ZiaSun Spins Off and Sells Asia4Sale Subsidiary for $5 Million; Retains 30% Ownership and Provides Management Advisory Services.Business/Technology Editors SOLANA BEACH, Calif.--(BUSINESS WIRE)--Dec. 23, 1999 ZiaSun Technologies, Inc (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ZSUN), a profitable Internet holding company, today announced that it has sold its wholly-owned Asia4Sale Ltd. (www.Asia4Sale.com) subsidiary for $5,000,000 in cash to a private Asian company. The Company retains a 30-percent ownership in the new Asia4Sale entity, and will provide access to ZiaSun's management expertise. The principals of the new company have expressed to ZiaSun their intention of publicly trading the new Asia4Sale entity in the near future. Should the principals be successful, the Company's board of directors will consider a stock dividend to its ZSUN shareholders as soon as practical. ZiaSun stated that Asia4Sale is a fully-developed operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon with a business model that calls for the subsidiary to achieve profitability in early 2000. The Company explained that the Asia4Sale.com business requires approximately $15 to $20 million in capital to effectively accelerate its product development and geographic expansion. ZiaSun believes that the new owners are positioned to facilitate this rapid growth with the necessary financial resources and strategic industry connections throughout Asia. "We are excited to announce the sale of Asia4Sale.com at very favorable terms that will add substantial value to our bottom line," said ZiaSun Chairman D. Scott Elder. "Having established and incubated the business during its early stages, by providing funding, marketing and management, we are now positioned to profit from its improved operations, and devote further investments to other start-up and emerging ventures. "The sale of Asia4Sale is consistent with our business model, which focuses on investing in early stage, niche-market Internet firms that we expect will generate above average returns for ZiaSun and its shareholders," Elder added. "We then look to sell the majority interest to a strategic buyer, thus providing both short- and long-term profits from the investment. Our success using this strategy results from ZiaSun's ability to provide the management expertise and business synergies that yield substantially improved operations." About Asia4Sale The Asia4Sale website was launched on September 15, 1999 as a unique e-commerce facility catering to the global market with industrial auctions, business barter barter: see exchange. barter Direct exchange of goods or services without the use of money or any other intervening medium of exchange. Barter is conducted either according to established rates of exchange or by bargaining. , 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. and the opportunity for anyone to open an Asian-specialized online retail store for free. The portal showcases over 5,000 products from more than 100 Asian manufacturers, with merchandise ranging from electronics and CDs to 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 and Chinese arts Chinese art, works of art produced in the vast geographical region of China. It the oldest art in the world and has its origins in remote antiquity. (For the history of Chinese civilization, see China. and crafts, at prices from $25 to $1,000. The site enables shoppers to order direct from the manufacturer with home delivery anywhere in the world. Asia4Sale also overcomes the major barrier that has held Asian companies back from selling products online - the difficulty of obtaining e-commerce credit card merchant accounts - by processing MasterCard and Visa Card payments in a variety of major currencies. This capability is provided through a secure online credit card payment system, which is operated by the major online credit card system forerunner A family of ATM adapters from Marconi (formerly Fore Systems). See Marconi. , First Ecom. About ZiaSun Technologies ZiaSun Technologies, Inc. is a leading Internet holding company focused on e-commerce and specialized online support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services within North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and other international markets. The Company's Internet offering includes Asia4Sale (www.asia4sale.com), AuctionAsia (www.auctionasia.net), MEDIAhits (www.mediahits.com), Momentum Asia (www.momentumasia.com), Momentum Finance (www.mfinance.com - a top 100 financial website), Momentum Internet (www.momentumplus.com), Online Investors Advantage (www.i-advantage.com), PINmail (www.pinmail.com), Search Dragon (www.searchdragon.com), ServiceLive (www.servicelive.com) and Swiftrade (www.swiftrade.com). Note: Any statements released by ZiaSun Technologies, Inc that are forward-looking are made pursuant to the 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. provisions 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. Editors and investors are cautioned that 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. invoke risks and uncertainties that may affect the Company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the statements. |
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