(COMTEX) B: TSIG.com Announces Recent Development Regarding Affinity
B: TSIG.com Announces Recent Development Regarding Affinity
ST. PETERSBURG, Fla., Feb 14, 2001 (BUSINESS WIRE) -- TeleServices Internet
Group Inc. (OTCBB:TIGI), also known as TSIG.com, today announced that it has
received a "Notice of Rescission/Reacquisition/Buy-Back" from a majority of the
former shareholders of The Affinity Group, Inc. TSIG.com had acquired a 100%
interest in Affinity from the former shareholders of Affinity on December 5,
2000. The Notice alleges "a material breach of Representations or Warranties" in
the original Acquisition Agreement.
TSIG.com also received the resignation of Scott Roix as President, CEO and a
director of TSIG.com, and the resignations of several members of the management
team of TSIG.com who were engaged in connection with the acquisition of
Affinity.
Under the terms of the Acquisition Agreement, TSIG.com has 30 days to
investigate matters and cure any actual breach. No additional information is
available at this time.
This press release contains "forward-looking statements" within the meaning of
Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities
Exchange Act. Actual results could differ materially, as the result of such
factors as (1) competition in the markets for the products and services sold by
the company, (2) the ability of the company and its partners to execute their
plans, (3) the ability of the company to finance its operations, and (4) other
factors detailed in the company's public filings with the SEC.
CONTACT: TSIG.com, St. Petersburg
Paul Henry, 727/897-4036
or
Steven Kaston, 631/784-7838
URL: businesswire.com
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-0-
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
INTERNET
TELECOMMUNICATIONS
MANAGEMENT
CHANGES
MERGERS/ACQ
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