ALERT - VNOW reverse merger
REVERSE MERGER: our Profile List stock VNOW (0.06 x 0.08) filed an 8K announcing they have entered into a letter of intent to effect a merger with 99 Cent Stuff, LLC, a Florida-based deep discount retail chain established in 1999. The merger/acquisition will be completed pursuant to the terms of a formal Acquisition Agreement which will require iVideoNow to effect a 1-for-25 reverse stock split. The acquisition is dependent upon 99 Cent Stuff completing a private placement of at least $3 million and other representations and conditions to be contained in a formal Acquisition Agreement. Kevin R. Keating, President of iVideoNow, stated "This transaction, if consummated, will allow iVideoNow shareholders to participate in a dynamic Florida retailer, in the fastest growing sector of the retail industry, founded and operated by the legendary manager and merchandiser, Raymond Zimmerman" (previously CEO of Service Merchandise). 99 Cent Stuff currently operates 10 big-box Florida stores. Its stores offer products at 99 cents or below and the Company ended 2002 with revenues in excess of $39 million. Its growth plan calls for the opening of up to 15 additional stores in Florida in 2003-04.
For more information, see:
Website - 99centstuff.com
Previous IPO info - hoovers.com
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