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SYCO DISTRIBUTION CHANGES NAME TO SYCONET.COM TO REFLECT ITS GROWING INTERNET BUSINESS -- Corporate Name Change Effective Immediately -- Manassas, VA - February 3, 1998: SyCo Distribution, Inc. (OTC BB: SYCD), the leading U.S. distributor of Anime Japanese animated videos and DVDs, today announced a corporate name change to SyCoNet.com, Inc. to better reflect the Company's growing focus on Internet sales. The Company reported that it does not plan to change the stock symbol or cusip number. “E-commerce represents an ideal expansion opportunity for our business given the phenomenal growth of Internet users worldwide,” commented SyCoNet.com CEO Sy Picon. “We intend to pursue the Internet as our primary distribution channel since this medium enables the Company to achieve significant cost reductions while enabling a greater portion of revenues to fall to the bottom line. In the next year we expect online sales to represent 25% of our overall revenues, with a goal of generating 75% of all information distribution and orders over the Internet within five years.” The Company has a strong online presence with two high-traffic websites. The retail site, www.altvidwar.com, generated an average of $25,000 in weekly sales over the past month. Revenues from the wholesale site, www.sycodistribution.com, have grown roughly 30% exponentially during the last three months as the customer base expanded from nearly 700 to over 1,100 clients. SyCoNet.com, Inc., formerly SyCo Distribution, distributes Anime Japanese animated movies, live action cult films, multimedia games and software, toys, apparel, and related merchandise to retail and consumer markets nationwide through two high-traffic websites, a catalog, and direct sales campaigns. Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. SYCONET.COM, FORMERLY SYCO DISTRIBUTION, RETAINS OTC FINANCIAL NETWORK TO DIRECT INVESTOR RELATIONS CAMPAIGN Manassas, VA - February 3, 1998: SyCoNet.com, Inc., (OTC BB: SYCD), formerly SyCo Distribution, Inc., today announced that it has retained OTC Financial Network, a division of National Financial Communications Corp., to direct its financial communications and investor relations campaign. SyCoNet.com is the leading U.S. distributor of Anime Japanese animated videos and DVDs, a $225 million niche market of the animation industry that has experienced dramatic sales growth over the past decade. With sophisticated 3-D graphics and complex story lines that appeal to the upper teen and adult markets, sales from this profitable sector are projected to more than double in the next three years. According to Geoffrey Eiten, president of National Financial Communications, “The Internet frenzy we have been experiencing in the stock market can make it difficult for investors to distinguish the legitimate businesses with strong fundamentals and solid growth potential. SyCoNet.com is a rare find with steady revenue growth, two high-traffic websites generating dramatic sales, the largest distribution of Anime videos and DVDs in the country, and alliances with prestigious firms such as Amazon.com, Central Park Media, and Polygram Entertainment.” SyCoNet.com has alliances with 12 Anime manufacturers, including Central Park Media, A.D. Vision, and Viz Communication, as well as Irwin Toys, one of the largest manufacturers of toys, statues, and action figures. The Company is also part of the Amazon.com (NASDAQ: AMZN) Associates Program and has solid relationships with Pioneer Electronics (NYSE: PIO) and Polygram Entertainment, which add quality music, DVDs, and laser discs to the SyCoNet.com product offering. “We have achieved phenomenal growth over the past year and are positioned to continue our rapid expansion through strategic arrangements with leading independent producers of niche market animation merchandise,” stated Sy Picon, chief executive officer of SyCoNet.com. “Given our growing product offering and aggressive Internet marketing efforts, coupled with our solid commitment to rapid revenue appreciation on a profitable basis, I believe now is the prudent moment to begin an aggressive shareholder awareness campaign with an experienced partner such as OTC Financial Network.” In order to maintain a 15% monthly revenue growth rate, the Company plans to expand its product offering with new Anime video and ancillary products as well as CDs, DVDs, and videos from the U.S., Europe, and Japan. SyCoNet.com also intends to launch an aggressive marketing campaign which will include banners on Internet search engines used by the Company's suppliers and customers, as well as advertisements in trade publications, trade shows, and conventions. Picon also noted that the Company intends to develop a new Internet site, www.syconet.com, to disseminate information of interest to the investment community. OTC Financial Network, a division of National Financial Communications Corp., is a financial communications and investor relations firm specializing in the representation of small/micro-cap companies. SyCoNet.com, Inc., formerly SyCo Distribution, Inc., distributes Anime Japanese animated movies, live action cult films, multimedia games and software, toys, apparel, and related merchandise to retail and consumer markets nationwide through two high-traffic websites, a catalog, and direct sales campaigns. | ||||||||||||||
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