iParty Files Form 10 Registration Statement With United States
Securities and Exchange Commission
NEW YORK, March 8 /PRNewswire/ -- iParty Corporation (OTC Bulletin Board: IPTY - news) today announced
that it had filed a Registration Statement on Form 10-SB with the United States Securities and Exchange Commission (''SEC''), pursuant to which iParty will
become a reporting issuer under the United States Securities and Exchange Act of 1934. Upon SEC approval of the Form 10-SB filing, iParty will become a
fully reporting company and immediately will apply for a Nasdaq listing for its stock. With 11,005,691 shares outstanding and a current share price of $5.00,
the Company has a market capitalization of approximately $55,028,455.
The Company also announced that its Board of Directors had formed Executive, Compensation, and Audit committees. Robert H. Lessin, the Company's
co-founder and largest shareholder, will serve on the Executive and Compensation Committees. In order to avoid any possible confusion with his executive
duties as Chairman of the Board of Wit Capital Corporation, he will relinquish his non-executive title of Chairman of iParty. He will be joined on the
Executive Committee by Byron Hero, iParty's Chief Executive Officer, and Sal Perisano, an independent director who is founder of the Big Party, a leading
party goods retailer. Serving with Mr. Lessin on the Compensation Committee will be Mr. Hero and Ajmal Khan, an independent director who is Chairman of
the Verus Group, a Canadian merchant bank. Independent directors Sam Belzberg and Mr. Perisano will constitute the Audit Committee.
Mr. Lessin said, ''I am very pleased with the progress that iParty has made in the short time since its creation and I believe that this filing represents a
significant stepping stone to realizing its potential as the dominant party brand on the Internet. I look forward to working with our excellent management team
to achieve this goal.''
Headquartered in New York City and located at iparty.com, iParty is an Internet-based merchant of party goods, party-related services,
personalized celebrity greetings, and party planning advice and information.
The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for forward-looking statements. Certain information included in this news
release (as well as information included in oral statements or other written statements made or to be made by iParty) contains statements that are
forward-looking, such as statements relating to anticipated future revenues of the company and the success of current product offerings. Such
forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such
results may differ materially from those expressed in any forward-looking statements made by or on behalf of iParty. For a description of additional risks and
uncertainties, please refer to iParty's filings with the Securities and Exchange Commission, including Form 10-SB.
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For all those that follow IPTY - the "exciting " chat is over at the raging bull website.
FWIW - Raging Bull is a pathetic site. Not just the participants but the design as a whole.
spiney |
