BIB Holdings Intends to Sell Apparel Unit
Wednesday September 1, 10:09 am ET
NEW YORK--(BUSINESS WIRE)--Sept. 1, 2004--BIB Holdings Ltd. ("BIB") (OTCBB: BIBO - News) today announced its plans to sell its existing apparel business as a component of the company's proposed overall restructuring plans.
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The sale is a condition of the company's agreement to acquire Incode Corp. ("Incode"), a privately held technology services company, and a component of the company's restructuring plan, which were both announced earlier this week. The proposed sale of the apparel business will include the assumption of the operating assets and liabilities by the planned purchaser of the apparel business.
Gail Binder, chief executive officer of BIB Holdings, said, "We believe our apparel operation will benefit from becoming a private company under the new leadership of Robert Sautter, who will become president and chief executive officer of the apparel company upon the completion of the proposed sale, and that the sale of the apparel company is necessary to the reinvention of our business and to the long-term benefit of our shareholders. We remain very excited by this process and look forward to providing our shareholders with further updates as they become current."
Earlier this week, BIB announced that it had executed an agreement to acquire 100% of the capital stock of Incode for 1 million shares of a new class of preferred stock in BIB that is convertible into 200 million shares of common stock 18 months after closing. The Incode acquisition is subject to various conditions that must be satisfied prior to closing.
The acquisition of Incode is expected to be the vehicle for the first stage of BIB's proposed restructuring plan. The restructuring plan will include efforts, the key components of which are: (1) the acquisition and development of strategic technologies and assets that drive improvement in the relative financial strength of BIB; (2) the disposition of assets and operating divisions that are dilutive to BIB's earnings and overall financial strength; and, (3) the refinancing of BIB's various financing arrangements.
More information regarding either of Incode's or BIB's plans was not disclosed at the time of this release.
About Incode Corp.
Incode Corp. ("Incode") is a private company whose business model are the acquisition, development and commercialization of innovative subscription-based eBusinesses. Additional information is available online at www.incodetech.com.
About BIB Holdings Ltd.
BIB Holdings Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high quality apparel under the m.Sasson, Elk Canyon and New Terrain labels as well as private label. Product lines have included underwear, loungewear and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods as well as apparel. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States and abroad. Additional information is available online at www.msasson.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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Contact:
BIB Holdings Ltd.
Jeff Kaplan, 845-365-0855
quote:
Originally posted by legal1082:
Anybody watching the price rise today?
NEW YORK--(BUSINESS WIRE)--Sept. 9, 2004--Incode Corp. today announced plans today to develop and market a subscription-based service that will stream dynamic financial and market data to end users and provide added-value investor relations services. Incode expects to commence development in line with the completion of Incode's proposed acquisition by BIB Holdings Ltd. ("BIB") (OTCBB: BIBO - News), and to launch the new service in Q2 2005 under the brand MarketCast.
ADVERTISEMENT
Streaming Market Information
More than 60% of Internet users search for financial information when they log on to the Internet. Brokerage firms, financial institutions, and many Web sites consequently seek to incorporate relevant financial and market data into their Web sites. Products such as customizable Level II, real-time or delayed stock quotation modules, stock tickers, charting, and streaming news information can be seamlessly integrated into existing Web sites through downloadable, portable and user friendly code that can be installed rapidly over the Internet. The market for comparable existing products is based on a monthly subscription-based pricing model that increases with the type of module, degree of customization, and number of users.
The technologies that are used for streaming market information can also be used to provide added-value investor relations services such as streaming Internet radio, SEC filings, issuer and insider information, company snapshots, and important company announcements. As is the case for the streaming market information, these products are also easy to incorporate into clients' Web sites. While these offerings are also based on a subscription model, the company's belief is that additional synergies exist between these products and traditional investor relations services.
Incode's plans are for MarketCast to generate revenue in the form of recurring monthly subscriptions, as well as through investor and public relations programs that enable issuers to disseminate relevant and timely information about their company throughout MarketCast's planned network of modules.
Jim Grainer, Incode's president and chief financial officer, stated, "As with our other planned products and services, the planned MarketCast portal demonstrates not only the diversity of our expected product and service mix but its scalability as well. We believe that this scalability will equate to a higher return on our planned initial capital investment and above average ongoing gross margins. We are very excited by the inclusion of MarketCast in our planned portfolio of successful subscription-based eBusinesses."
More information regarding MarketCast and Incode's development plans was not disclosed at the time of this release.
About Incode Corp.
Incode was founded in 2004 to acquire, develop and commercialize innovative and profitable subscription-based eBusinesses in the online dating, information, retail, industrial, and financial services sectors. Additional information is available online at www.incodetech.com.
About BIB Holdings Ltd.
BIB Holdings Ltd. designs, manufactures, imports, sells and markets branded and non-branded apparel. The company has a showroom in New York, a distribution center in Pennsylvania and a distribution center in Las Vegas, within a Foreign Trade Zone. The company designs, sources and markets a brand of high-quality apparel under the m.Sasson, Elk Canyon and New Terrain labels as well as private label. Product lines have included underwear, loungewear and outerwear, as well as accessories such as ties, hats, scarves, gloves, jewelry, backpacks and small leather goods as well as apparel. BIB Holdings Ltd. distributes its clothing via leading retailers throughout the United States and abroad. Additional information is available online at www.msasson.com.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of BIB Holdings Ltd., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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Contact:
BIB Holdings Ltd.
Jeff Kaplan, 845-365-0855
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Source: Incode Corp.
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quote:
Originally posted by qwame:
Looking for a penny!
It would be nice to see a penny, but I don't think we'll get there today
NEW YORK--(BUSINESS WIRE)--BIBO--
BIB Holdings Ltd. ("BIB") (OTCBB: BIBO), today announced
its plans to pay a dividend of one share of common stock for every 10
shares held by all shareholders of record at the close of business on
Dec. 31, 2004. The planned dividend is a component of the company's
planned restructuring process, which is expected to begin with the
company's proposed acquisition of Incode Corp. ("Incode") later next
month.
Restructuring Plan
The acquisition of Incode is expected to be the vehicle for the
first stage of BIB's restructuring plans, the key components of which
are: (1) the acquisition and development of strategic technologies and
assets that drive improvement in the relative financial strength of
BIB; (2) the disposition of assets and operating divisions that are
dilutive to BIB's earnings and overall financial strength; and (3)
the refinancing of BIB's various financing arrangements.
The company's proposed acquisition of Incode and the proposed
spin-off of its existing operating unit is expected to increase the
company's relative working capital position by about $600,000 and
decrease the company's total liabilities by about $3.0 million, which
is the equivalent of about $0.015 per common share.
Gail Binder, chief executive officer of BIB Holdings, said, "We
believe that our planned restructuring is and will be critical to
maximizing the long-term wealth of our shareholders as we reinvent our
business. We are very excited by the proposed Incode acquisition
because it presents our stakeholders with an exciting mechanism for
growth, and we want our existing and new shareholders to participate
in that growth."
About Incode Corp.
Incode was founded in 2004 to acquire, develop and commercialize
innovative and profitable subscription-based eBusinesses in the online
dating, information, retail, industrial, and financial services
sectors. Incode recently announced its plans to acquire an industrial
services subscription portal and an online dating service, KissyKat,
and to develop a streaming financial and market information service
called MarketCast in connection with the closing of the proposed
acquisition by BIB. Additional information is available online at www.incodetech.com.
About BIB Holdings Ltd.
BIB Holdings Ltd. designs, manufactures, imports, sells and
markets branded and nonbranded apparel. The company has a showroom in
New York, a distribution center in Pennsylvania and a distribution
center in Las Vegas, within a Foreign Trade Zone. The company designs,
sources and markets a brand of high-quality apparel under the
m.Sasson, Elk Canyon and New Terrain labels as well as private label.
Product lines have included underwear, loungewear and outerwear, as
well as accessories such as ties, hats, scarves, gloves, jewelry,
backpacks and small leather goods as well as apparel. BIB Holdings
Ltd. distributes its clothing via leading retailers throughout the
United States and abroad. Additional information is available online
at www.msasson.com.
Safe Harbor Statement
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934, as amended by the
Private Securities Litigation Reform Act of 1995. Those statements
include statements regarding the intent, belief or current
expectations of BIB Holdings Ltd., and members of their management as
well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual results
to differ materially from those in forward-statements include
fluctuation of operating results, the ability to compete successfully
and the ability to complete before-mentioned transactions. The company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results.
KEYWORD: PENNSYLVANIA NEW YORK NEVADA
INDUSTRY KEYWORD: RETAIL APPAREL/TEXTILES E-COMMERCE INTERNET MERGERS/ACQ
SOURCE: BIB Holdings Ltd.
CONTACT INFORMATION:
BIB Holdings Ltd.
Jeff Kaplan, 845-365-0855
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[This message has been edited by BizSoft (edited September 15, 2004).]
Genuine or just error??