SFAD News :
(COMTEX) B: SAFE TECHNOLOGIES INTERNATIONAL, INC., REPORTS INTERNET A
B: SAFE TECHNOLOGIES INTERNATIONAL, INC., REPORTS INTERNET ACQUISITION CLOSING
And Disclosure of Major SFAD Shareholders Lock Up Agreements
PALM BEACH, Fla., Feb. 5 /PRNewswire/ -- Safe Technologies
International, Inc., (OTC Bulletin Board: SFAD) announced today that
the Company has closed the Acquisition Agreement with Internet
Associates International, Inc. (IAI) in Boca Raton, FL.
Brad Tolley, Vice President of Investor Relations, said, "We are very
pleased to have closed the deal with Internet Associates today,
February 5, 1999, at our attorney's offices. Management had looked at
several similar companies during the past year, providing Web Hosting,
Web Marketing and Design services, as Internet Associates' offer.
However, no other companies' management we looked at exhibited the
strength in management skills, e.g., fiscal responsibility,
organizational expertise, etc., which the Internet Associates' Managing
Directors demonstrate. Unlike most Internet companies, Internet
Associates is geared to expect profits. For example, January, 1999,
IAI's unaudited financials indicate a Net Profit of $40,000 for the
month. A company like this is important to SFAD in several respects.
IAI conforms to SFAD's acquisition criteria: solid growth and
Shareholder value."
Management, in their continuing interest of providing SFAD shareholders
with current information, also disclosed today that the two largest
SFAD shareholders and the management, together representing a 78%
equity position in the Company, have entered into Shareholder
Agreements for further restrictions as to the sale of their SFAD stock,
over and above what the SEC 144 rule permits for volume sales in the
next four quarters. Pursuant to that period, the shareholders and
officers will again review the market situation to ascertain the need
for additional further restrictions.
Mr. Tolley said, "Management has great expectations for 1999, based on
the groundwork which was laid in 1998. It is important to emphasize
and reinforce in Shareholders' thinking that SFAD is a multi-faceted
company, fast evolving into an E-Corporation."
Safe Technologies International, Inc., based in Palm Beach, Florida, is
a multi-faceted company with multiple areas of concentrations:
Internet, Technology, and Heath Care/Wellness.
SOURCE: Safe Technologies International, Inc.,(SFAD)
CONTACT: Brad Tolley VP Investor Relations
TEL: 561-832-2700
EMAIL: investor.relations@safetechnologies.com
HTTP:// www.safetechnologies.com
Forward-Looking Statements: Except for the historical information
contained herein, this news release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
l934, as amended, that may involve risks and uncertainties, including
unproven market for SFAD's products and services, the availability of
suitable financial resources, the availability of management, as well
as other risks detailed from time to time in the Company's SEC reports,
including reports on Form 10KSB for the year ended November, 1997 and
Form 10-QSB for the quarter ended September 30, 1998.
SOURCE Safe Technologies International, Inc.
-0- 02/05/99 /CONTACT: Brad Tolley of Safe
Technologies, 561-832-2700, or investor.relations@safetechnologies.com/
/Web site: safetechnologies.com (SFAD)
CO: Safe Technologies International, Inc.; Internet Associates
International,
Inc. ST: Florida IN: CPR MLM SU: TNM
*** end of story *** |
