HouseHold Direct Announces the Acquisition of America's Hometown Brand Center
NEW YORK, Nov. 20 /PRNewswire/ -- HouseHold Direct.com, Inc. (OTC Bulletin Board: BYIT - news). HouseHold Direct announced today that it has acquired America's Hometown Brand Center, Inc. (AHBC) of Stillwater, OK.
AHBC, with annual revenues projected to reach $20 million by year end 2000, distributes the products of over 100 manufacturers in home appliances, consumer electronics, lawn and garden supplies, hardware and other products through a network of 350 retail stores in 42 states.
Mr. John Folger, CEO of HouseHold Direct stated: ``With the acquisition of AHBC now complete, we have entered into a very exciting phase in the growth of HouseHold Direct. America's Hometown Brand Center becomes the cornerstone of the central purchasing and fulfillment structure that is being organized to service the national membership expansion of HouseHold Direct. The management of AHBC contributes over 20 years of practical management expertise to our executive management group, and will provide the necessary levels of experience to grow the Company very aggressively in the near term. This is the first in a series of acquisitions that will directly enhance the bottom line of HouseHold Direct, and we expect to increase the pace in identifying and executing these acquisitions.''
America's Hometown Brand Center becomes the cornerstone of the central purchasing and fulfillment structure that is being organized to service the national membership expansion of HouseHold Direct. The Company intends to initiate several other acquisitions of retail and distribution companies that add significant revenues, earnings and consolidation of national purchasing power.
Mr. Wayne Neelley, President of AHBC, stated: ``We have been associated with the management of HouseHold Direct for over two years, and have been looking forward to joining forces with them. HouseHold Direct brings the sophisticated technology and management team to expand the business we have built. AHBC is thrilled to participate in this exciting growth opportunity presented by our association with HouseHold Direct. This acquisition increases the prospects for our vendors to gain access to a very large customer base, and for us to help create new ways to increase sales for our manufacturer and distributor clients, and our retailers at the same time.''
The financials of AHBC will be integrated into the audited year-end financial statements of HouseHold Direct.
About HouseHold Direct
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 market consolidation strategy within the wholesale membership industry through its ``brick and click'' shopping platform. Central to this strategy is the ability to offer direct manufacturer and distributor pricing, extensive information, merchandise expertise, fulfillment capabilities, in-home delivery and quality customer service to our members. This superior personalized shopping environment and consumer experience creates 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.
SOURCE: HouseHold Direct.com, Inc.
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