PALM BEACH GARDENS, FL. Dec 9, 2003 (BUSINESS WIRE)
The Board of Directors of eCom eCom.com, Inc. (OTC Bulletin Board: ECEC) would like to clarify several shareholder’s questions concerning its decision to implement the recently announced Advisory Committee report calling for the spin-off of three of its eleven divisions into separate publicly traded corporations.
To start with, the Board would like to emphasize that ECEC will continue to operate as a developmental company through the complete spin-off plan. All shareholders will retain their ECEC shares in addition to receiving spin-off shares. Shareholders must maintain a position in ECEC to receive future pro-rata distributions of all spin-offs. The terms and conditions of the other subsidiary spin-offs will vary depending upon the offers received by ECEC. However, shareholders must realize that each spin-off transaction will vary and so will the ownership date of record.
The first spin-off company is USA SportsNet Company (USASN) for which each ECEC shareholder will receive one free trading share of USASN for each free trading share of ECEC owned on the date of record which is January 5, 2004. USASN is in the process of filing its Form 10-SB with the Securities and Exchange Commission (SEC). Shares will be distributed upon the SEC declaring the filing effective.
ECEC Chairman David J. Panaia stated, “we are following our Advisory Committee’s report which suggests that each subsidiary consider a business relationship with an established organization. This plan will allow us to acquire or merge with quality companies. Presently, USASN is evaluating several offers which I feel will greatly benefit our shareholders.”
ECEC stock held in a brokerage account will automatically receive the new shares on the date of distribution. If the shareholder personally holds the ECEC stock certificate, USASN will be notified by its transfer agent of each stockholder’s position and a new stock certificate will be forwarded to the shareholder.
The full Advisory Committee report, previous news release, 10-K’s & 10-Q’s plus current news can be viewed at www.ecomecom.net
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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