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only 16 mil OS
Sandy Steele Unlimited In (U-SSTU) - News Release
Sandy Steele Unlimited, Inc., Announces Merger with New Orleans-Based Financial and Media Companies
2004-06-14 13:33 ET - News Release
BEVERLY HILLS, Calif. -- (Business Wire) -- June 14, 2004
Sandy Steele Unlimited, Inc., (OTC PINK SHEETS: SSTU),
an emerging health and beauty company, announced today a merger
between The Siegel Group, Inc., a 20-year-old financial and money
management firm, and Sandy Steele Unlimited, Inc. The Siegel Group,
founded by Mr. Fred Siegel, currently manages and consults on over
$1.6 billion in assets, including approximately $110 million in
individual equity accounts.
Additionally, SSTU acquired two other companies founded by Mr.
Siegel: Grammaton Press, LLC, and Fred Siegel International, Inc.
Grammaton Press is a publishing company focusing on non-fiction
financial, world history, and human rights genres that inspire and
motivate readers. Mr. Siegel states, "Grammaton Press has developed a
reputation in the publishing field as a publisher that produces
bestsellers in specific niche genres. As a result, new offerings by
Grammaton Press are eagerly anticipated and accepted by major
booksellers upon release. That will be helpful to the new business
combination as it offers another method to attract attention to Sandy
Steele Unlimited health and beauty products as they are incorporated
into future publications. The same has already proven true for the
financial services business with two bestselling Grammaton titles
drawing a large number of prospects that have become clients."
The third acquisition, Fred Siegel International, provides
financial news analysis and consulting to the broadcast media both
here and abroad. Mr. Siegel hosts a weekly syndicated radio program
across the southeast featuring investment advice and hosts prominent
business leaders as guests. Mr. Siegel is also a frequently quoted
financial expert in The Wall Street Journal, Dow Jones News Service,
Investors News, and numerous other financial/investment publications
nationwide. "I am most enthusiastic about the prospects of the Sandy
Steele Unlimited business plan regarding the beauty salon industry,"
said Mr. Siegel. "Beauty salons produce over $135 billion in annual
revenues in the U.S. alone, with the single-largest player accounting
for only 1 & 1/2% of that. It reminds me of the video rental business
when Blockbuster first entered the scene and standardized operations.
That resulted in tremendous profits and a soaring stock price. I feel
the Sandy Steele Unlimited business plan will allow it to repeat the
process, which will begin to be implemented immediately. Finally,
Sandy's natural charm, honesty, professionalism and unpretentious
image is just what the marketplace calls for in the wake of the Martha
Stewart debacle. She's a true Madison Avenue discovery, and we fully
intend to capitalize on that going forward in concert with our
publishing division."
Ms. Steele, founder and chairman of SSTU, said, "This merger will
advance the company's goal of becoming a dominant leader in the beauty
salon industry by enhancing our access to financial capital. We see
the merger as a creative and efficient way to grow our company,
resources and diversity, similar in some ways to the early structure
of Mr. Buffet's Berkshire Hathaway." Within the SSTU business model,
Sandy Steele Salons offer health, beauty, nutritional, and financial
products and services to its clients as part of the "one stop
shopping" philosophy within each salon.
The synergies between the newly created divisions of SSTU will
allow the company to evolve into a mini-conglomerate containing three
of the most robust industries in the United States: Financial, Health
& Beauty, and Media. Mr. Siegel elaborates: "This merger will bring
three diverse and dynamic industries together under one roof, and the
resulting synergy will exponentially enhance efficiency and economies
of scale, and by extension expand operations and profitability of each
at a rate that would otherwise be virtually impossible to attain. As
of this merger, all three companies are now well poised to become
leaders in their respective industries, and each will serve to fortify
the balance sheets of the others. The combination will simply speed up
the process, allowing for truly unlimited expansion and profitability
in each sector."
Ms. Steele adds, "In addition to the Siegel companies' financial
resources, SSTU now has a prominent and internationally renowned
businessman and author as a key part of its management. Mr. Siegel
consults with executives, institutions, and governmental policy makers
around the world. While we recognize that the process of building a
first class organization is an enormous undertaking, I have always
felt that building a strong team was high on the list of priorities.
As such, there is an increased sense of great potential here at the
firm, and that is due in large measure to the addition of our new team
member, Mr. Fred Siegel."
Terms of the transaction were not announced, but as a result of
the merger, there are now approximately 16.7 million shares issued and
outstanding. SSTU currently has no debt, and has throughout its
history strictly adhered to the policy of absolute financial
transparency. Ms. Steele added: "Always do right by the shareholders,
for they are the life blood of your organization, and they will
reciprocate with their loyalty. As a public company, we have a sacred
duty to conduct ourselves with honesty, virtue, and integrity."
Sandy Steele Unlimited is now officially a multi-faceted, cohesive
conglomerate owning companies in the health/beauty, financial, and
media industries. SSTU's health/beauty divisions offer beauty salon
services, proprietary skin-care products, and nutritional supplements,
while the financial and media divisions provide investment
advice/management and wealth planning services.
Mr. Siegel concludes, "My close personal and business relationship
with the principles of Sandy Steele Unlimited makes this merger even
more exciting for me. I have witnessed their integrity and
old-fashioned work ethic, which makes me look to the future of these
merged companies with great excitement. It will allow us to 'hit the
ground running' and work for the immediate benefit of all our
shareholders."
With the exception of historical information contained in this
press release, this press release includes forward-looking statements
made under the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements, including but not
limited to the following: product development difficulties; market
demand and acceptance of its products; ability to obtain additional
financing; the impact of changing economic conditions; business
conditions in the Internet and direct marketing industries; reliance
on third parties, including potential suppliers; the impact of
competitors and their products; risks concerning future technology;
and other factors detailed in this press release. The company
currently does not report its quarterly financials to the Securities
and Exchange Commission.
Contacts:
For Sandy Steele Unlimited
Richard Kent, Investor Relations, 310-284-4004 |
