iBid America, American Access Subsidiary to Merge in Spin-Off Deal.Business Editors POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--June 14, 2002 iBid America, Inc. and a subsidiary of American Access Technologies, Inc., (Nasdaq:AATK AATK Always At the Keyboard ), have agreed to merge and spin off shares in the combined company, iBid International, Inc., to American Access shareholders. "Our intent has always been to take iBid public, and signing this merger agreement with American Access and its subsidiary Zonecabling.com is an important step in doing that," said Steve Markley, 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. of iBid America, Inc. Terms of the agreement include the distribution of 300,000 shares in the newly merged iBid International, Inc. to American Access Technologies shareholders, about 51 shares of iBid for every 1,000 shares held in American Access, based on current shares outstanding. American Access will retain 450,000 shares in iBid. The share distribution will occur after a Registration Statement is filed and declared effective by the Securities and Exchange Commission. "Once we become a reporting company, and make our debut on the over the counter market, we plan to file for Nasdaq Small Cap status," Markley said. The proposed merger and share distribution are conditioned on certain terms of closing being met, and accordingly, there can be no assurances that the merger and share distribution will be completed. Additionally, no assurances can be made that iBid International will trade on the Small Cap Market or that a market will be established in the stock. iBid's Internet auction site, http://www.ibidusa.com, showcases area businesses' products and services in an auction format, in which the opening bid is about 70 percent of the product's retail value. Bidders can win concert tickets, hotel stays, restaurant meals, golf packages and more. Many of the auctions benefit charity. Discount coupons are also available at no charge for visitors to the site. Some of iBid's national clients include Bally Total Fitness Bally Total Fitness is an American health club chain with 400 gyms in 70 cities, and claims 4 million customers [1]. The chain has recently opened gyms in South Korea, China & the Bahamas. , Bennigan's, Best Western, Clarion Hotels, Denny's, Hampton Inn, Holiday Inn, Hooters This article is about the two restaurant chains collectively using the shared Hooters brand. For other uses, see Hooters (disambiguation). Hooters is the trade name of two privately held American restaurant chains: Hooters of America, Inc based in Atlanta, Georgia, and , Marriott, Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. Inn, and Sheraton Resorts. iBid has concentrated on the Central and South Florida markets, with upcoming plans to expand into 10 major metropolitan markets to include Las Vegas, Los Angeles, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, and Dallas. iBid has also begun franchising its marketing concept nationally. Investor relations Investor relations The process by which the corporation communicates with its investors. information is available at http://www.ibidinternational.com. American Access manufactures zone cabling units that mount in ceilings, raised floors, and in custom furniture. The Company's concept of "zone cabling" reduces costs of installation and maintenance by as much as 70%, while providing versatility for voice and data infrastructures, including copper and fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber . Note: This press release for iBid America, Inc. may contain forward-looking statements as defined in Section 27A of the Securities Exchange Act of 1934, regarding events, conditions and financial trends that may affect the Company's operating results and financial position. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, which are subject to various risks and uncertainties. The Company's audited financial statements may be viewed at its website, http://www.ibidinternational.com. |
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