Wire ONSALE AND EGGHEAD MERGER CREATES A LEADER IN ONLINE RETAILING OF TECHNOLOGY PRODUCTS; INTEGRATED WEB SITE READY FOR HOLIDAY SHOPPING SEASON BUSINESS EDITORS/HIGH-TECH WRITERS
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MENLO PARK, Calif.--(BUSINESS WIRE)--Nov. 22, 1999--Onsale, Inc.
and Egghead.com, Inc. today announced the completion of the merger
between the companies.
Egghead.com, the name of the combined companies, is headquartered
in Menlo Park, with operations in Vancouver, Wash.
"With the approval of the Egghead stockholders last Friday, we
are now executing on our integration plans," said Jerry Kaplan,
Egghead.com's CEO. "The first major task was to bring our web sites
together, to make sure that customers from both companies had an
easy-to-use, robust shopping site where they could continue to use
their existing accounts and passwords.
"I'm pleased to announce that as of this morning, we are ready
and open for business for the holiday season. Our new unified web site
brings together the best of Egghead.com and Onsale, with an expanded
selection of new and surplus merchandise, great prices, improved
product information, and a special 'free shipping' promotion to kick
things off.
"Teams from both companies worked through the weekend to make the
integration happen at 'Internet speed'. The next task is to integrate
our advertising and promotional messages, which should be completed
shortly. I expect that this exemplary teamwork, commitment, and fast
execution will be the hallmark of our new company going forward."
Egghead.com will trade under the EGGS symbol on the Nasdaq stock
exchange. On Monday, November 22nd, Egghead.com will trade under the
ONSL symbol because of the time and logistics needed to change the
symbol. On the following day, Egghead.com will be traded under the
EGGSD symbol for ten trading days. After ten days, Egghead.com will be
traded under the EGGS symbol.
Egghead.com shareholders receive 0.565 shares of Onsale common
stock in exchange for each share of Egghead common stock. Egghead.com
shareholders will be sent instructions on how to exchange Egghead
stock certificates for Onsale stock certificates. Stock certificates
currently held by Onsale shareholders will automatically represent
stock ownership of the combined company.
The board of directors of Egghead.com are: George Orban,
chairman, Egghead.com; Jerry Kaplan, chief executive officer,
Egghead.com; C. Scott Gibson, principal, Gibson Enterprises; Robert T.
Wall, president, On Point Developments; Karen White, senior vice
president, Oracle; Alan S. Fisher, chief technical officer,
Egghead.com; Peter L. Harris, president and chief executive officer,
The Picture People; and Kenneth J. Orton, chief strategist,
Cognitiative.
An additional board member will be named at a later time.
About Egghead.com
Egghead.com (Nasdaq:EGGS.O) is a leading Internet retailer of new
and surplus computer products, consumer electronics, sporting goods,
and vacation packages. Through its auction site -- Onsale.com -- the
company offers bargains on excess and closeout goods and services.
Egghead.com combines broad selection, low prices, and excellent
service to provide an outstanding online shopping experience for
businesses and consumers. Egghead.com is located on the Internet at
www.egghead.com.
Note to Editors: Egghead.com and Onsale are registered trademarks
of Egghead.com, Inc. All other companies and their brand names
mentioned are trademarks or registered trademarks of their respective
holders. |
