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
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
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.
BIB Holdings Ltd.
Jeff Kaplan, 845-365-0855