The Stellar Companies Inc. The Sports & Shopping Network Inc.
ORLANDO, Fla.--(BUSINESS WIRE)--Jan. 26, 1995--The Stellar Companies Inc. and its subsidiary, The Sports & Shopping Network Inc. ("TSSN"), announced Thursday that it has reached an agreement with EVRO Corp. ("EVRO"), a Florida-based public company traded over NASDAQ's Small Cap Market under the symbol "EVRO".
Under the agreement, EVRO will acquire 98% ownership of TSSN along with an option to acquire the remaining 2% from a number of minority shareholders, in exchange for controlling interest controlling interest
The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in EVRO. In effect, this would take TSSN public.
Contemporaneous with the TSSN acquisition, EVRO plans to raise $2,000,000 through a private placement of its restricted common stock. Upon the funding of the private placement, the TSSN acquisition will be deemed complete, and EVRO board of directors will be reconstituted, and EVRO will change its name and 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 symbol to TSSN. Upon the exchange of shares, The Sports & Shopping Network will become a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of TSSN.
TSSN will participate in the $2.5 billion television home shopping Home Shopping commonly refers to the electronic retailing / home shopping channels industry, which includes such billion dollar companies as HSN, QVC, eBay, ShopNBC, Buy.com, and Amazon.com. market, specializing in the areas of sports related products and accurate up-to-the-minute information and scores of all major sporting events. TSSN's primary competition includes Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation).
The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. , QVC QVC Quality Value Convenience
QVC Question Valid Command Network and Shop at Home which sell jewelry, clothing, home products, art and sports memorabilia The term sports memorabilia usually refers to anything that can be directly connected to a sports event or personality. These items are generally gathered by fans of the particular sport, athlete or team that the item signifies or by collectors who find value in the rarity on a limited basis, mostly in the form of collectible cards and autographed items.
Keith Halford, chief executive officer of ViaTV, TSSN's joint venture partner, was one of the four founders of QVC Network and was the first marketing vice president of Home Shopping Network Inc. Under his leadership, sales at Home Shopping grew from only $600,000 in 1982 when he joined the company to $128 million in 1986 when he left to co-found QVC Network. During his tenure at QVC, sales grew to $800 million annually. "I have long felt that sports related products will become one of the strongest segments of this industry. We are very pleased that TSSN has chosen ViaTV as its distribution partner."
In November 1994, TSSN commenced limited operations in 3.5 million test market satellite households and expanded to an additional 7.5 million cable homes earlier this month. TSSN has averaged approximately $50,000 in revenues each weekend for the past three weekends. TSSN currently operates on Friday, Saturday and Sunday mornings in the two-hour time slot Continuously repeating interval of time or a time period in which two devices are able to interconnect. between 3 and 5 a.m.
Once the additional funding is contributed to TSSN from the EVRO private placement offering, TSSN will continue to expand its television broadcasting schedule. "The TSSN business plan projects prime time broadcasting from 8 p.m. to 6 a.m., ten hours a day, seven days a week. Our gross revenue projections of $55 million in the first year of operation amounts to only 2.5% of the annual revenues of Home Shopping and QVC. We believe that TSSN will exceed our expectations and quickly gain its share of this rapidly expanding market," stated Tom Jensen, chairman of TSSN.
TSSN's plan is to focus on the marketing of sports related products from sporting goods Noun 1. sporting goods - sports equipment sold as a commodity
commodity, trade good, good - articles of commerce
sports equipment - equipment needed to participate in a particular sport manufacturers as well as highlighting its own sports memorabilia, including TSSN's patented "Magic Moments" talking cards, and its "Cager Classics" sports apparel line.
The corporate offices of The Sports & Shopping Network Inc. are located at 7501 West Irlo Bronson Memorial Highway, Suite 103, Kissimmee, Florida Kissimmee redirects here. For other uses, see Kissimmee (disambiguation).
Kissimmee is a city in Osceola County, Florida, United States. As of 2006, the population recorded by the U.S. Census Bureau is 60,894. It is the county seat of Osceola County. 34747.
CONTACT: The Sports & Shopping Network Inc.
Tom Jensen, 615/549-7466