To: REW who wrote (47 ) 3/30/2000 12:17:00 PM From: REW Read Replies (1) | Respond to of 110
TSIG.com Shareholders Vote to Ratify Restructuring Plan; Approval Paves the Way for Investment Bank to Raise Up to $40 Million March 30, 2000 11:51 AM Eastern Time ST. PETERSBURG, Fla.--(BUSINESS WIRE)--March 30, 2000-- TeleServices Internet Group Inc. TSIG , known as TSIG.com, today announced that its shareholders have voted to approve the proposal recommended by its board of directors that the company amend its Articles of Incorporation to effect a combination (also known as a "reverse split") of the number of outstanding, not the number of authorized, shares of common stock on a 10:1 basis. TSIG.com's investment bank had advised the company to complete this restructuring as a pre-condition to raise up to $40 million in financing. "We are pleased that the shareholders voted by an overwhelming majority to approve the restructuring plan proposed by the board," observed Robert Gordon, chairman and chief executive officer of TSIG.com. "We can now move ahead to raise the funds we need to take advantage of the many opportunities we have to grow the business and make acquisitions." About TSIG.com Headquartered in St. Petersburg, Florida, TSIG.com created the myMusicCard program to enable consumers to purchase CDs and cassettes at the lowest prices, and to develop revenue-generating programs with corporations and non-profit organizations that drive consumers to customers' Internet sites for the lowest cost in the industry. Similarly, TSIG.com's myPhotoCard programs provide low-cost film processing and Kodak film, and the myPhoneCard programs provide low-cost prepaid long-distance calling card services. These customized marketing programs provide high margin returns, and develop strong brand loyalty and awareness within target communities. TSIG.com also provides customer service and support with its Web-based call center and related services. This press release contains "forward-looking statements" within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. Actual results could differ materially, as the result of such factors as (1) competition in the markets for the products and services sold by the company, (2) the ability of the company to execute its plans, (3) the availability of financing at favorable terms, and (4) other factors detailed in the company's public filings with the SEC. CONTACT: TSIG.com, St. Petersburg Paul Henry, 727/897-4000 phenry@tsig.com