They picked a bad to release this yesterday...
Tuesday February 9, 12:15 pm Eastern Time
Company Press Release
MBT International Agrees To Acquire BookStable.com
Prepares To Enter Online Book Market
CASTLE ROCK, Colo.--(BUSINESS WIRE)--Feb. 9, 1999--MBT International, Inc. (OTCBB: MBTI - news), parent company of AgriMall.com (www.agrimall.com), HorseNet.com (www.horsenet.com), and LifeAtHome.com (www.life@home.com), announced today that the Company has reached an agreement to acquire BookStable.com (www.bookstable.com) for an undisclosed amount of cash.
The acquisition is expected to close on or before February 17, 1999.
BookStable.com was one of the first online booksellers on the World Wide Web. In business since 1995, BookStable.com features some 1,500 equine books and videos available for sale. Immediately after closing, MBTI will add 1,600 horse-related videos currently offered by EquiVid to the site. EquiVid's library of tapes was acquired by MBTI through its acquisition of HorseNet.com.
''With the BookStable.com acquisition, we thrust beyond traditional agricultural channels which feature the sale of livestock, machinery and equipment,'' stated Andy McKinnon, CEO of MBTI. ''This technology provides a window into our industry, allowing expansion into the many thousands of books, tapes, CD-ROMS, public and private research documents, studies, trends, forecasts, etc. - all of which are marketable products. Although using the Amazon.com (NASDAQ:AMZN - news) model, we will produce a target-specific portal in a vast marketplace, creating for our users the comfortable buying environment which comes with access to all of the resources unique to one's industry.''
MBTI's strategy is to acquire high content, value-added, sophisticated yet navigable websites and become a leader in the $300 billion agricultural industry. Upon completion of the BookStable.com acquisition, MBTI's database will expand to over 400,000 users. MBTI continually evaluates 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 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. For more information, please contact: Andy McKinnon, CEO, 303/688-0244.
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Contact:
MBT International Inc., Castle Rock
Any McKinnon, CEO, 303/688-0244
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