Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : ITURF Inc. ( NASDAQ:TURF ) -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (569)	11/17/1999 12:28:00 PM
From: Big Dog	Read Replies (1) \| Respond to of 614

dELiAs and iTurf Announce Registration of iTurf Shares and Intention to Spin Off iTurf Interest to dELiAs Shareholders NEW YORK--(BUSINESS WIRE)--November 17, 1999--dELiAs Inc. (Nasdaq:DLIA - news) and iTurf Inc. (Nasdaq:TURF - news), leading marketers to Generation Y, announced today that iTurf will be filing an amendment to its registration statement on Form S-1 currently under review by the SEC to allow for the sale of 2,000,000 shares of iTurf common stock currently held by dELiAs. Evan Guillemin, President of dELiAs, stated, ''The eventual separation of dELiAs and iTurf would be an important step for both companies, which have enjoyed rapid growth in their respective but distinct roles as marketers to Gen Y. We believe the value of dELiAs and iTurf will be better recognized by the market if the two entities trade separately and we will make every effort to accomplish that goal. With the exception of the 2,000,000 shares being registered, dELiAs does not plan to sell any of its equity in iTurf. We intend to distribute the remaining shares of iTurf to our shareholders, subject to relevant business, tax and legal factors being resolved by the two companies.'' Of the 2,000,000 shares, 325,000 are being sold in a privately negotiated transaction to Kistler Joint Venture, a private investor, which will be named as a selling shareholder in the registration statement. dELiAs announced no immediate plans to sell the additional 1,675,000 shares of iTurf. dELiAs currently owns approximately 66% of the outstanding common stock of iTurf and approximately 92% of the voting power. Following the sale of shares to Kistler Joint Venture, dELiAs will own approximately 64% of the outstanding common stock and 92% of the voting power. Mr. Guillemin noted, ''We intend to use the proceeds from the sale of iTurf shares to Kistler Joint Venture to continue our planned retail store expansion. We believe that the strengthened presence at retail enhances the value of the dELiAs brand in every channel, including the catalog and Internet franchises we have already developed.''