PALM BEACH GARDENS, FL. Dec 3, 2003 (BUSINESS WIRE) eCom eCom.com Inc. (OTC Bulletin Board: ECEC)
Shareholders are to receive a one for one stock spin-off. Shareholders of ECEC on the date of record, January 5, 2004, will receive one share of USA SportsNet Company for each share of ECEC owned.
The Board of Directors of eCom eCom.com received its Advisory Committee report calling for a change in the Company’s business plan. The Committee recommended that three of its eleven divisions be spun off into separate publicly traded corporations under the control of independent management teams. The plan calls for current ECEC shareholders to receive one share of each spin-off company for each share of ECEC owned on the date of record.
“We have simply gone in too many directions,” said ECEC Chairman David J. Panaia.
“This spin-off plan offers a great opportunity for each unit to grow by seeking out companies to partner with.” The first subsidiary being considered for a spin-off is USA SportsNet Company which engages in Internet ecommerce.
In addition to USA SportsNet, the report goes on to recommend that two other subsidiaries be spun off as independently public traded companies. Those units are USA Performance Products which has been producing the Viper M1 paintball marker since 1996, and MyZipSoft which engages in image data compression software. The full Advisory Committee report can be viewed at http://ecomecom.net.
The report also suggests that each unit consider establishing a business relationship with one or more established organizations engaging in similar industries. This strategy would allow private company's along with their management teams to benefit from ECEC’s publicly traded status and emerge as public company in the process.
This release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995. Actual events or results may differ materially from
those discussed in such forward-looking statements.
Contact:
eCom eCom, Inc.
David J. Panaia, 561/622-4395
djp@ecomecom.net
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