News...
Friday February 5, 11:22 am Eastern Time
Company Press Release
MBT International Sells Seventy-Eight Storefronts in January -- Adds $2.5 Million in Listings to System
CASTLE ROCK, Colo.--(BUSINESS WIRE)--Feb. 5, 1999--MBT International, Inc. (OTCBB: MBTI - news), parent company of AgriMall.com www.agrimall.com, HorseNet.com www.horsenet.com and lifeathome.com www.lifeathome.com, announced today that seventy-eight new storefronts were sold and placed in development during the month of January.
''Our aggressive marketing campaign is paying dividends,'' stated Andy McKinnon, CEO of MBTI. ''These seventy-eight new storefronts span the agricultural spectrum, from retailers to wholesalers, trade publications to saddle makers, veterinarians to AM country music stations.'' Based on recent results, the Company anticipates that by year-end 1999, over 1000 storefronts will be conducting business at AgriMall.com.
The Company also announced that approximately $2.5 million in listings were added to the system in January. Mr. McKinnon commented further, ''Sales over the Internet and through our network of brokers have increased 200% as compared with January, 1998. These recent developments strengthen our belief that we are in position to dominate the online agricultural market.''
The combined value of present listings in the AgriMall.com, HorseNet.com and lifeathome.com portals exceeds $87 million, while the total value of listings since inception is over $110 million, with broker sales exceeding $16 million.
MBTI's strategy is to build very strong web portals such as AgriMall.com and become a leader in the $300 billion agricultural industry. To accelerate the process, MBTI is evaluating highly focused acquisitions that will further increase both the traffic and volume of e-commerce at its AgriMall.com site. MBTI applies technologies currently in use by online auction and marketing houses such as eBay (Nasdaq:EBAY - news), Amazon.com (Nasdaq:AMZN - news) and uBid (Nasdaq: UBID - news). MBTI is positioning itself to file an application for listing on the Nasdaq Small Cap Market in the first half of 1999, and has engaged Arthur Anderson as auditor.
Certain statements in this release are forward looking. Although MBT International, Inc. believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. For factors that may cause actual results to differ materially from expectations and underlying assumptions, see reports by MBT International filed with the Securities and Exchange Commission.
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Contact:
MBT International Inc., Castle Rock
Andy McKinnon, CEO, 403/932-1122
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