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Monday October 23, 11:05 am Eastern Time
Press Release
Yellowave Corp. Applies to Withdraw From AMEX
LOS ANGELES--(BUSINESS WIRE)--Oct. 23, 2000--Yellowave Corp. (AMEX:YW - news) today announced that it has filed an application to withdraw its share listing from the American Stock Exchange. The company plans to seek quotation of its shares on the Over The Counter Bulletin Board.
Yellowave had originally applied for listing on the American Stock Exchange based on its belief that it was acquiring valuable technologies, licensing agreements and other assets through the planned acquisitions of companies headed by Prosper and Myriam Abitbol.
The company has reported to the American Stock Exchange that it now believes the purported technologies, licensing agreements and other assets do not exist, and that Yellowave was a victim of fraud.
``Yellowave applied for listing on the American Stock Exchange based on what had been represented to the company by the Abitbol group,'' said Laura Ballegeer, the company's chief operating officer. ``We believe that those representations were fraudulent. Therefore it is appropriate that we withdraw our shares from the AMEX.''
Yellowave seeks operating wireless and telecommunications companies emerging from the science and technology community in Israel as acquisition candidates.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from those anticipated in such forward-looking statements.
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Yellowave Corp. currently is not engaged in any business and is seeking business opportunities in the high technology industry, which it believes to hold a potential for profit. Yellowave intends to seek out the acquisition of assets, property or a business that may be beneficial to the Company or its stockholders. From 1955 to 2000, the Company engaged primarily in the franchising and ownership of retail hair salons under the name Cutco Industries. On or about November 18, 1999, Cutco Industries amended its Certificate of Incorporation to change its name to Yellowave Corporation and then reincorporated pursuant to articles of merger dated June 7, 2000.
Yellowave is an incubator of high-tech companies with a special focus on wireless, telecommunication, fiber optics and mobil commerce companies emerging from the very active science and technology community in Israel. For the nine months ended 3/00, revenues fell 51% to $108 thousand. Net loss from continuing operations rose 28% to $656 thousand. Results reflect the sale, closure and abandonment of company-owned stores and franchise operations.
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