To: kbert who wrote (10 ) 7/7/1999 10:22:00 AM From: WhipsawMcGraw Respond to of 91
Wednesday July 7, 7:01 am Eastern Time Company Press Release SOURCE: Deerbrook Publishing Group Deerbrook Publishing Group Announces Plan to Spin-Off Artup.com in an IPO Offering Artup.com to offer 35% of the Company to Raise $40 Million PHOENIX, July 7 /PRNewswire/ -- Deerbrook Publishing Group (OTC Bulletin Board: DBPG - news)has announced its intent to spin-off artup.com in an initial public offering. The board of directors signed a corporate resolution on July 1, 1999 to immediately pursue a public offering for the Internet division. In a letter to shareholders dated July 6, 1999, the company anticipates offering 35% ownership of artup.com in order to raise $40 million. Artup.com will function as a network for the artists, galleries and individuals that display artwork on the site. The company will fund ongoing marketing campaigns to drive buyers to the site, and in exchange, will earn a transaction fee on all sales. Through the Internet's worldwide distribution capabilities, artup.com has the potential to bring together more buyers and sellers of art objects than before. This presents an opportunity for cross-marketing programs with strategic partners, and artup.com is seeking out companies offering complementary products and services. The parent of artup.com, Deerbrook Publishing Group, is a highly regarded publisher of quality limited edition prints. The company's established relationships within the art community should assist artup.com as it works to launch the site this summer and establish itself as a brand name. Deerbrook Publishing, Inc. was incorporated in Colorado in March of 1997. The company's three subsidiaries are Signature Edition, Inc. an art publishing division, Cimarron Studio, Inc. a printing division and Deerbrook Online the art auction and retail division formerly known as Enterarts/Interarts, Inc. This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by those sections. These forward-looking statements include statements related to potential mergers and the effect of those mergers on the prospects of the company. Actual results may differ materially due to a number of risks, including the uncertainty of completion of the contemplated transactions. This press release provides general information and should not be construed as an offer to sell securities. The material contained herein has been obtained from sources believed to be reliable, but is not complete and its accuracy cannot be guaranteed. This report is for informational purposes only and should not be construed as advice or meet the investment needs of any particular investor or designed to be the basis of any investment decisions. For further information, contact Investor Relations, 602-437-8888, Fax 602-437-2845 or email ir@artup.com Deerbrook Publishing and artup.com are trademarks of Deerbrook Publishing, Inc. Some of the product names mentioned herein are for identification purposes and may be trademarks or registered trademarks of their respective companies. SOURCE: Deerbrook Publishing Group