BIB Holdings Announces Dividend Plans; Company Provides Updated Guidance on Restructuring Plans.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BIB Holdings Ltd. ("BIB") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BIBO BIBO Bounded Input, Bounded Output BIBO Beer In, Beer Out BIBO Blood in - Blood Out (gangs) BiBo Bulk In, Bags Out (shipping) ), today announced its plans to pay a dividend of one share of common stock for every 10 shares held by all shareholders of record at the close of business on Dec. 31, 2004. The planned dividend is a component of the company's planned restructuring process, which is expected to begin with the company's proposed acquisition of Incode Corp. ("Incode") later next month. Restructuring Plan The acquisition of Incode is expected to be the vehicle for the first stage of BIB's restructuring plans, the key components of which are: (1) the acquisition and development of strategic technologies and assets that drive improvement in the relative financial strength of BIB; (2) the disposition of assets and operating divisions that are dilutive to BIB's earnings and overall financial strength; and (3) the refinancing of BIB's various financing arrangements. The company's proposed acquisition of Incode and the proposed spin-off of its existing operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon is expected to increase the company's relative working capital position by about $600,000 and decrease the company's total liabilities by about $3.0 million, which is the equivalent of about $0.015 per common share. Gail Binder, chief executive officer of BIB Holdings, said, "We believe that our planned restructuring is and will be critical to maximizing the long-term wealth of our shareholders as we reinvent our business. We are very excited by the proposed Incode acquisition because it presents our stakeholders with an exciting mechanism for growth, and we want our existing and new shareholders to participate in that growth." About Incode Corp. Incode was founded in 2004 to acquire, develop and commercialize innovative and profitable subscription-based eBusinesses in the online dating, information, retail, industrial, and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sectors. Incode recently announced its plans to acquire an industrial services subscription portal and an online dating service A Net dating service, also known as online dating or Internet dating, is an example of a dating system and allows individuals, couples and groups to meet online and possibly develop a romantic or sexual relationship. , KissyKat, and to develop a streaming financial and market information service called MarketCast in connection with the closing of the proposed acquisition by BIB. Additional information is available online at www.incodetech.com. About BIB Holdings Ltd. BIB Holdings Ltd. designs, manufactures, imports, sells and markets branded and nonbranded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , within a Foreign Trade Zone. The company designs, sources and markets a brand of high-quality apparel under the m.Sasson, Elk Canyon and New Terrain labels as well as private label. Product lines have included underwear, loungewear lounge·wear n. Clothing suitable for relaxing. Noun 1. loungewear - clothing suitable for relaxation article of clothing, clothing, habiliment, wearable, vesture, wear - a covering designed to be worn on a person's and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods as well as apparel. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad. Additional information is available online at www.msasson.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. |
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