MYTN
MyTurn.com Announces Agreement With a Leading Shanghai-based
Manufacturer to Produce New Personal Computer GlobalPC
ALAMEDA, Calif.--(BUSINESS WIRE)--June 5, 2000 -
Manufacturing to be Supported by $100 Million Financing Arrangement
with Industrial and Commercial Bank of China
MyTurn.com, Inc. (NASDAQ: MYTN - news), a provider of Internet-based, e-commerce computing products and services, today announced that it has entered
into an agreement with Shanghai Industrial Investment (Group) Co., Ltd., (SIIG), a leading Shanghai-based manufacturer, to produce the company's breakthrough
consumer product, the GlobalPC(TM).
Financing for this initiative is being provided through a $100 million line of credit issued by Industrial and Commercial Bank of China to Shanghai Industrial
Investment (Group) Co., Ltd. As MyTurn.com's bank in the United States, Bank of America will factor MyTurn's domestic receivables from the sale of the
GlobalPC. ``Bank of America is excited to have this opportunity to work with MyTurn.com and Shanghai Industrial Investment (Group) in supporting the launch of
the GlobalPC--a terrific new product,'' said Rick Jones, Vice President of Factoring, Bank of America.
MyTurn.com recently announced it is bringing the GlobalPC to market this summer, a $299 priced personal computer based on the GEOS© operating system. The
GlobalPC, which will be sold in leading mass retailers, will make an easy and affordable product along with one-stop Internet access, available to the more than 50
million American families without computers.
``We are thrilled to be working with a leading, respectable and experienced electronics manufacturer,'' said Mark Bradlee, Executive Vice President Worldwide
Sales & Business Development, MyTurn.com. ``Shanghai Industrial Investment (Group) and their subcontractors have worked with some of the largest and
highest-quality consumer electronics companies in the world, including Siemens, Motorola, Acer, Philips and Pioneer, among others. We are confident that SIIG will
be an excellent partner with MyTurn.com to develop our easy to use and affordable personal computing alternative aimed at the U.S. marketplace--the GlobalPC.''
``This deal has been negotiated to provide MyTurn.com with the utmost financial flexibility,'' Bradlee added. ``The financial agreement with the Industrial and
Commercial Bank of China, enables us to use our available capital to invest in critical areas of product development, branding, marketing and customer service. This
is a major financial accomplishment for the company.''
``We are extremely excited to be involved in the development and manufacture of this new and innovative computer product,'' said Mr. Shen Peng Fei, Manager of
Trade and Overseas Cooperation Division, Shanghai Industrial Investment (Group) Co., Ltd. ``We are also grateful to the Industrial and Commercial Bank of China,
which is funding this important economic development project.''
About MyTurn.com
MyTurn.com is a provider of easy-to-use, inexpensive Internet-based, e-commerce computing products and services targeted at providing a complete solution to
the millions of American households without computers and access to the Internet. Offering the first fully integrated PC for under $300, MyTurn.com's GlobalPC
features an easy-to-use interface for the first time computer user and comes with a complete operating system, Internet browser, e-mail package and office suite of
software applications (word processor, spreadsheet, database and graphics program). With the touch of a single button, consumers will be able to send and receive
e-mail, file attachments and surf the Web using GlobalPC's online service, built in high-speed modem and enhanced Internet software.
MyTurn.com has headquarters in Alameda, California and also maintains offices in Jacksonville, Florida. For more information, visit www.myturn.com.
Forward Looking Statements
Certain information contained in this announcement are ``forward-looking statements.'' MyTurn.com cautions readers that certain important factors may affect actual
results and could cause such results to differ materially from any forward-looking statements which may be deemed to have been made in this announcement or
which are otherwise made by or on behalf of MyTurn.com. For this purpose, any statements contained in this announcement that are not statements of historical fact
may be deemed to be forward-looking statements. Factors that may affect results include, but are not limited to, the Internet and Internet related technology and
products, new technology developments, developments and regulation in the telecommunications industry, the risk of loss of management and personnel, the
competitive environment within the Internet and telecommunications industries, the ability of MyTurn.com to develop its infrastructure, the ability of MyTurn.com to
comply with its obligations under the manufacturing agreement for the Global PC and related bank financing agreements, the ability of MyTurn.com to enter into
arrangements to sell products through the retail mass market channels, the ability of MyTurn.com to raise additional capital which will be required in the next 120
days to continue to develop and sustain business at current levels and to implement MyTurn.com's business plan, the competence required and experience of
management and economic conditions.
Contact:
Media Contact:
Sloane & Company
Jocelyn Johnson
212/446-1867 |
