CyberShop.com Announces That It Believes Class Action Suits are Meritless; Company Intends to Vigorously Defend Suit and Retains Weil, Gotshal and Manges.Business Editors JERSEY CITY, NJ--(BUSINESS WIRE)--March 2, 2000 CyberShop.com(R), Inc. (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 : CYSP), today announced that it intends to vigorously defend against the filed securities class action suits. "We believe the claims are meritless, and we have retained Weil, Gotshal and Manges, a leading national law firm with one of the preeminent securities 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. defense practices to represent us in the actions," stated Jeff Tauber, Chairman 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. of CyberShop. "More important, although the lawsuits are an unfortunate distraction, we will continue to focus our energies on our business and the many opportunities that we are seeing in our new Internet See Web 2.0 and Internet2. incubator strategy." About Cybershop.com Cybershop.com, Inc., through Grove Street Ventures, is one of the first publicly traded Internet incubators. Its mission is to identify and develop attractive early stage Internet companies. Grove Street will provide these companies management, marketing, financing (including early stage seed capital), human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , accounting resources, use of its facilities and its extensive expertise in business development. In return, Grove Street will receive substantial equity positions. Grove Street Ventures also operates its online and direct response company, Tools for Living. Tools for Living's website is located at www.toolsforliving.com. In order to reflect its new focus, CyberShop.com, Inc anticipates changing its name and Nasdaq trading symbol Trading symbol See: Ticker symbol in the near future. Grove Street Ventures' web site will be located at www.grovestreetventures.com. 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. This announcement contains forward-looking statements that involve risks and uncertainties that include, among others, the Company's limited operating history, anticipated losses, unpredictability of future revenues, potential fluctuation in quarterly operating results, seasonality, competition, risks associated with system development and operation risks, management of potential growth, as well as the inherent risks and uncertainties of litigation, and risks of new business areas and strategic alliances. |
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