InfiniCom AB to Acquire Majority Interest in Scoop.LOS ANGELES--(BUSINESS WIRE)--Nov. 16, 1998--InfiniCom AB (publ) (SBI-Stockholm: INFI INFI Infinity Pharmaceuticals, Inc. B), a rapidly growing Scandinavian producer of Internet-based electronic commerce, software and consulting services, and Scoop, 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 OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: SCPI SCPI - Standard Commands for Programmable Instruments ), formerly a provider of publishing and information services See Information Systems. and currently the subject of a chapter 11 bankruptcy case, today announce that the two companies have signed a letter of intent pursuant to which a plan of reorganization will be prepared and submitted to creditors and shareholders of Scoop. Subject to bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval of the plan, under the plan InfiniCom will receive approximately eleven newly issued shares of Scoop common stock for each share of Scoop stock currently outstanding in consideration for the sale by InfiniCom to Scoop of its "24STORE" business. The transaction is expected to close in the second quarter of 1999. InfiniCom's 24STORE business represents approximately 93% of the company's operations and contains a rapidly expanding electronic commerce infrastructure that operates for the purpose of establishing electronic marketplaces supporting commerce on the Internet. 24STORE has registered more than 300 domain names in the "24" family, providing electronic commerce services in geographic areas including Sweden, Norway, Finland and Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. . InfiniCom recently completed the acquisition of LapLand (UK) Ltd., Great Britain's leading reseller of notebook computers, as an addition to 24STORE's "24IT" business segment. InfiniCom's gross revenues for fiscal 1997 and the nine-month period ending September 30, 1998 were $5.45 million and $47.67 million, respectively, and net losses for the same periods were $1.2 million and $4.01 million, respectively. Revenue and net loss figures for the nine-month period ending September 30, 1998 include the LapLand acquisition. Scoop's Media Services unit sold custom-designed reprints and framed wall displays of published articles from newspapers, magazines and on-line publications and the company's Information Services division was developing a web-accessible personalized news service designed to meet the needs of business professionals. Scoop filed a voluntary petition for relief under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code on July 31, 1998. AS part of the company's reorganization in bankruptcy, the company has liquidated its Media Services and Information Services divisions. Any statements looking forward in time inherently involve risk and uncertainties including, but not limited to, the effect of interest rate fluctuations and the effects of changing economic conditions. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion