FORT LAUDERDALE, Fla. --(BUSINESS WIRE)--April 19, 1999--IRT
Industries, Inc. which trades on the OTC Bulletin Board owned by the
Nasdaq Stock Market (OTC BB:IRTG), announced today further progress in
the acquisition of Thinkbid, Inc., and other efforts.
The Company is in the process of completing an acquisition of
Thinkbid, Inc. (http://www.thinkbid.com) and anticipates, based upon
arrangements reached between the management of both companies, to
complete the deal later this month, following the filing of the
Company's 1998 Annual Report and subsequent quarterly reports which
are due. The Company has been waiting for its accountants to complete
the financials for the reports, expected to occur later this month.
Mr. Wrobel, the CEO, of the Company, along with accountants, have been
working around the clock to complete the reports.
Mr. Wrobel's immediate responsibility after stepping into the
CEO position of the Company was to formulate and undertake a plan to
move the Company from the casino gaming business into an Internet
business. The Company sold or divested itself from its gaming
pursuits. While the Company had hoped gaming would eventually prove
profitable, the Company anticipates significant losses to be reported
for the prior periods for which filings are being prepared, including
the Annual Report. Management, however, believes the Internet can
provide greater opportunity for revenues and growth. Management of
Thinkbid has confirmed it understands the losses exist, and
understands it is part of the past business pursuits, but may provide
a benefit as a operating loss carry forward against any future
profits.
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 the others in
various respects, including in pricing--Thinkbid, unlike the others,
charges a nominal fee only after an item is sold.
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, fluctuating 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, 954/351-0270
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