eCom eCom.com Clarifies Spin-Off Plans.Business Editors/High-Tech Writers PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Dec. 9, 2003 The Board of Directors of eCom eCom.com, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ECEC ECEC Electrochemical Engine Center ECEC European Center for Environmental Communication ) would like to clarify several shareholder's questions concerning its decision to implement the recently announced Advisory Committee report calling for the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of three of its eleven divisions into separate publicly traded corporations. To start with, the Board would like to emphasize that ECEC will continue to operate as a developmental company through the complete spin-off plan. All shareholders will retain their ECEC shares in addition to receiving spin-off shares. Shareholders must maintain a position in ECEC to receive future pro-rata Pro-rata Used to describe a proportionate allocation. Notes: For example, a pro-rata dividend means that every shareholder gets an equal proportion for each share they own. See also: Dividend distributions of all spin-offs. The terms and conditions of the other subsidiary spin-offs will vary depending upon the offers received by ECEC. However, shareholders must realize that each spin-off transaction will vary and so will the ownership date of record. The first spin-off company is USA SportsNet Company (USASN) for which each ECEC shareholder will receive one free trading share of USASN for each free trading share of ECEC owned on the date of record which is January 5, 2004. USASN is in the process of filing its Form 10-SB with the Securities and Exchange Commission (SEC). Shares will be distributed upon the SEC declaring the filing effective. ECEC Chairman David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Panaia stated, "We are following our Advisory Committee's report which suggests that each subsidiary consider a business relationship with an established organization. This plan will allow us to acquire or merge with quality companies. Presently, USASN is evaluating several offers which I feel will greatly benefit our shareholders." ECEC stock held in a brokerage account Brokerage Account An arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf. will automatically receive the new shares on the date of distribution. If the shareholder personally holds the ECEC stock certificate, USASN will be notified by its transfer agent of each stockholder's position and a new stock certificate will be forwarded to the shareholder. The full Advisory Committee report, previous news release, 10-K's & 10-Q's plus current news can be viewed at http://www.ecomecom.net. This press release contains certain 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. within the meaning 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. Actual events or results may differ materially from those discussed in such forward-looking statements. |
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