IRTG Completes the acquisition:
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 31, 1999--IRT
Industries (BB:IRTG) announced today the completion of its
negotiations with Thinkbid.com (http://www.thinkbid.com). All terms
and conditions were agreed upon.
Thinkbid.com, Inc. (http://www.thinkbid.com), is a leading online
Internet person-to-person auction web site similar to Ebay, Inc.
(Nasdaq:EBAY), Ubid (Nasdaq:UBID), Amazon.com (Nasdaq:AMZN) and
Onsale, Inc. (Nasdaq:ONSL) but is significantly different than
these other sites because it charges a nominal fee only after an item
is sold.
IRT Industries will acquire Thinkbid.com for two million dollars
in stock and a convertible note. The final acquisition letter will be
signed within ten working days pursuant to the original letter of
intent.
New directors and officers are soon to be elected to IRT
Industries board along with a company name change and a new stock
market symbol.
IRT Industries feels confident of its new direction in its
acquisition of Thinkbid.com for the following reasons:
1- ThinkBid plans to be one of the leading providers of content
on the World Wide Web. The company's objective is to encourage
e-commerce through a number of online tools, and to be a facilitator
of that e-commerce activity.
2- ThinkBid operates an online person-to-person trading community
in which buyers and sellers are brought together in an auction format
to trade personal items such as antiques, collectibles, computers, and
more. (http://www.thinkbid.com).
3- Thinkbid offers an ever growing selection of computers,
collectibles, jewelry, and more, directly to the public, in both an
auction format and a direct purchase format through agreements with
several wholesalers including but not limited to: a) Infotel, one of
the worlds largest computer distributors, b) NWC , wholesaler of art,
collectibles, gift items, electronics, etc.
4- Thinkbid offers a search/index guide called "ThinkFind", that
combines various existing search engine/indexes, namely Yahoo
(Nasdaq:YHOO), Infoseek (Nasdaq:SEEK), Lycos (Nasdaq:LCOS), Alta Vista
(NYSE:CPQ), Excite (Nasdaq:XCIT), and Hotbot.com.into one guide (a
"meta-search engine"). It then categorizes those results from best to
worst and presents those results to the user without the user having
to go to each individual search engine.
5- Thinkbid has created a proprietary software package that
combines the realtime excitement of stock market daytrading, with the
online auction arena. The company has plans to begin scheduled "live"
auctions of various merchandise including one of a kind Legend
memorabilia. (http://www.thinkbid.com/live.htm)
6- Thinkbid has plans to announce "ThinkBuy" an online retail
community, where individuals and small businesses can post items for
SALE, using a choice of payment options. For "approved " candidates,
ThinkBid will accept payment via credit card or online check for the
individual/retailer. Using "ThinkBuy", a small retailer can bring
their entire product line to the Internet, receive a FREE home page,
and only pay ThinkBid, a small percentage of the sale (based on
payment option).
7- ThinkBid has plans to announce "ThinkConnect", an Internet
Service Provider (ISP) similar to America On Line (NYSE:AOL),
Earthlink Network, Inc. (Nasdaq:ELNK) and MCI WorldCom (Nasdaq:WCOM).
offering direct dialup access to the Internet with over 50,000 local
dialup numbers and 56k connectivity. This will make ThinkBid, the only
online e-commerce community that not only encourages individuals and
small businesses to do business on the net, but will bring the
Internet to them!
8- ThinkBid has plans to announce the "Get on the NET" package.
For $999 and $19 per month, an individual or small business owner will
get everything they need to bring their business online, including
computer hardware, software, ISP dialup access, Thinkbid/ThinkBuy
account (including a free home page), instructional video, and
telephone support.
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.
--30--cp/mi*
CONTACT: IRT Industries, Inc., Fort Lauderdale
Arnold Wrobel, President
954/351-0270
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET RETAIL MERGERS/ACQ
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