Eyecity.com Negotiates $850,000 Short Term Debt Extension Until 2002.Business Editors
PLAINVIEW, N.Y.--(BUSINESS WIRE)--June 1, 2000
Eyecity.com, Inc. (OTC OTC
See over-the-counter market (OTC). BB:ICTY ICTY International Criminal Tribunal for the former Yugoslavia ) announced today that it has extended the $850,000 note payable to peepers.com founder, Daniel Thralow until May 23, 2002. Under the terms of the Agreement, the note will bear interest at a rate of 7% per annum Per annum
Yearly. . Mr. Thralow will continue as a consultant to Eyecity.com, and will no longer be an officer and director of eyecity.com.
"We are pleased that Mr. Thralow's note was extended and that Eyecity.com will continue to benefit from his experience," said Mark Levin, President 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. .
Under the note's new terms See suggestions for new terms. , $25,000 of principal is due on July 15, 2000, and $150,000 is due August 31, 2001. As part of the Agreement, Mr. Thralow will have the rights to a previously acquired non-optical domain name, which will permit him to pursue other business opportunities.
Eyecity.com is a leading Internet marketer of eyewear and optical related products and accessories and plans to build on its Internet expertise as the first Optical Service Provider (OSP (Online Service Provider) See online service.
OSP - Optical Signal Processor ) to provide a suite of Internet services for eye care industry professionals.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Mr. Levin, "Eyecity.com's eyecare supersite is proving to be an invaluable source for data for Eyecity's OSP initiative announced earlier this year. "We are using the buying data to leverage our Business-to-Business-to-Consumer offering for the Ophthalmologists, Optometrists and Opticians," said Levin.
Eyecity.com is a leading Internet marketer of eyewear and optical related products and accessories, and since January 2000 has been included in the PaineWebber eHealth Commerce Health Care Equity Market Overview. The U.S. market for optical related products was $15.8 billion in 1998 and is projected to jump to $19.5 billion in 2000. Eyecity.com is engaged in the online marketing, distribution and retail sale over the Internet of a broad range of eyewear products and optical accessories, including brand name sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked
Sunglasses , contact lenses contact lenses contact npl → verres mpl de contact
contact lenses contact npl → Kontaktlinsen pl
contact lenses npl , binoculars, prescription eyewear, telescopes, sports and lifestyle eyewear, and hunting glasses. Through acquisitions and internal development, Eyecity.com, Inc., operates a family of Web sites catering to the optical eyecare needs of a broad range of lifestyles and interests. These acquisitions include Peepers.com, Eyeglassplace.com, Sunglasssite.com, Opticalsite.com, and Binoculars.com. The Company's Super site, Eyecity.com, was launched in April 2000. The Company also has a license with Yahoo! Inc. to market a Yahoo!(R) branded eyewear product collection. Eyecity.com is headquartered in Plainview, New York Plainview is a hamlet (and census-designated place) located in the town of Oyster Bay, Nassau County, New York, USA. The population was 25,637 at the 2000 census.
Plainview and its neighboring hamlet, Old Bethpage, share a school system, library, fire department and water . For more information, please visit us on the Web at www.eyecity.com.
This press release contains certain forward-looking statements, which may involve known and unknown material risks, uncertainties and other factors not under the Company's control including without limitation its ability to operate as a going concern, the need for additional financing, the impact of competition, the management of growth, compliance with applicable regulatory requirements, the Company's ability to implement its long term business plan for acquiring complementary businesses and the Company's ability to enter into agreements with marketing or distribution partners, which may cause actual results, performance and achievements of the Company to be materially different from the Company's expectations.