HouseHold Direct Confirms Acquisition Plans
NEW YORK, Oct. 16 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYIT - news). HouseHold Direct announced today that the Company is in the final stage of concluding a series of previously announced acquisitions that will complete the product acquisition and fulfillment structure required for national expansion. The necessary audit requirements by the SEC to integrate these acquisitions into the financial reporting of HouseHold Direct.com, Inc. is currently underway.
The acquisitions have been initiated by the creation of acquisition escrow accounts representing the amounts required for the initial down payments. The ``close of escrow'' is scheduled based on the completion of the audit process. Two of the acquisitions are based on a cash purchase price, and the third is structured as a combination of cash and stock which will be delivered over time so as to avoid dilution as much as possible.
The acquisitions relating to this structure involve three (3) separate distribution companies, necessary to complete our infrastructure. These companies represent the following product range: company #1 provides appliances, lawn and garden supplies, tools and consumer electronics, and companies 2 and 3 are furniture distribution companies. Further announcements regarding the specific details of each transaction will be released shortly.
Upon completion of these acquisitions, the Company will concentrate on those acquisitions and strategic relationships pertaining specifically to market expansion of the web-based and physical service presence. There will be further updates on the stages of the Web Site launch which will be accomplished in two phases, an interim testing launch with the final stage completion for launch in January.
The mission of HouseHold Direct is to empower consumers by creating the largest and most powerful private wholesale consumer buying network in the world. HouseHold Direct is pursuing a highly focused marketing strategy designated to dominate the wholesale membership industry through its ``brick and click'' shopping platform. Central to this strategy is the ability to offer members extensive information, merchandise expertise, fulfillment capabilities, in-home delivery and quality customer service by providing a superior personalized shopping environment and consumer experience with the ability to ``live much better for much 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.
CONTACT: E-mail: infohhd@householddirect.com
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SOURCE: HouseHold Direct.com, Inc.
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