To: Wayne Rumball who wrote (3612 ) 1/29/1999 10:07:00 AM From: JeanD Respond to of 11130
MBTI keeps coming out with more good news: January 29, 1999 09:59 MBT International Announces It has Retained Arthur Andersen to Assist in Its Drive Towards Full Reporting Status CASTLE ROCK, Colo.--(BUSINESS WIRE)--Jan. 29, 1999--MBT International Inc. (OTC BB:MBTI), parent company of AgriMall.com ( www.agrimall.com ), HorseNet.com ( www.horsenet.com ) and LifeAtHome.com ( www.lifeathome.com ) announced today that it has retained Arthur Andersen as the company's new accounting firm. This step was taken to ensure that MBT International has all of the proper accounting procedures and controls in place to achieve its goal of becoming a fully reporting NASDAQ company in the first half of 1999. "We believe that Arthur Andersen brings a world of valuable expertise to MBTI. This relationship exemplifies our commitment to our stockholders to do everything in our power to give them the highest possible return on their investments," says Andy McKinnon, CEO of MBT International. "Our choice of a new corporate accounting firm to steer us to the Small Cap board is simply one more key to strengthening the company and asserting its position as the preeminent online auction and services provider for the $300 billion agricultural industry." MBTI already has fully audited financials for the years of 1995-1997. Arthur Andersen will audit company's financial records and attend to all of its other accounting needs. This move makes it easier for the company to take appropriate measures to ensure that all necessary accounting facilities are in place as it continues its present and future acquisition strategies. MBTI is currently evaluating highly focused acquisitions that will further increase both the traffic and volume of E-commerce in its AgriMall.com site. MBTI recently completed the acquisition of HorseNet.com and launched its online auction application for demonstration and review. The first real auctions on the site will take place in early March. The application is based on the AuctionBarn(TM) technology which MBTI will systematically apply to its various E-commerce sites over the next sixty days. MBT also uses technology similar to that currently being used by online auction and marketing houses such as eBay (Nasdaq:EBAY), Amazon.com (Nasdaq:AMZN) and uBid (Nasdaq:UBID). MBTI's strategy is to build very strong web portals, such as AgriMall.com, to help it secure its leadership position in the $300 billion domestic agricultural industry. Unlike companies such as Skymall (Nasdaq:SKYM) or iMall (Nasdaq:IMAL) that primarily target broad consumer markets, MBTI has a very narrow focus in a marketplace that dwarfs that of Amazon.com (Nasdaq:AMZN), whose worldwide market potential was recently estimated in Businessweek at only $136.1 billion. Within the next few months, MBTI will also launch a live monitored auction environment offering a vast array of goods and services for the agricultural industry. The service will allow buyers and sellers from around the world to participate in numerous real auctions that are taking place all over without ever leaving their home or office. For more information, please contact:, MBTI CEO, Andy McKinnon at 403/932-1122 or David Drake of Merger Communications Inc. at 713/267-2328. Certain statements in this release are forward looking. Although MBT International Inc. (the Company) believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. For factors that may cause actual results to differ materially from expectations and underlying assumptions, see reports by the Company filed with the Securities and Exchange Commission. Merger Communications (Merger) is a media relations firm employed by MBTI and the statements and opinions presented here represent the views of MBTI, not Merger. Merger's compensation for its media relations services consists of a monthly retainer and restricted stock. Merger can have a long position in the securities of the companies in which it distributes information for media use, and Merger may be buying or selling securities in the course of its regular business. CONTACT: MBT International, Castle Rock Andy McKinnon, 403/932-1122 or Merger Communications Inc., Houston David Drake, 713/267-2328