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BEVERLY HILLS, Calif., Jun 14, 2004 (BUSINESS WIRE) -- Sandy Steele Unlimited, Inc., (OTC PINK SHEETS: SSTU), an emerging health and beauty company, announced today a merger between The Siegel Group, Inc., a 20-year-old financial and money management firm, and Sandy Steele Unlimited, Inc. The Siegel Group, founded by Mr. Fred Siegel, currently manages and consults on over $1.6 billion in assets, including approximately $110 million in individual equity accounts. Additionally, SSTU acquired two other companies founded by Mr. Siegel: Grammaton Press, LLC, and Fred Siegel International, Inc. Grammaton Press is a publishing company focusing on non-fiction financial, world history, and human rights genres that inspire and motivate readers. Mr. Siegel states, "Grammaton Press has developed a reputation in the publishing field as a publisher that produces bestsellers in specific niche genres. As a result, new offerings by Grammaton Press are eagerly anticipated and accepted by major booksellers upon release. That will be helpful to the new business combination as it offers another method to attract attention to Sandy Steele Unlimited health and beauty products as they are incorporated into future publications. The same has already proven true for the financial services business with two bestselling Grammaton titles drawing a large number of prospects that have become clients." The third acquisition, Fred Siegel International, provides financial news analysis and consulting to the broadcast media both here and abroad. Mr. Siegel hosts a weekly syndicated radio program across the southeast featuring investment advice and hosts prominent business leaders as guests. Mr. Siegel is also a frequently quoted financial expert in The Wall Street Journal, Dow Jones News Service, Investors News, and numerous other financial/investment publications nationwide. "I am most enthusiastic about the prospects of the Sandy Steele Unlimited business plan regarding the beauty salon industry," said Mr. Siegel. "Beauty salons produce over $135 billion in annual revenues in the U.S. alone, with the single-largest player accounting for only 1 & 1/2% of that. It reminds me of the video rental business when Blockbuster first entered the scene and standardized operations. That resulted in tremendous profits and a soaring stock price. I feel the Sandy Steele Unlimited business plan will allow it to repeat the process, which will begin to be implemented immediately. Finally, Sandy's natural charm, honesty, professionalism and unpretentious image is just what the marketplace calls for in the wake of the Martha Stewart debacle. She's a true Madison Avenue discovery, and we fully intend to capitalize on that going forward in concert with our publishing division." Ms. Steele, founder and chairman of SSTU, said, "This merger will advance the company's goal of becoming a dominant leader in the beauty salon industry by enhancing our access to financial capital. We see the merger as a creative and efficient way to grow our company, resources and diversity, similar in some ways to the early structure of Mr. Buffet's Berkshire Hathaway." Within the SSTU business model, Sandy Steele Salons offer health, beauty, nutritional, and financial products and services to its clients as part of the "one stop shopping" philosophy within each salon. The synergies between the newly created divisions of SSTU will allow the company to evolve into a mini-conglomerate containing three of the most robust industries in the United States: Financial, Health & Beauty, and Media. Mr. Siegel elaborates: "This merger will bring three diverse and dynamic industries together under one roof, and the resulting synergy will exponentially enhance efficiency and economies of scale, and by extension expand operations and profitability of each at a rate that would otherwise be virtually impossible to attain. As of this merger, all three companies are now well poised to become leaders in their respective industries, and each will serve to fortify the balance sheets of the others. The combination will simply speed up the process, allowing for truly unlimited expansion and profitability in each sector." Ms. Steele adds, "In addition to the Siegel companies' financial resources, SSTU now has a prominent and internationally renowned businessman and author as a key part of its management. Mr. Siegel consults with executives, institutions, and governmental policy makers around the world. While we recognize that the process of building a first class organization is an enormous undertaking, I have always felt that building a strong team was high on the list of priorities. As such, there is an increased sense of great potential here at the firm, and that is due in large measure to the addition of our new team member, Mr. Fred Siegel." Terms of the transaction were not announced, but as a result of the merger, there are now approximately 16.7 million shares issued and outstanding. SSTU currently has no debt, and has throughout its history strictly adhered to the policy of absolute financial transparency. Ms. Steele added: "Always do right by the shareholders, for they are the life blood of your organization, and they will reciprocate with their loyalty. As a public company, we have a sacred duty to conduct ourselves with honesty, virtue, and integrity." Sandy Steele Unlimited is now officially a multi-faceted, cohesive conglomerate owning companies in the health/beauty, financial, and media industries. SSTU's health/beauty divisions offer beauty salon services, proprietary skin-care products, and nutritional supplements, while the financial and media divisions provide investment advice/management and wealth planning services. Mr. Siegel concludes, "My close personal and business relationship with the principles of Sandy Steele Unlimited makes this merger even more exciting for me. I have witnessed their integrity and old-fashioned work ethic, which makes me look to the future of these merged companies with great excitement. It will allow us to 'hit the ground running' and work for the immediate benefit of all our shareholders." With the exception of historical information contained in this press release, this press release includes forward-looking statements made under the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the following: product development difficulties; market demand and acceptance of its products; ability to obtain additional financing; the impact of changing economic conditions; business conditions in the Internet and direct marketing industries; reliance on third parties, including potential suppliers; the impact of competitors and their products; risks concerning future technology; and other factors detailed in this press release. The company currently does not report its quarterly financials to the Securities and Exchange Commission. SOURCE: Sandy Steele Unlimited, Inc. | ||||||||||||||
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