Company Retires All Long and Short Term Payables.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Sept. 27, 2000 Infotopia, Inc. (IFTP IFTP Integrated Fight Through Power IFTP Institut de Formation Théologique et Pastorale (Chicoutimi, Quebec, Canada) IFTP Informal File Transfer Protocol area IFTP Identity Fraud Trends and Patterns ) announced today that as a result of its increasing share price, since August 1, 2000 the Company has been able to rise through equity placements with JB Marc and Associates, Oxford Capital, Thomson Kernaghan and others in excess of $3,000,000 in new capital for Infotopia, Inc. Infotopia has utilized these proceeds to retire 100% of its long and short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. . The balance has been utilized to purchase additional Torso Tiger inventory and provide additional working capital for the Company. The above changes to the Balance Sheet have positioned the Company to be able to provide many opportunities for additional products and investments. Daniel Hoyng, 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. states, "The success of the Torso Tiger has afforded Infotopia, Inc. to take drastic steps to stabilize its balance sheet and cash flows. Our stabilized financial situations will allow Infotopia a greater opportunity to bring in additional projects. These projects will continue to spur explosive growth in our revenues and profits in the coming quarters. The steps being taken by the Company will continue to drive us to our objective of being listed on one of the National Stock Exchanges." The Company's mission is to produce, market, and distribute an expanding line of high-quality, innovative health, fitness and consumer products. Infotopia is modeling its business after Direct Focus (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 :DFXI). Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. The Company's website is located at: http://www.infotopia.com This news release includes "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. " that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the 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. provisions of 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. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission. |
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