Beyond.com Corporation Announces Successful Note Exchange Offer With Over 98% Participation.Business Editors SANTA CLARA, Calif.--(BUSINESS WIRE)--Sept. 7, 2000 E-commerce services provider Beyond.com(TM) (Nasdaq:BYND) today announced that approximately $62.2 million in aggregate principal value of the company's 7 1/4% Convertible Subordinated Notes due December 1, 2003, or more than 98 percent of the total, were tendered in its exchange offer that expired on Sept. 6, 2000. Once consummated, note holders will exchange $62.2 million of existing convertible debt for approximately $42 million dollars of new convertible debt, which allows the company the option of making interest payments in either common stock or cash. The completed note exchange will also enable the company to book a gain on the forgiveness of the existing debt, which results in a positive tangible net worth Tangible Net Worth Total assets less intangible assets and total liabilities. Notes: In terms of a consumer, tangible net worth is the sum of all your tangible assets (cash, home, cars, etc). on the company's balance sheet. "We are very pleased with the outcome of our note offering," said Curtis Cluff, CFO See Chief Financial Officer. and senior vice president of Beyond.com. "Our primary focus now is to continue to execute our business plan, which includes growing our e-commerce services and government reseller businesses, while continuing to reduce our expenses," said Cluff. About Beyond.com Beyond.com(TM) is an e-commerce services provider that builds, manages and markets online stores for businesses. The company also sells software and computer-related products to consumers and U.S. Government agencies. The company's BuyDirect Group provides eStores by Beyond.com, a suite of services that enables software developers, systems OEMs and hardware manufacturers to market and sell over the Internet. Beyond.com's Government Systems Group provides digital distribution of software and related services to a growing list of U.S. Government agencies, including the Bureau of Engraving and Printing Noun 1. Bureau of Engraving and Printing - the agency of the Treasury Department that produces currency Department of the Treasury, Treasury Department, United States Treasury, Treasury - the federal department that collects revenue and administers federal (BEP BEP Black Eyed Peas (band) BEP Brevet d’Études Professionnelles (French: vocational qualification) BEP Business Entry Point BEP Break-Even Point BEP Bit Error Probability BEP Bureau of Engraving & Printing ), Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department (DLA DLA dog leukocyte antigen. ), Internal Revenue Service (IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. ), National Imagery and Mapping Agency (NIMA NIMA National Imagery and Mapping Agency (now National Geospatial-Intelligence Agency; US government) NIMA never in mitosis gene a (molecular biology) NIMA North Idaho Mycological Association ), Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. (OTS See Office of Thrift Supervision. ) and Patent and Trademark Office (PTO). Beyond.com Corporation trades on the Nasdaq National Market under the symbol ("BYND"). More information on the company can be found in the company's filings with the Securities and Exchange Commission ("SEC"). Safe Harbor Statement Certain statements in this press release are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements relating to (i) the success of the exchange offer, (ii) Beyond.com's competitive position and intended expansion of its eStores and Government businesses and, (iii) Beyond.com's ability to continue to lower its expenses. Such statements are subject to substantial risks and uncertainties. Actual results for the third quarter of 2000 and subsequent quarters could differ materially from any future performance suggested above. Factors that might cause such a difference include, but are not limited to, the risks inherent in transitioning a corporation's business from a consumer focus to an e-commerce services focus successfully and competitive responses to the transition. The service offerings for eStores may differ materially from Beyond.com's current expectations. Beyond.com's Government Group is subject to risks inherent in government sales, including long sales and collections cycles. Beyond.com's business is subject to other risks, including the company's ability to ramp its eStores and Government Groups and infrastructure, market acceptance of the company's new initiatives, the company's ability to retain and attract key management and employees, and other risk factors described in the company's filings with the SEC. Beyond.com news and product/service information is available at the company's World Wide website located at http://www.beyond.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion