| An SI Board Since April 1999 |
| Posts |
SubjectMarks |
Bans |
| 18 |
0 |
0
|
| Emcee:
Grandk
|
Type:
Unmoderated
|
|
Computer Marketplace Enters Final Discussions to Acquire E-Taxi
CORONA, Calif.--(BUSINESS WIRE)--April 20, 1999--Computer Marketplace Inc. (OTC BB:MKPL), a seller of new and used medical equipment through its Medical Marketplace subsidiary, Tuesday announced that it is in final negotiations to acquire E-Taxi Inc., a company developing a vertical portal for small office, home office (SOHO) businesses.
It is expected that the acquisitions of E-Taxi will be treated for accounting purposes as a ''reverse acquisition,'' in that the company will issue significantly more shares than the number of the company shares presently outstanding. In addition, it is expected that Robert M. Wallace will be added as a member of the company's Board of Directors.
E-Taxi was formed as a Delaware corporation in April 1998 to engage in business on the Internet. E-Taxi has developed a strategic plan to launch an Internet Web site community, which is commonly referred to as a vertical portal, to serve the unique needs of the SOHO community. To achieve this objective, E-Taxi intends to make acquisitions, arrange marketing alliances with organizations desiring to reach the SOHO audience, and develop proprietary content useful to SOHO businesses.
In an effort to aggregate content (information, products, and services) that will be valuable to SOHO businesses, E-Taxi is attempting to acquire businesses serving this large business group. On March 31, 1999, E-Taxi executed a definitive agreement, subject to the satisfaction of certain conditions, with the owners of TechStore LLC (''TechStore''). TechStore is an online reseller who offers through its Web site, TechStore.com, over 40,000 name brand computer hardware and software and certain consumer electronics products. For the quarter ended March 31, 1999, TechStore had revenue of $2.2 million, a 450% increase for the same period last year.
E-Taxi has also entered into letters of intent with all of the outstanding shareholders of SSPS Inc. (''SSPS''). The operating divisions of SSPS, which consist of TriStep, Gig2Gig.com, ITWorldnet.com, and Impact Team International, provide contingent workforce solutions, primarily to rapidly growing technology firms. The consolidated revenues for SSPS were $39 million for the year ended Dec. 31, 1998. The letters of intent are subject to certain contingencies and to execution of a definitive agreement among the parties embodying the material terms. The letters of intent evidence the mutual intent of the parties to negotiate in good faith toward reaching a definitive agreement.
Safe Harbor Statement
Investors should carefully consider the preceding information as well as other information contained in this news release before making an investment in the Common Stock. Information contained in this news release contains ''forward-looking statements'' which can be identified by the use of forward-looking terminology such as ''believes,'' ''expects,'' ''may,'' ''should,'' or ''anticipates'' or the negative thereof or given that the future results covered by the forward-looking statements will be achieved. The preceding matters constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties that could cause actual results to vary materially from the future results covered in such forward-looking statements. Other factors could also cause actual results to vary materially from the future results covered in such forward-looking statements.
|
