IRTG breaking out...Just hit all time high since Oct. '97...
News very good...
[B] IRT Industries acquires auction Web site for $2 mln
New York--Mar 31--IRT Industries will acquire Thinkbid.com, an auction Web
site, for $2 million in stock and a convertible note.
* * *
The following is the text of today's announcement with emphasis added by
Bridge News. BridgeStation links to company data have been inserted at the end:
IRT Industries and Thinkbid.com, Inc. Completes Negotiations
FORT LAUDERDALE, Fla.---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 schedu
led "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 gor 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 oeed 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.
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