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Company Digest
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May 24, 1999 05:15
The BigHub.com Comments on Recent Market Activity; Company Notes
Definitive Plans for Filing for Fully-Reporting Status and Goal of
Nasdaq Listing
STAMFORD, Conn., May 24 /PRNewswire/ -- Frank W. Denny, Chairman of The
BigHub.com (OTC Bulletin Board: BHUB), today commented that the Company
is concerned about the recent trading activity in its common stock and
the rumors that have circulated in recent days about the Company. The
Company attributes such activity to confusion regarding the Company's
growth goals, financing plans and intentions regarding its status as a
non-reporting OTC Bulletin Board traded entity, which it believes was
caused in part by negative editorials published earlier this week and
which the Company views as irresponsible and one-sided.
"One of the most one-sided aspects of these editorials," Mr. Denny
stated, "relates to the tremendous success our management team
previously achieved with Shopping.com. The most overlooked point is that
we developed and built that company to a level that made it attractive
for Compaq to acquire it for over $220 million. I believe that record of
success, as illustrated by the enhanced value delivered to shareholders,
speaks for itself."
"However," Mr. Denny added, "I am sorry to report that as a result of
this negative publicity, Al DiGuido has determined to resign from his
newly appointed post as President and CEO. Mr. DiGuido informed the
Company that although he believes strongly in our concept, strategies
and management team, he felt his efforts would be hampered by the
negative treatment management received in those editorials. While we are
sorry to lose him at this point, we are confident that we will be able
to appoint a capable successor within a short period of time."
Mr. Denny also noted that the Company does indeed have definitive plans
to shortly file a Registration Statement with the Securities and
Exchange Commission which will enable The BigHub.com to be a fully
reporting company. He also noted that in conjunction with that filing,
the Company plans to make an application to the Nasdaq Stock Market for
the listing of its securities on the Nasdaq SmallCap Market. In response
to inquiries about the Company's earlier stated intentions to file for
fully reporting status, he said that considering the complete change in
management and adoption of significant new growth initiatives that had
entered the planning stage earlier this year, such prior filing would
have been inappropriate.
"With respect to our financing plans," Mr. Denny added, "we are actively
engaged in discussions to secure additional capital to support our wide-
ranging and aggressive growth strategy. Suffice to say that any
financing mechanisms ultimately employed will take into consideration
the long term interests of our shareholders as we move to create what we
believe will be a premier shop and search portal for the new millennium.
Above all, our prime goal is to deliver enhanced growth and value to all
of our shareholders and we do not plan to take any steps that work
against this key tenet of our strategy or our underlying responsibility
to shareholders."
"Finally," Mr. Denny added, "let me say in the strongest terms possible
that I have the utmost confidence in the caliber, character and
abilities of the new management team we are assembling. Each of the
individuals involved in this venture possess the talents necessary to
successfully implement our growth initiatives and each boasts an
enviable record of accomplishments. As well, we have engaged legal
counsel and investment banking consultants of the highest caliber to
assist us in our endeavors and provide an important level of oversight
for our corporate activities. Over the coming weeks we expect to
announce more additions to our management team which I believe will
further demonstrate the nature, scope and propriety of our goals and
strategies."
About iSleuth/The BigHub.com
The BigHub.com (www.thebighub.com) is a network of branded, affiliate
sites designed to leverage the traffic and capabilities of the powerful
iSleuth (www.isleuth.com) meta-search engine. Allowing users to
simultaneously search multiple search engines, web directories, and news
databases on one site, iSleuth was recently named among the web's top
ten search engines by the New York Times and the Miami Herald. By
uniting a diverse portfolio of "Big" companies within a web-based
network, TheBigHub.com seeks to create a powerful consumer destination
with an emphasis on commerce, content, and community. Current network
affiliates include The BigPets.com, The BigTravel.com, The BigRx.com,
The BigCompare.com, The BigToys.com, The BigBiz.com, and The
BigAuction.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. Certain information included in
this press release (as well as information included in oral statements
or other written statements made or to be made by The BigHub.com)
contains statements that are forward-looking, such as statements
relating to the consummation of transactions, anticipated future
revenues of the companies and success of current product offerings. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future, and
accordingly, such results may differ materially from those expressed in
any forward-looking statements made by or on behalf of The BigHub.com.
The potential risks and uncertainties include, among others, the
company's limited operating history, the competitive environment in
which the company competes, the early stage of the Web as an advertising
and electronic commerce medium, the company's dependence on advertising
and sponsorship revenues, the company's dependence on strategic
relationships to drive traffic to its Web sites, consumer acceptance of
the company's new products and services, the company's ability to
develop and integrate new technologies and services into its existing
services, and the increased use of the Web for commerce.
SOURCE The BigHub.com
/CONTACT: Barry A. Rothman of B. Alan Associates, Inc., 561-483-7743,
for
BigHub.com/
/Web site: thebighub.com
isleuth.com
(BHUB) |
