04/16 12:37 Timebeat.com Enterprises Inc. - $25 million investment agreement
revised
Timebeat.com Enterprises Inc. - $25 million investment agreement
revised
NEW YORK, April 16 /PRNewswire/ - Timebeat.com Enterprises Inc. (OTC
BB:TMBT), a retailer which is targeting the young adult market, announced today that
its investment agreement with an institutional private equity fund to purchase up to
US$25 million of Timebeat common stock over a 3 year period has been revised.
The Company plans to file a registration statement shortly. As part of the investment
agreement Timebeat has also agreed to move the place of incorporation from the
Yukon Territory, Canada to the State of Nevada. This move is subject to shareholder
approval and will be obtained in a special shareholder meeting which will be
announced in the week following the filing of the registration statement.
On an unrelated matter, Timebeat, is pleased to announce it will be opening a show
room in the West Palm Beach, Florida area featuring items from its teen site,
www.timebeat4teens.com. The showroom will be selling on a wholesale basis to
select retail stores and individual retail customers on a by appointment basis as
well as offering fashion shows high lighting its leading designer apparel and
footwear. In the coming weeks Timebeat4teens expects to be hiring reps for the
popular labels in its extensive fashion line.
Timebeat4teens is in the process of activating the shopping cart and has over 8,000
items now online. Currently the website's two largest departments lingerie and
perfumes have been downloaded to the Oracle Cold Fusion website system and
are having the credit card processing and shopping cart beta tested offline. Also the
new unique high-end watch the "Montres Allison" designed by Terry Allison
announced in January is now available for sale and can be seen at
www.watchzone.net/allison.
In addition the Company wishes to announce the granting of 102,000 stock options
with an exercise price of US $0.51 and an expiration date of March 31, 2006.
About Timebeat.com Enterprises
------------------------------
Timebeat.com is a dynamic Internet company focused on the design and operation
of interactive web sites in growing markets. Timebeat with its newest website at
www.timebeat4teens.com targets the Generation X and Generation Y consumers.
Generation X consists of 45 million computer literate consumers between the ages
of 21 and 35 with $125 billion in purchasing power. Generation Y consists of
approximately 60 million consumers between the ages of 10 and 24 who are the
first generation to grow up using the Internet as a primary medium for information,
entertainment, communication and shopping. Generation Y is growing 19.5% faster
than the overall U.S. population and accounts for more than $250 billion of annual
disposable income. Jupiter Communications (Jupiter) projects that e-commerce
sales to Generation Y consumers will grow from $600 million in 1998 to $3.8 billion
in 2002.
Additional information on Timebeat can be found at its corporate web site at
www.agcgold.com or via the EDGAR system which can be found at
www.freeedgar.com.
Forward-looking statements in this release are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve risks and uncertainties,
including, without limitation, possible changes in cost of materials, expense items,
capital expenditures, capital structure, and other financial items; introduction of new
products and possible acquisitions of assets or businesses; possible actions by
customers, suppliers, competitors, regulatory authorities; and other risks detailed
from time to time in the Company's periodic reports filed with the Securities and
Exchange Commission. SOURCE Timebeat.com Enterprises Inc.
-0- 04/16/2001
/CONTACT: Barry Girling, Phone (604) 689-4771, Toll Free www.agcgold.com To
request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw./ -- VA171 -- 7354 04/16/2001 12:36
EDT prnewswire.com Copyright PR Newswire 2000. All rights reserved. |
