FOR IMMEDIATE RELEASE
~~~~~~~~~~~~~~~~~~~~~
Please contact: Sitra Enterprises, Inc.
Investor Relations
(512) 453-3817; Fax (512) 453-7553
E-Mail: bany@sitra.com
Internet: sitra.com
BANYAN ACQUIRES MINORITY INTEREST IN INTERNET RETAILER
Banyan's Board of Directors Authorizes Dividend Distribution
Colorado Springs, Colorado - September 2, 1998 -- Banyan Corporation
(OTC Bulletin Board -- BANY) announces that it has acquired a 33%
minority interest in Internet retailer Anything Internet Corporation
("Anything"), formerly Anything, Inc. Under the terms of the
agreement, Banyan will receive 1,000,000 shares of Anything Common
Stock in exchange for 200,000 shares of restricted Banyan Common Stock
plus three stock options, each for 100,000 shares of Common Stock at
exercise prices of $0.50, $1.00, and $2.00, respectively. Banyan will
also appoint two members to Anything's four seat Board of Directors.
Anything is currently a privately held company selling over 42,000
computer hardware, software, and peripheral products, including
Banyan's own DoubleCase line of hard-sided protective carrying cases,
through its Internet storefronts -- www.anythingpc.com,
www.anythingmac.com, and www.anythingunix.com. Since commencing sales
in December 1997, Anything's sales volume has grown to over $300,000 a
month with Anything showing a profit for the first six-months of 1998.
Anything intends to commence public trading of its Common Stock
sometime during the Fall of 1998. In conjunction with Anything
becoming a publicly traded company, Banyan's Board of Directors has
authorized the distribution of 200,000 shares of Anything's Common
Stock to Banyan shareholders in the form of a stock dividend; Banyan
will retain 800,000 shares of Anything's Common Stock. Record and
payable dates will be set prior to Anything's first day of trading.
Cameron Yost, Banyan's President and Chief Executive Officer, stated,
"We are very excited by this latest development. Anything Internet
and the rapid growth of the Internet is proving to be an excellent
avenue for sales of Banyan's products to the end consumer. This
agreement capitalizes on the synergies between the two companies and
is expected to result in higher sales, better access to distribution
outlets and technologies, and enhanced shareholder values."
Banyan Corporation is a publicly traded holding company with operating
subsidiaries engaged in designing, manufacturing and marketing a
variety of personal computer accessory products with a focus on the
notebook computer market - the fastest growing segment of the personal
computer industry. Through its wholly-owned DoubleCase Corporation
subsidiary, Banyan is a leading manufacturer of notebook computer
hard-sided protective carrying cases. Banyan's products are currently
available through distribution from Ingram Micro and sold through a
wide variety of computer mail order catalogs, several of the largest
U.S. computer retailers, 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.
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