Citadel's Internet Subsidiary Inlighten.com Announces Letter of Intent to Acquire the Forward Companies, Providers of E-commerce Fulfillment and Rebate Services.DALLAS--(BUSINESS WIRE)--March 17, 1999-- Inlighten.com to launch Rebates Headquarters, a Premier e-commerce Rebate Site, as Part of the Inlighten.com Community Forward Companies Generated $16 Million in Revenues 1998, Expected to Exceed $25 Million in Revenues as an Inlighten.com Company for 1999 Citadel Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CITN), a provider of network and desktop security software products, and its majority owned Internet subsidiary, Inlighten.com, announced today that Inlighten has entered into a letter of intent to acquire The Forward Companies, a leading provider of e-commerce fulfillment and rebate services. The acquisition is expected to close within 60 days. Terms of the transaction were not released. The Forward Companies is a leading product rebate and promotional fulfillment operation that offers its high-tech and blue chip clients end-to-end solutions for designing, implementing and fulfilling merchandise and consumer rebate programs. In addition to processing rebates for modems, printers, scanners and dozens of popular software programs, Forward handles fulfillment assignments for e-commerce, high technology and other companies. From its 30,000 square foot state-of-the-art facility in Coppell, Texas Coppell is a city in Dallas County, Texas, a suburb and bedroom community of the DFW Metroplex. The population was 35,958 at the 2000 census. A small area in the far northern portion of the city extends into neighboring Denton County. (near the Dallas/Fort Worth International Airport), Forward generated more than $16,000,000 in revenues for 1998 and is on track to exceed $25,000,000 in revenues in 1999, with an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become target expected to exceed $4,000,000 for the year ending December 31, 1999. Forward's client list reads like a "who's who Who’s Who biographical dictionary of notable living people. [Am. Hist.: Hart, 922] See : Fame " in high tech companies, including Microsoft, 3Com, Hewlett-Packard, Canon, UMax, Cross Computing, and Diamond Multimedia, as well as other leading companies such as the NFL NFL abbr. National Football League NFL (US) n abbr (= National Football League) → Fußball-Nationalliga , Quaker State Quaker State may refer to:
Southwestern Bell Telephone, L.P. . Forward's Founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Larry Brown Larry Brown may refer to:
Forward COO Rose Dudney added, "With our warehouse and shipping systems, we can handle all kinds of fulfillment. If one of our clients needs 300,000 videocassettes sent out, we can handle it. If an Internet-based client is having trouble keeping up with demand, we can fill in the gaps or take over their entire shipping operation. With our Internet connection through Inlighten.com and our backroom back·room n. or back room 1. A room located at the rear. 2. The meeting place used by an inconspicuous controlling group. adj. 1. capabilities, we will be fulfilling for dozens, if not hundreds, of Internet companies by the end of the year." Steve Solomon, President and CEO of Citadel and Chairman of Inlighten.com, said, "We are excited about the acquisition of The Forward Companies, and this is an integral part of our vision to make Inlighten.com one of the major Internet and e-commerce solutions companies. With this acquisition, our recently completed 2-Lane Media acquisition, and our Internet architecture and engineering team in place, Inlighten is positioned to provide a complete range of Internet and e-commerce solutions, from award-winning Web-site design, to back end integration, to order fulfillment Order fulfillment (in BE also: order fulfilment) is in the most general sense the complete process from point of sales inquiry to delivery of a product to the customer. Sometimes Order fulfillment . The Inlighten.com Community will offer a revolutionary e-commerce experience bringing complete turnkey Internet solutions to businesses, along with products and information to businesses and individuals." Solomon continued, "This acquisition will accelerate our plans and visions to make Inlighten.com one of the leading Internet and e-commerce solutions companies. The Inlighten Community will include numerous portals, including the How2HQs, the RebatesHQ, as well as others currently under development." For further information on Inlighten.com or Citadel Technology, visit our homepages at HYPERLINK "http://www.inlighten.com/"htt p://www.inlighten.com or HYPERLINK "http://www.citadel.com/"http: //www.citadel.com. Contact us directly by writing or calling: 3811 Turtle Creek Blvd., Suite 600, Dallas, Texas 75219; phone: 214/520-9292; fax: 214/520-9293. For media or investor relations Investor relations The process by which the corporation communicates with its investors. contact: The Investor Relations Group at 212/664-8489. The above statements that are not strictly historical facts include forward-looking statements that involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially as a result of, among other things, the following: completion of the proposed acquisition, timing and delays related to distribution of an information statement based on the SEC review process, no assurances of an initial public offering based on market conditions and suitable underwriters, uncertainty relating to NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on listing, implementation of Internet strategies, integration of technology, transition of selling and distribution methods, the availability of capital on terms acceptable to the Company, general economic conditions, competition, the market for the network software products, software development costs and possible future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , as well as the risks and uncertainties discussed in the Company's public reports and filings and public statements. |
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