HouseHold Direct Retains Hartsfield Capital Group, an Investment Bank, to Lead its Corporate Expansion and Acquisition Strategy
NEW YORK--(BUSINESS WIRE)--April 10, 2001--HouseHold Direct.com, Inc. (OTCBB: BYIT - news). HouseHold Direct has retained Hartsfield Capital Group, Inc. (Hartsfield), a boutique investment banking firm in Atlanta, Georgia to advise on strategic transactions and related financings.
Hartsfield's financing efforts will center on: a) guiding the Company from its planning stage into an aggressive implementation phase, pursuing the consolidation strategy; b) providing and coordinating a wide range of skills from strategic planning, market assessment, technology evaluation, financial analysis, deal structure and negotiation, and financial and legal engineering; c) advisement and coordination of the near term expansion of the management team and the nomination of the Board of Directors; d) providing a full spectrum of investment banking services, focused upon a contemplated series of acquisitions to begin the Company's consolidation of the private wholesale buying club industry; e) separate financing for each acquisition, combining debt, equity, and/or convertible debt tailored for each transaction; and, f) organizing and coordinating the multi-disciplinary activities of other experts and advisors to participate in the due diligence and integration process of anticipated acquisitions. All of these efforts are intended to position the Company for sustainable competitive advantage and compliment the existing $10 million equity credit line with JJ & T and minimize shareholder dilution.
Founded in 1979, Hartsfield has assisted over two hundred (mostly middle market) companies around the United States and has arranged financings and complete strategic transactions valued in excess of $3 billion. John Folger, President of HouseHold Direct stated: ``We have sought an alliance with a quality organization that can provide HouseHold Direct with the complete support resources to accelerate the realization of our corporate objectives. We have great expectations for this relationship.''
Stephan Lovett, Hartsfield's President concurs with Mr. Folger's description of the fit between the two companies. ``We are uniquely attuned to the needs of companies like HouseHold Direct and to their needs at this stage in their life cycle. Companies at this stage of their development need guidance ranging far beyond the arrangement of capital. Our blend of operational and investment banking expertise has a demonstrated capability to prudently structure companies for competitive advantage and financial health.'' Rick Morgan, Vice President of Mergers & Acquisitions, who will be managing the HouseHold Direct relationship, may be reached at Hartsfield Capital Group, Inc.'s headquarters in Alpharetta, Georgia at 770-408-9000.
About HouseHold Direct
The mission of HouseHold Direct is to empower consumers by creating the largest private, and most efficient, wholesale shopping network in the world. The Company is pursuing a consolidation and expansion initiative through the acquisition of regionally strategic buying clubs and distribution channels, to create a unified national network under the corporate banner. This network will be connected through a web platform to centralize administrative functions and enhance the flow of goods and services. Front end and recurring membership and transactional fees will form the growing revenue base behind the enterprise. Central to the success of this initiative is the ability to offer each member a deeply discounted manufacturer direct pricing model, extensive product information, convenient order fulfillment, in-home delivery and quality customer support. This superior personalized shopping environment and consumer experience creates the compelling incentive to join the network and underscores the company slogan ``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.
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