What did Banyan get from Lawrence?
(BSNS WIRE) Banyan Announces Sale of Subsidiary TopListing.com Corporation
Banyan Announces Sale of Subsidiary TopListing.com Corporation
Business Editors
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--June 5, 2001--Banyan
Corporation (NQB Pinks: BANY) announces that the Board of Directors
has approved the sale of its wholly owned subsidiary, TopListing.com
Corporation, effective immediately. The company has been sold to
former Banyan President and CEO Lawrence Stanley. Banyan CEO Michael
Gelmon comments: "while we believe TopListing's prospects for profit
in the future are solid, the company currently is not hitting its
sales targets and is therefore cash flow negative. In keeping with the
new philosophy of Banyan Corporation, we intend only to invest in
projects that will immediately provide a return to the Company, and
therefore increase shareholder value."
Banyan Corporation is a publicly traded holding company focused on
investing in and building a network of operating subsidiaries engaged
in various innovative businesses. Currently the company's wholly owned
subsidiary, Chiropractic USA, Inc. is focusing on the development of
branded Chiropractic clinics throughout North America by way of
acquisitions of existing clinics as well as the development of
corporate clinics in partnership-type arrangements with its
practitioners. In addition, Banyan's wholly owned subsidiary,
Doublecase Corporation, sells a line of hard-sided protective carrying
cases for notebook computers under the DoubleCase brand name.
Doublecase's products are currently available through distribution
from Ingram Micro and sold through a wide variety of Internet
e-commerce storefronts, computer mail-order catalogs, Value Added
Resellers (VARs), a number of overseas vendors, and to the U.S.
government.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by
Banyan Corporation) contains statements that are forward-looking, such
as statements relating to the future anticipated direction of the
high-technology industry, plans for future expansion, various business
development activities, planed capital expenditures, future funding
sources, anticipated sales growth and potential contracts. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of Banyan Corporation.
These risks and uncertainties include, but are not limited to, those
relating to development and expansion activities, dependence on
existing management, financing activities, domestic and global
economic conditions, changes in federal or state tax laws, and market
competition factors. For a description of additional risks and
uncertainties, please refer to Banyan's filings with the Securities
and Exchange Commission.
--30--djm/dx*
CONTACT: Banyan Corporation
Investor Relations
Michael Gelmon, 800/808-0899
mgelmon@banyancorp.com
www.Banyancorp.com
KEYWORD: COLORADO
INDUSTRY KEYWORD: E-COMMERCE HARDWARE MEDICAL INTERNET
MERGERS/ACQ
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