PASA to liquidate:
Quepasa.com Board Approves Plan to Liquidate
PHOENIX--(BUSINESS WIRE)--Dec. 27, 2000--Quepasa.com (Nasdaq: PASA), the premier online community for U.S. Hispanics, today announced that the Company's Board of Directors had approved the development of a plan of liquidation and sale of the Company's assets with the proceeds to be distributed to the shareholders.
The Company's principal assets for sale include the following: the quepasa.com website business, its three wholly-owned subsidiaries - RealEstateEspanol.com, Etrato.com and Credito.com, and all other furniture, fixtures and equipment. The plan will be subject to shareholder approval. The meeting of quepasa's shareholders to approve the plan is expected to be held in three to four months. The Company will continue to operate the quepasa.com website and the three subsidiary websites as it completes the liquidation process.
"After carefully evaluating every option to maximize shareholder value over the past nine months, our Board of Directors has determined that liquidation following the sale of our assets is the best way to maximize value and provide liquidity to our shareholders." said Gary L. Trujillo, quepasa.com's Chairman and Chief Executive Officer.
Quepasa reduced its workforce from 58 to 20 employees in November, 2000 and will further reduce its workforce throughout the liquidation process. The Company will take a one-time restructuring charge of approximately $880,000 in the fourth fiscal quarter ending December 31, 2000 in connection with the workforce reductions in this quarter.
About quepasa.com: Quepasa.com provides the rapidly growing U.S. Hispanic market with information and interactive content available in both Spanish and English. The site was founded in 1998 and includes a search engine, free e-mail, Spanish-language news feeds, worldwide weather information, chat rooms, games, maps and message boards.
The statements in this press release regarding future performance and growth are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, those set forth in quepasa.com's documents filed the Securities and Exchange Commission.
CONTACT:
quepasa.com
Shelly Daniel, 602/716-0100 ext. 285
Fax: 602/716-0200
sdaniel@corp.quepasa.com
KEYWORD: ARIZONA
BW2025 DEC 27,2000
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