IRTG acquires Thinkbid.com
03/05 3:56P (DJ) IRT Industries In Pact To Buy Internet Auction Site IRTG
Story 4097 (IRTG, I/CNO, I/ENT, N/DJN, N/DJWI, N/CAC, N/ETDR, N/MNA...)
FORT LAUDERDALE, Fla. (Dow Jones)--IRT Industries Inc. (IRTG) signed a letter of intent to acquire Thinkbid.com Inc., a person-to-person auction Web site.
Financial terms weren't disclosed.
In a press release Friday, IRT said Thinkbid.com is developing an Internet search engine and plans to broadcast live auctions on the Web.
IRT expects to close the acquisition within 30 days.
IRT, which trades on the over-the-counter bulletin board, has resort, gaming and related interests overseas.
(END) DOW JONES NEWS 03-05-99 03:56 PM
Additional Codes (N/NET, N/TNM, M/CYC, P/DLE, R/FL, R/NME, R/US, R/USS)
Here is a copy of the actual press release:
biz.yahoo.com
Thursday March 4, 8:00 am Eastern Time
Company Press Release
IRT Industries, Inc. Signs Letter of Intent With Thinkbid.com, Inc.
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 4, 1999--IRT Industries, Inc. (OTC BB:IRTG - news), announced today it signed a Letter of Intent to acquire award-winning Thinkbid.com, Inc. (http://www.thinkbid.com), a leading online Internet person-to-person auction web site where buyers and sellers auction items such as computers, hardware, software, televisions, electronics, collectibles, gifts, jewelry, and books.
Thinkbid.com is significantly different than other online auction sites because it charges a nominal fee only after an item is sold. The Company believes this is extremely important to not only wholesalers and retailers who list entire product lines, but to individuals who list entire households of items, without having to pay up front charges. Other auction sites charge up to $4.00 just to list an item for sale.
Thinkbid's management has strategically positioned the Company to capitalize on the explosive growth of online Internet Commerce similar to Amazon.com (Nasdaq:AMZN - news), Lycos (Nasdaq:LCOS - news), Excite (Nasdaq:XCIT - news), Infoseek (Nasdaq:SEEK - news), Ebay, Inc. (Nasdaq:EBAY - news), America Online (NYSE:AOL - news) Yahoo! (Nasdaq:YHOO - news), and Ubid (Nasdaq:UBID - news).
Thinkbid.com is developing its own Internet search engine and also plans to broadcast live auctions over the World Wide Web using a unique free software package entitled Auction Alive based on the software professional stock traders use to trade on the stock market. (http://www.thinkbid.com/live.htm).
IRT Industries is pleased with the signing of this Letter of Intent with Thinkbid.com because it positions itself within one of the most profitable sectors of the stock market with one of the hottest, progressive, and imaginative companies on the Internet.
IRT Industries, Inc. and Thinkbid.com, Inc. presently are in the process of due diligence. The companies anticipate a closing within thirty days.
NOTE: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competition, continued acceptance of the company's products and services, fluctuations in stock price and liquidity, fluctuation operating results and other risks detailed from time to time in the company filings with the Securities and Exchange Commission.
Contact:
IRT Industries, Inc.
Arnold Wrobel, President
(954) 351- 0270
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