The other news is also good:
News article received, Tuesday, May 04, 1999 11:41:57 AM EST
U.S. Home & Garden Announces E-Commerce Internet Initiative
SAN FRANCISCO (May 4) BUSINESS WIRE -May 4, 1999--U.S. Home & Garden Inc. (NASDAQ: USHG) announced that it has signed a letter of intent for the purpose of entering into a joint venture with respect to a lawn and garden e-commerce web site.
USHG and its joint venture partner intend to expand and build the existing site into the leading lawn and garden internet site. USHG will pay cash and/or stock for its interest in the assets of the acquired site, which will then be contributed and transferred to a newly organized subsidiary of USHG. Both USHG and its joint venture partner will each own 50% of the new subsidiary.
The new entity will have an extensive line of in excess of 5000 live horticultural and gardening related products, which are currently being sold by USHG or through the web site. USHG's joint venture partner will provide internal fulfillment and supply capability, and an e-commerce management team.
Robert Kassel, President and CEO, stated, "This new joint venture represents a great opportunity for U.S. Home & Garden to enter the internet business at a level that can generate meaningful sales and become the landmark e-commerce site for lawn and garden products."
Mr. Kassel also stated, "We anticipate signing a definitive agreement within 60-90 days."
U.S. Home & Garden Inc., is a leading manufacturer and marketer of a broad range of consumer lawn and garden products including weed preventive landscape fabrics, weed trimmer replacement heads, fertilizer spikes, decorative landscape edging, shade cloth and root feeders which are sold under various recognized brand names including Weedblock(R), Jobe's(R), Weed Wizard(tm), Emerald Edge(R), Shade Fabric(tm), Ross(R), and Tensar(R). The Company markets its products through most large national home improvement and mass merchant retailers including Home Depot, Lowe's, Kmart, Ace Hardware, True Serve, and Home Base. To learn more about U.S. Home & Garden Inc.'s business, visit its website at www.easygardener.com/ushg. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release that are not historical facts are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of the company to negotiate a definitive agreement and consummate the transactions contemplated by the letter of intent with its proposed joint venture partner, successfully integrate any future businesses or product lines acquired into existing operations, the Company's growth strategy, customer concentration, outstanding indebtedness, dependence on weather conditions, seasonality, expansion, and other activities of competitors, changes in federal or state environmental laws and the administration of such laws, protection of trademarks and other proprietary rights, the general condition of the economy, uncertainty relating to the Company's Year 2000 compliance efforts and the possible failure of key suppliers and customers to be Year 2000 compliant, and other risks detailed in the Company's Securities and Exchange Commission filings. The words "anticipate" and "intend" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statement was made.
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