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Strategies & Market Trends : Stock Watcher's Thread / Pix of the Week (POW) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Watcher who wrote (26075)	2/9/2000 11:32:00 AM
From: Dave Gore	Respond to of 52051

DRYD NEWS! Closes Vista Deal (COMTEX) B: Dryden Closes Vista Acquisition B: Dryden Closes Vista Acquisition SARASOTA, Fla., Feb 9, 2000 (BUSINESS WIRE) -- Dryden Industries, Inc. (OTCBB:DRYD) announced today that it has completed the acquisition of Vista Photographic and Video Group, Ltd. ("Vista"). The transaction was a reverse merger with Vista shareholders receiving stock and cash, although exact terms were not disclosed. Dryden has been classified as a development stage company since discontinuing the operations of all three of its subsidiaries during fiscal year 1998. The acquisition of Vista will provide Dryden with on-going operations. Vista, a producer of corporate training and sales videos, is executing a new business strategy of combining the resources of a full service video production house with the evolving technology of streaming media for Internet commerce. As a condition of the merger, Dryden infused Vista with one million dollars of working capital to implement its business plan. R. Lee Matzig will remain Chairman of Dryden, and Christopher D. Curtis, Chairman of Vista, will become Chief Executive Officer of Dryden. Mr. Curtis stated, "I am thrilled by the merger of these two entities and I look forward to utilizing the resources that Dryden is contributing to execute our business plan." Concurrent with the merger, Vista has relocated its video production studio to the business technical center located at 2155 Chenault Drive, Suite 310, Carrollton, Texas 75006. To leverage off of the growing community of technology companies in the Alliance Business Corridor, the company has opened temporary offices near the corridor in North Fort Worth. In addition to becoming the company's headquarters, this office will house the company's sales operations and its encoding laboratory. The temporary office is located at 304 N. Hwy 377, Roanoke, Texas 76262. Dryden is currently in negotiations with Hillwood Development Corporation to secure office and warehouse space in the Alliance Gateway 20 building, which is currently in construction. The company's Web site can be accessed on the World Wide Web at www.vistastream.com. Mr. Matzig added, "This is a great day for Dryden, especially for our shareholders, and the first step in our strategy to reposition Dryden as an acquirer and developer of companies that provide e-commerce solutions." As announced on January 20, 2000, Dryden has signed a letter of intent to acquire e resources inc. e resources inc is a recently formed Delaware Corporation that is engaged in the acquisition and development of companies that are involved in business-to-business ("B2B") and business-to-consumer ("B2C") electronic commerce. e resources inc is currently in the process of closing its first acquisition of a B2C company, CareMart(TM) The Home Healthcare Superstore. The company also anticipates making its initial investment in a B2B Internet start-up while actively targeting other electronic commerce companies to integrate into its business model. "We are working toward closing the e resources deal by the end of February and shortly thereafter changing Dryden's name to e resources inc to reflect our new business strategy," Mr. Matzig stated. After the completion of the e resources inc transaction, Dryden will utilize Vista technology to broadcast a Web cast to announce the details of all of the mergers for the benefit of its shareholders and other interested parties. For further information, please contact R. Lee Matzig at 941/362-0470 or via e-mail at RLM44@prodigy.net. Copyright (C) 2000 Business Wire. All rights reserved. Distributed via COMTEX. -0- CONTACT: Dryden Industries Inc., Sarasota R. Lee Matzig, 941/362-0470 Email: RLM44@prodigy.net