SportsNuts.com International Inc. Closes Acquisition
SALT LAKE CITY--(BUSINESS WIRE)--April 6, 1999--SportsNuts.com International
Inc., a Delaware corporation, approved for trading on the NASD Electronic Bulletin Board
(OTC BB:SPNT - news), Tuesday announced that it has completed the acquisition of 81%
of SportsNuts.com Inc. (''SportsNuts''), a Delaware corporation.
As part of the acquisition of SportsNuts, the company raised $1 million, changed its name from Durwood Inc. to
SportsNuts.com International Inc. and appointed a new board of directors. The company also effectuated a 2.213 for 1
forward stock split which is effective with the commencement of business on Wednesday, April 7, 1999.
The number of common shares issued in the first stage of the acquisition of SportsNuts was 7,533,370. The company now has
10,975,083 shares of common stock outstanding, not including warrants to purchase 3,235,230 shares, issued to
warrantholders of SportsNuts.com Inc. at closing.
The company has reserved for issuance in the second phase of the transaction (expected to be completed within the next six
months), an additional 1,766,278 shares of common stock for issuance to existing shareholders of SportsNuts owning the
remaining 19% of SportsNuts; an additional 635,257 shares underlying warrants to be issued to existing warrantholders of
SportsNuts and 9,862,865 shares underlying options to be granted to existing SportsNuts optionholders.
SportsNuts is an online sports community, and sports club that uses the Internet, cable television media, and direct sales to sell
sports, outdoors and fitness products and services to the members of its club throughout the world. SportsNuts' web site
located at sportsnuts.com is intended to be the most comprehensive online sports community and electronic sports
mall.
SportsNuts acts primarily as an intermediary for the actual vendors of the products and services without actually having to
process, ship or inventory.
SportsNuts is believed to be the first company of its kind to simultaneously engage the three powerful forces of the Internet,
cable television, and direct sales marketing in conjunction with the sports, outdoors and fitness industry to motivate and
incentivize persons to join the SportsNuts.Com club and purchase the products and services offered.
Inquiries concerning this transaction should be directed to SportsNuts.com International Inc., c/o Kenneth I. Denos, executive
vice president and general counsel, at the address given below, or by facsimile at 801/816-2599 or via electronic mail at
corpinfo@sportsnuts.net.
SportsNuts.com International Inc. 10421 South 400 West, Suite 550 Salt Lake City, UT 84095 |
