Computer Marketplace Inc. Makes Announcement.CORONA Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Calif.--(BUSINESS WIRE)--Sept. 1, 1998--Computer Marketplace Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:MKPL MKPL Mount Kisco Public Library (Mt Kisco, NY) ) Tuesday announced that it entered into a Stock Purchase Agreement with Medley Credit Acceptance Corp. with respect to its Medical Marketplace Inc. subsidiary. Computer Marketplace has agreed, subject to the approval of its stockholders and the satisfaction of certain other conditions, to sell all of the common stock of Medical Marketplace owned by it which constitutes 83 percent of the shares of Medical Marketplace outstanding. Pending the closing, Wayne Kiley has resigned as the president of Medical Marketplace, and Medley Credit has agreed, pursuant to an Operating Agreement An operating agreement is an agreement among limited liability company ("LLC") members governing the LLC's business, and Member's financial and management rights and duties. No state requires an LLC to have an Operating agreement. , to assist Medical Marketplace in the day-to-day operation of its medical equipment sale and leasing business. In addition, the company announced that it's continuing to wind down the operation of its computer sale and leasing business and that the discussions regarding the possible acquisition of U.S. Cancer Care have been terminated. Kiley, the company's chief executive officer, commented: "We are pleased that we have found a purchaser to continue to grow the Medical Marketplace equipment business. With the pending divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Medical Marketplace subsidiary, we are now in the position to seek the acquisition of an alternative business given that the U.S. Cancer Care transaction will not be consummated." Computer Marketplace has distributed computer equipment and created value-added solutions for its customers since 1987. A specialist in delivering advanced technology, Computer Marketplace also sells and rents used medical equipment through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Medical Marketplace. Statements in this news release that are not statements of historical or current fact constitute "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. " within the meaning 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. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates" or "plans," to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration.
CONTACT: Computer Marketplace Inc., Corona
Patricia O'Leary, 909/735-2102
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