Crafts marketplace will
serve the company extremely well."
About CraftClick.com
CraftClick.com (www.craftclick.com), the ultimate online Arts &
Crafts destination, offers amateur and professional craftspeople
worldwide a wealth of Arts & Crafts related content, as well as robust
e-commerce capabilities, including free commerce-enabled Web pages and
free email. CraftClick.com's extensive project and information library
contains more than 15,000 fun and creative projects, and its
Superstore offers convenient one-stop shopping for several hundred
thousand Arts & crafts supplies.
--30--jsk/in*
CONTACT: CraftClick.com
Sandy Seth
Tel: 310/827-3500
ir@craftclick.com
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: INTERNET E-COMMERCE MANAGEMENT CHANGES
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
