EVSI news of acquistion.
Kind regards,
DD
quote.yahoo.com
(COMTEX) B: Evans Systems, Inc. Acquires A Free Gift.com
B: Evans Systems, Inc. Acquires A Free Gift.com
BAY CITY, Texas, Jun 17, 1999 (BUSINESS WIRE via COMTEX) -- Evans
Systems, Inc. (Nasdaq NMS: EVSI) announced today that it has approved
the acquisition of A Free Gift.com of Oak Brook, IL., including all
current and future patents, trademarks, web sites and For A Free
E-Gift.com, for 200,000 shares of Evans Systems common stock. The
agreement will be presented to shareholders for approval in September
of this year.
The convenience store segment For A Free E-Gift.com, of which Evans
Systems originally received a master distribution agreement, uses the
techniques of "reverse marketing," which drives traditional retail
customers to an Internet site, creating additional revenue streams
through the collection of visitor data.
Under terms of an "earn out" provision, which expires September 1,
2001, the seller can receive additional shares of Evans Systems common
stock based upon the cumulative net profits of A Free Gift.com. Scott
Sakoff, President and CEO of A Free Gift.com, has contracted to remain
in the same capacity with the new, wholly-owned subsidiary of Evans
Systems.
Peter Losavio, Vice Chairman of the Board of Directors, Evans Systems,
Inc. and Executive Manager of the law firm Losavio and Tomino, stated,
"A Free Gift.com provides an opportunity for additional income and
establishes a new direction for the Company. The Board's primary focus
is to seek a clear and concise path for profitability for the Company.
The acquisition of A Free Gift.com is consistent with the Board of
Directors goals to increase revenues through diversification."
Scott Sakoff, President of A Free Gift.com, stated, "We are excited
about this opportunity because we share an identical vision with the
Evans Systems management team. Our convenience store program aggregates
traditional and e-commerce retail through a reverse marketing program.
We are convinced this will geometrically enhance profitability of this
industry. This is only the first of our Internet data capturing
concepts."
About Evans Systems, Inc. Evans Systems, Inc. is currently
repositioning itself as a provider of e-commerce marketing and
advertising to the Convenience Store industry and others. Currently,
business segments include: Convenience Stores, a chain of retail
outlets in South Texas; Petroleum Marketing, a distributor of petroleum
products; and EDCO Environmental, Inc. which provides environmental
soil remediationservices.
This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are intended to be covered by the safe harbors created hereby.
Investors are cautioned that all forward-looking statements contained
herein are reasonable, and assumptions could be inaccurate, and
therefore, there can be no assurance that forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by the Company or any other person that
the objectives and plans of the Company will be achieved.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Evans Systems, Inc.
J. L. "Jerry" Evans, Jr., 409/245-2424, ext. 107
fax: 409/244-5070
or
Dresner Corporate Services, Inc.
Spencer Maus, 312/726-3200, ext. 205
Smaus@Dresnerco.com
WEB PAGE: businesswire.com
GEOGRAPHY: TEXAS ILLINOIS
INDUSTRY CODE: INTERACTIVE/MULTIMEDIA/INTERNET
RETAIL
OIL/GAS
MERGERS/ACQ
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