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(BSNS WIRE) Infotopia Signs Letter of Agreement for $20,000,000 Financing Infotopia Signs Letter of Agreement for $20,000,000 Financing Business/Technology Editors BOSTON--(BUSINESS WIRE)--Aug. 4, 2000--Infotopia Inc. (OTCBB:IFTP) announced today that it has signed a Letter of Agreement for a $20,000,000 financing package. Under the terms of the agreement, the company will be able to draw on the financing as needed, at its discretion, over the next thirty-six months. Ernest Zavoral, Infotopia's President, announced: "This deal is a home run for our company. After sorting through at least a dozen financing offers, we have picked a very secure and honest partner. The terms of the deal allow us to raise money as we need it and there are no hidden traps like preset equity values or floorless exercise prices. We chose this package because it is an outstanding value to our shareholders. It allows us to finance our operations and inventory, and will help us reach profitability much faster than we would have otherwise." In order to prepare for future exercises of the financing, Infotopia's board of directors has approved an increase in the number of authorized shares from forty million to one hundred million. Mr. Zavoral continued, "Although we are increasing our authorized shares it does not mean that any more shares are issued or in the public float. It is important that people realize that increasing a company's authorized shares is quite normal and does not mean dilution. Any time a company does a financing deal it is important to the financier that the company has sufficient equity collateral to make it a viable entity. As this financing helps us put great products on the market and brings revenues in the door, our shareholders' interests will be greatly served." Infotopia, Inc. intends to file a registration in the next two weeks to register shares to provide sufficient equity collateral, to be able to utilize this equity line upon the effectiveness of the registration. This registration statement will contain all the details of this 20 million dollar equity line. About Infotopia: The Company's mission is to produce, market, and distribute an expanding line of high-quality, innovative health, fitness and consumer products. Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission. --30--gk/bos* CONTACT: Strategic Communications Matthew Westfield 775-327-6215 KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: CONSUMER/HOUSEHOLD E-COMMERCE INTERNET Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (COMTEX) B: Infotopia Inc. Retains Electronic Retailing Executive Tea B: Infotopia Inc. Retains Electronic Retailing Executive Team as Part of Master Plan to Open New Distribution Channels BOSTON, Aug 4, 2000 (BUSINESS WIRE) -- Ernest Zavoral, President of Boston based Infotopia Inc. (OTCBB:IFTP), today announced that he has retained Transactional Marketing Partners, Inc. ("TMP") to assist him in developing an overall strategy designed to open new channels of distribution for the Company's products. TMP is owned and operated by electronic retailing veterans Earl Greenburg and Joel Margulies. Earl Greenburg, who brings with him more than a decade of experience in direct response marketing, currently serves as Chairman of industry trade association Electronic Retailing Assoc., In addition, his credits include Executive Producer for NBC's Emmy winning "The Regis Philbin Show" and Producer for several other network shows, including Fox's "World's Scariest Police Chases." A veteran award-winning advertising and creative marketing executive, Joel Margulies held senior level positions with industry luminaries such as Ogilvy & Mather, Lintas, and DDB Needham Worldwide. During his agency tenure he counted among his clients CBS, IBM, GTE, Michelin Seagrams, and Volkswagen. At TMP, Greenburg and Margulies consult in strategic planning and business development for a wide variety of clients worldwide. Their client list has included Home Shopping Network, Excite, and Harrods of London. Commenting on his relationship with Infotopia, Mr. Greenburg stated, "Infotopia is facing an unprecedented opportunity to expand its business. We share Mr. Zavoral's vision for this potentially explosive growth and are pleased to be a part of it." Mr. Zavoral concluded, "Earl and Joel bring to us the expertise and contacts we need to launch Infotopia to the next level. Their ability to open retail distribution channels and fill them with just the right product is unparalleled. With TMP we have now put in place the final piece of our master plan for growth." About Infotopia: The Company's mission is to produce, market, and distribute an expanding line of high-quality, innovative health, fitness and consumer products. Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission. CONTACT: Strategic Communications Matthew Westfield 775-327-6215 URL: businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2000 Business Wire. All rights reserved. -0- KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: CONSUMER/HOUSEHOLD RETAIL SPORTS *** end of story *** (COMTEX) B: INFOTOPIA INC - Infotopia Plans For Stock Repurchase; Bel B: INFOTOPIA INC - Infotopia Plans For Stock Repurchase; Believes Plans Will - Benefit Both National Boston and Infotopia Shareholders New York, New York, Aug. 04, 2000 (Market News Publishing via COMTEX) -- Infotopia Inc. announced that it has made an offer to repurchase 8, 167,387 million restricted shares of its stock from National Boston Medical at a price of $0.15 per share, this purchase would be completed in monthly buy backs over the next 150 days. The company would utilize funds from the cash flows of the Torso Tiger and its equity line to facilitate this purchase. Infotopia President, Ernest Zavoral, stated: "In April of 2000, Infotopia was acquired by Dr Abravenal's Formula (DABV, which then changed its name and symbol to Infotopia, Inc.(IFTP)) from National Boston in Exchange for assuming the repayment of $2,500,000 of National Boston's debt and delivering 8,167,387 million shares of Restricted stock in Infotopia. In our recent quarterly Filing our shareholders can see that we continue to retire this acquired debt, and anticipate all debt being repaid by the end of our fiscal third quarter. Now we would like to do the same to those outstanding shares. It makes good sense for National Boston as well, because they need cash to revitalize their operations and restricted stock doesn't pay the bills. We also want to see National Boston's shareholders benefit from the $1.2 million that NBMX would receive through the sales that could be generated with cash from the purchase. This should afford the officers of National Boston Medical, Inc an opportunity to implement their launch and retain their rights to Bontempi Surgical Instruments Inc. It truly is a win-win Offer. Infotopia will update its shareholders as negotiations progress." About Infotopia: The Company's mission is to produce, market, and distribute an expanding line of high-quality, Innovative health, fitness and consumer products. Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety of marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. This news release includes "forward-looking statements" that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission. -0- TEL: (775) 327-6215 Matthew Westfield, Strategic Communications TEL: (775) 327-6215 Matthew Westfield, Strategic Communication ______________________________________ ___________________________________________________________________ (c) Market News Publishing Inc. Tel:(604) 689-1101 All rights reserved. Fax:(604) 689-1106 MarketbyFax(tm) - To get the NEWS as it happens, call (604) 689-3041. *** end of story *** | ||||||||||||
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