To: LANCE B who wrote (519 ) 11/2/1999 11:49:00 AM From: BudLong Read Replies (2) | Respond to of 4792
Lance, IRTN not a beautiful thing. In fact, kinda ugly... Share price tanking. NEWS below. HASBROUCK HEIGHTS, N.J.--(BUSINESS WIRE)--Nov. 2,1999--In-Sports International, Inc. (OTC BB: IRTN) IRTN announced today that it has disclosed, in a letter to shareholders, the terms and conditions of the Tender Offer Received on October 25,1999. The following is a copy of the letter to shareholders: Dear Shareholder, On October 25,1999 IRTN received a Tender Offer of $2.00 per share for all of the Company's issued and outstanding stock, 20 million shares in all. The offer was made by the representative of an Investment Group who owns certified precious and strategic metals concentrates currently stored in a warehouse facility in San Antonio, Texas, with an aggregate value exceeding $48 Million Dollars. These concentrates are available for processing in a state of the art production facility valued at $10 Million Dollars, located in Salt Lake City, Utah. Processing can begin within 60 to 90 working days, and continue for a minimum of 6 years. The Company has been provided with a production schedule for the next five years, commencing the second fiscal quarter of 2000. Projected annual revenues from this schedule are $8,874,742. Payment of the $2.00 per share Tender Offer would be cash payments prorated over 5 years, paid quarterly, commencing the third fiscal quarter of the year 2000 and terminating when all shareholders had been fully compensated. In the event this tender offer is rejected on November 19,1999 at the Shareholders Meeting to be held at the Holiday Inn in Hasbrouck Heights, NJ at 10 AM, the investment group has indicated that it would consider the acceptance of 21 million investment shares from the IRTN treasury in exchange for the concentrates and production program as stated above, which would then be conducted as a part of IRTN. While we do not wish to influence the shareholder vote, we are of the opinion that exchanging the shares for the revenue producing concentrate program would provide greater growth to the company. We believe that IRTN could then sustain the cash flow necessary to allow the implementation of large scale marketing programs for our Synthetic Grass Athletic Fields, Day Care Centers, Parks and Recreation Centers, and Commercial and Residential Lawns on a National and International basis. We also believe that the possibility of a quarterly dividend policy could become a reality and that the projected Per Share earnings could possibly afford shareholders a substantially higher value per share over the medium and long term. While the Board of Directors originally approved the Tender Offer in Principle, and after further detailed consideration, together with extensive meetings with the Investment Group, indications are that the pursuit of the share exchange transaction may be of considerable more benefit to the Company and its Shareholders. Please feel free to call me. I look forward to seeing you personally at the Shareholder Meeting. On Behalf of the Board of Directors Very Truly Yours, ----------------------------- Sam Serritella President/CEO