Just posting the news so that it won't disappear when yahoo outdates it.
Thursday March 11, 2:22 pm Eastern Time
Company Press Release
MBT International Sells Over Seventy Five Online Storefronts in February Adds Listings of $15 Million to System
CASTLE ROCK, Colo.--(BUSINESS WIRE)--March 11, 1999--MBT International Inc. (OTC:MBTI - news), the leading provider of agricultural products and services over the internet, announced today that the company had sold over 75 additional new storefronts during the month of February. The Company also announced that combined new listings of over $15 million of saleable goods were placed under contract in February and are currently being entered into the MBTI web portals (www.agrimall.com, www.horsenet.com, www.lifeathome.com, and www.bookstable.com.
''Certain segments of our business are growing by multiples over preceding months,'' stated Andy McKinnon, CEO of MBTI. ''The Company placed listings of $2.5 million in January and an additional $15 million in February. Banner advertising sales in February equaled our entire fourth quarter of 1998. Total page views in February were well in excess of 5 million versus 4 million the month prior. Revenue from listings increased sixty percent on a month-to-month basis, while new broker sign-on fees doubled and now approach $100,000 per month.''
Mr. McKinnon continued, ''We have very good indications that the Company was profitable in February, and, as a result, we now anticipate showing a profit for the quarterly period ending March 31, 1999. Further, with the sale of over one hundred new storefronts in February, our 1999 goal of consolidating 1000 online merchants into our family of web portals appears well within reach.''
MBTI has over 400,000 subscribers and is the parent company of AgriMall.com (www.agrimall.com), Horsenet.com (www.horsenet.com), LifeAtHome.com (www.lifeathome.com) and Bookstable.com (www.bookstable.com). MBTI's strategy is to acquire high content, value-added, sophisticated yet navigable websites and become a leader in the $300 billion agricultural industry. 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 methodologies currently in use by online auction and marketing houses such as Amazon.com (NASDAQ:AMZN - news) and eBay (NASDAQ:EBAY - 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 its 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.
Contact:
MBT International, Inc.
Andy McKinnon, CEO
303/688-0244
Fax: 303/814-2382
or
Wolfe Axelrod Associates
Stephen D. Axelrod, CFA
or
Donald Weinberger
212/370-4500
Fax: 212/370-4505 |
