I belive I now know why the stock shot up today. I'm not sure Dee Jay will like this news release, and I'm not sure that I do either...
Friday February 28 2:30 PM EDT
Hightec, Inc. Reaches Final Agreement with Benefits
Administration, Inc.
TIBURON, Calif., Feb. 28 /PRNewswire/ -- Larry Stockett, President of Hightec Inc , and
Sinclare Group Inc announced today that he had reached the final agreements with the shareholders
of Benefits Administration, Inc. (BAI) a Chesapeake, VA provider of private label benefit services,
to exchange 25 million shares of Hightec, Inc. stock for 100% of the outstanding shares of BAI.
Under the terms of the final agreement which became effective Friday, February 28th, Tom Kidd,
President of BAI became the majority shareholder and Chairman of the Board of Hightec, Inc., and
Chief Executive Officer. Mr. Stockett remains a director, President and Chief Operating Officer.
Mr. Kidd maintains his position as Chairman and Chief Executive Officer of Benefits Administration,
Inc. Janet Ackerley assumed the position of President and Chief Operating Officer of Benefits
Administration, Inc., and occupies a seat on the board.
Hightec is a holding company which owns the IPO Network, BAI, 40% of Sinclare Group, Inc. and
Karate International Corporation, a chain of six company owned stores and twenty-six franchise
units.
In announcing the acquisition of BAI which comes immediately on the heels of the acquisition of 8
million shares of Sinclare Group, Inc., Stockett said, "The acquisition of BAI allows us to rapidly
achieve our previously announced goal of distributing over 20 million copies of Flexquote to the
market."
Each participating BAI plan member will pay $1.00 per month for the use of the Flexquote software
which will be bundled under private label to the more than one hundred organizations representing
22 million members served by BAI.
According to Mr. Kidd, "BAI has a contract backlog in excess of $250 million. Becoming part of a
public company allows us access to the capital necessary to finance the exponential growth rate we
have achieved in the past year and provides us the opportunity to capitalize on synergies not
previously available."
Free information and free software may be downloaded by existing Internet users at the following
addresses:
* ipo-network.com
* fedonline.com
* worldofbenefits.com SOURCE Hightec Inc. |
