PALM BEACH GARDENS, FL. Dec 22, 2003 (BUSINESS WIRE)
eCom eCom.com, Inc. (OTC Bulletin Board: ECEC) today announced that it has completed the spin-off of its subsidiary USA SportsNet Company (USASN). In a separate matter, the Board of Directors of USASN recently agreed to acquire the assets of American Capital Holdings, Inc. ( www.achinc.net) Final terms and conditions are being prepared and closing documents will be forth coming on or before January 5, 2004.
American Capital Holdings (ACH) is a privately held merchant-banking corporation located in Orlando, Florida. ACH offers a unique investment opportunity to investors in its Guaranteed Principal Insured Convertible Securities - “GPICS.” ECEC Chairman David J. Panaia stated, “GPICS is one of the most interesting investment programs ever developed. It is a way for investors to continue to invest in buyouts, venture funds, mezzanine funds and emerging growth companies, seeking high yield upside possibilities without ever jeopardizing their principal investment.”
Upon completion of the acquisition, the newly organized company will operate under the name of American Capital Holdings, Inc. with offices in both Palm Beach County and Orange County, Florida. ACH is in the process of executing a private placement offering for $250,000,000 to be used for ten targeted investments. It also plans to apply for listing on the American Stock Exchange.
ECEC recently revised its business plan calling for the spin-off its subsidiaries. Shareholders will benefit in all spin-offs but must maintain a position in ECEC to receive future pro-rata distributions of all spin-offs. ECEC is presently evaluating five other proposals for spin-offs.
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
www.ecomecom.net
