MXNT - More news!
biz.yahoo.com
Wednesday February 17, 10:37 am Eastern Time
Company Press Release
Maxnet to Sell 10% of Valentino Salotti, Inc.-CustomLiving.com
FREEHOLD, N.J.--(BUSINESS WIRE)--Feb. 17, 1999--Maxnet, Inc. (NASD-OTC BB:MXNT) today announced it has signed an agreement to sell ten-percent (10%) of Valentino Salotti - www.CustomLiving.com distributor of leather furniture and custom made upholstered products.
The sale enables MXNT to advance the development schedule and launch one of MXNT's subsidiaries, www.CustomLiving.com. This sale may enhance MXNT's position as one of the world's leading global branded Web networks.
Under the terms of the agreement, MXNT will receive $200,000.00 for ten-percent of Valentino Salotti's common stock . The sale, which will be accounted for as a pooling of resources and is subject to certain conditions, is expected to be completed on February 23, 1999. MXNT expects to record a one-time payment in the third fiscal quarter of 1999 relating to the sale.
Tradeway Upholstery Corporation founded Valentino Salotti, Inc. in 1996 as a distribution and retail company for Tradeway's custom products. Tradeway currently maintains a twenty-percent (20%) stake in Valentino Salotti, Inc. By combining more than three decades of Tradeway's experience in the custom upholstery industry with MXNT's technology potentially makes 'mass customization' increasingly possible by offering a second generation of Valentino Salotti designs and custom manufactured products over the internet at www.CustomLiving.com.
''MXNT is building the Web's most reality based community on the Internet. Presently, with our character MAX! we are the only community site with an active population,'' said I. Goldreich, VP and COO for MXNT. ''Through this sale and our www.MaxPlanet.com community growth, we are accelerating our position by adding new brands and services into one powerful offering.''
Maxnet, Inc. is an integrated Internet Development Company focused on creating and expanding strategic alliances for its comprehensive network of consumer and business-oriented web services.
For further information on Maxnet, visit their websites:
maxplanet.com
maxplanet.com
maxplanet.com
mxnt.com
maxplanet.com
Maxnet, Inc., MXNT is currently changing its name to reflect its new diversified Internet marketing business. Maxnet, Inc. currently has offices in New Jersey and Florida.
Certain of the statements included in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. The Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from those expressed in these forward-looking statements. This release may contain forward-looking statements, made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, which might cause the actual results to differ materially from those projected in any forward-looking statements. Factors which could affect results include the development and introduction of competitive technologies, the market awareness and acceptance of the Maxnet technologies, the overall market demand for internet services, the presence of technologically inferior products and services which are priced or promoted to compete with Maxnet services, the ability to attract and retain technical personnel, and the ability of the Company to protect its proprietary information. Sent to you from www.maxplanet.com
Sent to you from www.maxplanet.com
info@mxnt.com
You don't need to buy Internet access to use free Internet e-mail. Get completely free e-mail from Juno at juno.com or call Juno at (800) 654-JUNO (654-5866)
--------------------------------------------------------------------------------
Contact:
Maxnet Inc., Freehold
I. Goldreich, VP, 732/ 625-0770
or
At OTC Financial Network
For Info: 1-888-682-3622
|
