Bentley to Acquire Barter Card Group and Cancel Kryptosima Acquisition.Business Editors LOS ANGELES--(BUSINESS WIRE)--Jan. 13, 2003 Bentley Communications Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTLY) announced today that it has chosen to proceed with the acquisitions of Millenium Exchange, Exchange Mall, and three other affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , and cancel its acquisition of Kryptosima. It will maintain a strategic relationship with Kryptosima and use their technology to automate Barter barter: see exchange. barter Direct exchange of goods or services without the use of money or any other intervening medium of exchange. Barter is conducted either according to established rates of exchange or by bargaining. transactions on the Internet. "This was a difficult but necessary decision, made to maximize Bentley's opportunities to increase shareholder value," said Gordon Lee Gordon Lee may refer to:
Millennium Exchange and Exchange Mall are already well-established with customers and revenue, while Kryptosima is still a developmental stage company. We therefore felt that if Bentley could not complete all three acquisitions, it was best that we find an amiable a·mi·a·ble adj. 1. Friendly and agreeable in disposition; good-natured and likable. 2. Cordial; sociable; congenial: an amiable gathering. way to cancel the acquisition of Kryptosima." "While we were considering alternatives to acquiring Kryptosima, another party approached us with an offer to purchase Kryptosima, and we concluded that stepping aside to allow them to acquire Kryptosima was the best solution for all involved. This allows Bentley to cancel the Kryptosima acquisition on an amiable basis without any penalty, and focus its resources on growing the various BarterCard companies. Bentley previously announced an agreement with a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. who would license the right to be Kryptosima's exclusive sales agent to the online brokerage industry, and has already received $50,000 in cash payments under that agreement. The parties have agreed to dissolve that agreement, with Bentley retaining the cash already received. Pursuant to this realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of Bentley's business plans, Lori Serafino and Harry Hargens have resigned all of their positions as officers and directors of Bentley. It is expected that Bentley's board will be reconstituted shortly with Mark Savoy and other directors and management from the BarterCard group of companies. Gordon Lee will act as the sole officer and director in the brief interim period. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Certain statements in this news release may constitute "forward looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risk, uncertainties, and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. |
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