(PR Wires) DJ: Oxford-Knight Signs Letter of Intent to Acquire a 40% In
DJ: Oxford-Knight Signs Letter of Intent to Acquire a 40% Interest in Financial
Services Company
GRAND ISLAND, N.Y., April 23 /PRNewswire/ -- Oxford-Knight International,
Inc. (OTC Bulletin Board: OKTI) announced today that it has signed a letter
of intent to acquire a 40% interest in Fusion Capital Corp., a company
dedicated to providing Electronic Funds Transfer (EFT) systems, utilizing a
nationwide network of "Mini Banks" for retail merchants. Services provided
by Fusion include equipment & software provision, debit/credit all
environmental units for drive-up restaurants (currently being tested with
McDonald's Corporation), ATM stand alone machines, smart cards, and much
more. It is the intent by OKI management to spin off 40% of Fusion as a new
publicly traded company and have OKTI shareholders receive proceeds via
stock in the publicly traded entity based upon a record date disclosed in
the future. It is estimated that it will take 3 weeks for the completion of
the acquisition once all due diligence has been completed by OKTI's
management and legal counsel. "This letter of intent comes off the heels of
another LOI signed and announced previously this week. We expect to have
that deal finalized very soon," stated Paul Syracuse, OKI President and CEO.
Syracuse went on to say, "Many exciting things are happening with OKI
right now, and I am thrilled our shareholders are going to be the ultimate
beneficiaries.
"We have spent the past year building our infrastructure and we are now
progressing with our business plan." Once OKI completes its due diligence
with Fusion and completes the acquisition, the registration process with the
SEC will begin to get Fusion its own listing on the bulletin board. In
addition, the company is in process of an audit for the purpose of becoming
reporting to the SEC. It is expected that such audit will be completed and
Form 10-SB filed with the SEC prior to June 1st.
Oxford-Knight International, Inc. plans to specialize in mergers &
acquisitions, leveraged buy-outs, business consulting, real estate
development, construction (residential and commercial), assisted living
facilities (new), and retail & wholesale distribution of auto accessories.
The company has 2.282 million shares outstanding. For more information on
Oxford-Knight, contact Jeff Brommer, Investor Relations, 800-749-0114.
This release contains forward looking statements with respect to the results
of operations and business of Oxford-Knight International, Inc. that
involves risks and uncertainties. The Company's actual future results could
materially differ from those discussed. Risks and uncertainties of the
Company will be detailed from time to time in the Company's periodic
reports. The company intends that such statements about the Company's future
expectations, including future revenues and earnings, and all other forward
looking statements be subject to the "safe harbors" provision of the Private
Securities Litigation Reform Act of 1995.
Investments 101, Ltd. has been retained by Oxford-Knight to provide investor
relations services for a period of three months beginning April 8, 1999.
Investments 101, Ltd. is being compensated for services rendered with
150,000 shares of free-trading common stock. Jeff Brommer, his family,
friends, and associates may from time to time buy and sell the above
mentioned security in the open market.
/CONTACT: Jeff Brommer of Investments 101, Ltd., 800-749-0114, for
Oxford-Knight/
11:06 EDT
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