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Kensington International Holding Corp. Forms an Alliance To Become Part ofwww.youprice.com
MINNEAPOLIS, May 21 /PRNewswire/ -- Kensington International Holding
Corporation (Nasdaq: KNSC) announced today that they had entered into an
agreement with Computer Pundits Corporation (referred to as "CPC") of
Bloomington, Minn. CPC owns the web site youprice.com , and
Kensington, through its subsidiary, Ives Design, Inc., will provide kiosks and
customized computer furniture for youprice.com
CPC is an authorized reseller of computer hardware, software, and on-line
configuration services. During March 1999, its first month on the Internet, it
had over 140,000 Internet hits. Internet shoppers can either accept
youprice.com's prices or they can name the prices they want to pay
for over 10,000 computer products. Youprice.com also sells its own newly
branded PC line, "YourPC series computers" which come with a 3-year depot
warranty on components. In addition, Youprice.com offers pre-installation and
configuration services including setup and configuration for MS Office,
E-mail, Windows NT Server, MS BackOffice server, Windows 95, Windows 98,
TCP/IP, NetBEUI and IPX/SPX networking protocols. For customers who need
assistance in selecting the right hardware or software,
youprice.com offers free detailed quotes and computing advice via
e-mail to recommend products and configurations based upon customer's current
computing environment, their future needs, and their budget. Due to this
consulting approach and youprice.com's competitive pricing on
computer hardware, software, and services, youprice.com sales
increased 450% from March to April, 1999. CPC plans on raising $10,000,000 to
$14,000,000 and, if that is accomplished, it is estimated that gross revenues
for the year 2000 will be between $250,000,000 and $350,000,000 with net
income of between $25,000,000 to $35,000,000. This is not an offer to sell and
is only an estimate that is subject to the cautionary statement at the end of
this release.
Now visitors to youprice.com web store can register to win one
of 10 personal computers to be given away each month. Business and home-users
will be qualified to enter the drawing by filling in the registration form at
the web site.
CPC will list Ives Design on its web site and will grant shares of stock
to Kensington.
Kensington filed its 10-KSB on the 19th of May 1999, and it showed that
the Company had increased net income, after taxes, by 497% in 1998 compared to
the same period in 1997.
Year ending, 12/31/98
1998 1997 % Change
Gross Revenue $3,934,579 $3,151,241 + 24%
Net Income $201,028 $40,386 + 497%
Net/Share $0.06 $0.01 + 500%
Kensington designs, manufactures, and installs custom fixtures, millwork,
and cabinetry. In addition, Kensington, through its equity acquisition
program, has equity interests in gas wells, a licensed electric service
provider, medical products and services, an integrated information products
company, and an internet eTailer service provider.
The preceding statements are made pursuant to the Private Securities
Litigation Reform Act of 1995, as amended, in order for the Company and CPC to
avail themselves of the "safe harbor" provisions of that Act, as amended.
Certain statements in this release and the Company's and CPC's financial
projections that are not historical fact constitute "forward-looking
information." Such forward-looking information involves known and unknown
risks, uncertainties and other factors, which may cause the actual results of
the Company and CPC to be materially different from results expressed or
implied by such forward-looking information. Such risks, uncertainties and
other factors include, but are not limited to: customer demand not meeting
expectations; lack of consistent supply of materials; lack of adequate
distribution markets; the inability to resell enough hardware and software;
the loss of the right to resell products; adverse economic conditions; intense
competition; inadequate capital; unexpected costs; lower revenues and net
income than expected; loss of customers; price increases; failure to obtain
customers; the possible acquisition of a new business or products that do not
perform as anticipated; inability to carry out marketing and sales plans;
changes in interest rates; inflationary factors; inability to meet Customer
demand and other specific risks that may be alluded to in this press release
or in other reports issued by the Company or CPC.
SOURCE Kensington International Holding Corp.
CO: Kensington International Holding Corp.; Ives Design, Inc.; Computer
Pundits Corporation
ST: Minnesota
IN: CST MLM
SU:
05/21/99 15:17 EDT prnewswire.com
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