First South Africa Corp. to Change Name
to Leisure Planet Holdings, Ltd., Reflecting
Its New Strategic Direction
MIAMI/JOHANNESBURG, South Africa--(BUSINESS WIRE)--
March 22, 1999--
George R. Garrick, President/CEO of Flycast Communications,
Nominated to Board of Directors
Reflecting its recent acquisition of an 80 percent stake in Leisure Planet (www.leisureplanet.com), a global
Internet-based travel services provider that recently established strategic partnerships with European affiliates
of Yahoo! and Lycos, First South Africa Corp., Ltd. (Nasdaq: FSACF - news) today announced that it
plans to seek shareholder approval to change its name to Leisure Planet Holdings, Ltd. at the Company's
next Annual Meeting of Shareholders on April 29, 1999. The Company has also applied to change its
Nasdaq ticker symbol to LPHL.
Further reflecting the shift in its strategic focus represented by the Leisure Planet transaction, First South
Africa also announced that it has nominated George R. Garrick, president and chief executive officer of
Flycast Communications Corporation, a leading Web advertising network, to serve on the Company's Board
of Directors.
Clive Kabatznik, Chief Executive Officer of First South Africa, said: ''The Leisure Planet transaction was our
first investment in an Internet-based business, and our first investment in a company doing business outside of
South Africa. Given that new strategic direction, we decided that it would be appropriate to give our
company a new name that better reflects this shift in our investment focus. We chose the name Leisure Planet
Holdings because we believe Leisure Planet is exceptionally well positioned to take advantage of the
significant growth opportunities that the Internet presents and, as such, to be the key holding in our investment
portfolio and a key driver toward our goal of building long-term shareholder value.''
First South Africa will continue to operate the Leisure Planet online travel services business as an independent
company and provide it with additional financial and management resources to fulfill its business plan. The
Company intends to retain its other assets, primarily its stake in Johannesburg Stock Exchange-listed First
Lifestyle Holdings.
Commenting on the nomination of Mr. Garrick to serve on the Company's Board, Mr. Kabatznik said: ''With
the change in our strategic direction signaled by our Leisure Planet investment, it is vital that we recruit
outstanding directors and operating executives with a strong track record in establishing and running
successful Internet-based 'e-commerce' enterprises. George Garrick, who as president and CEO of Flycast
has been instrumental in growing its annual run-rate revenues from $3 million to more than $20 million, will be
a major addition to our board. His extensive marketing and e-commerce experience will be invaluable to us
as we grow Leisure Planet into a preeminent online travel services business.''
Mr. Garrick has headed the two largest marketing measurement companies in the United States: IRI North
America, a subsidiary of Information Resources, Inc., and A.C. Nielsen Marketing Research, a subsidiary of
Dun & Bradstreet. He joined IRI in 1981 and in a number of senior executive positions he played a key role
in the company's growth into an enterprise with more than $300 million in revenue. In 1993, he left IRI to
become President and CEO of A.C. Nielsen and later that year he returned to IRI to serve as President and
CEO of IRI North America. Mr. Garrick retired from IRI in 1996 and formed his own company, G2
Ventures, Inc., to pursue various investment opportunities and consulting activities with Internet startup
companies, several of which he still serves as a director. He joined Flycast in 1998, and during his tenure with
the company its annual run-rate revenues have grown from $3 million to more than $20 million. He received a
bachelor's degree in mathematics and engineering, and a master's degree in management from Purdue
University.
The election of Mr. Garrick, as well as the reelection of the Company's other three directors, is subject to
formal approval by the Company's shareholders at its Annual Meeting, which will be held on April 29, 1999.
First South Africa Corp., Ltd. is a publicly traded investment company whose holdings include Leisure
Planet, a global Internet travel services provider, as well as businesses in various industries, including
value-added convenience foods and leisure products.
The statements contained in this press release that are not historical facts are forward-looking statements that
involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of
future financial results, additional financing requirements, development of new products, regulatory approval
processes, the impact of competitive products or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange
Commission.
Contact:
First South Africa, Miami
Rebecca Freeman
(305) 857-5009
or
Kekst and Company, New York
Roy Winnick or Mark Semer
212-521-4842 or 4802
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