zebramart.com Announces Plans for Capital Restructuring
THURSDAY, APRIL 27, 2000 6:16 AM
- BusinessWire
ATLANTA, Apr 27, 2000 (BUSINESS WIRE) -- zebramart.com, the Internet's premier luxury shopping club, announced today plans for a capital restructuring that will allow the Company to significantly reduce the number of shares outstanding.
Roger Haggerty, Chief Financial Officer of zebramart.com, indicated that certain founding shareholders of zebramart.com have agreed in principle to exchange a significant portion of their existing shares for a considerably lesser amount of future options. Haggerty also announced a corresponding adjustment of zebramart.com's employee stock-option program, consistent with the reduction in outstanding shares.
Under terms of the proposed agreement, the founding shareholders will exchange 187,000,000 shares of common stock for options to purchase 30, 000,000 shares. As part of the capital restructuring, zebramart.com will ask shareholders to approve a reverse stock split in the range of 3:1 to 5:1.
Final legal documents, while not executed, are being prepared. Definitive details will be released upon the execution of these documents.
David Kenner, Chief Executive Officer of zebramart.com, expressed confidence in the restructuring plan. "The willingness of our founding shareholders to participate in the restructuring so generously is a testament to their foresight and faith in our business plan," he said.
"zebramart.com is poised for growth and success," said Kenner. "The reverse split will reduce the number of outstanding shares and position us to take advantage of growth opportunities in the marketplace."
About zebramart.com zebramart.com (OTCBB:ZMRT) is the Internet's premier luxury shopping club. Headquartered in Atlanta, the membership-based web site offers its members an unsurpassed selection of consumer products for home and personal use. The site also features exceptional editorial content from a variety of contributors.
zebramart.com intends to set the standard for click-and-mortar retail sales with the opening of its flagship store in the prestigious Buckhead section of Atlanta. The store, scheduled to open this year, will feature an interactive experience that will allow zebramart.com members to enjoy the best of both worlds - retail and cyberspace.
zebramart.com's strategic marketing partners include marchFIRST (formerly known as USWeb/CKS) (Nasdaq:MRCH), Road Runner, Legal Club of America and Promotions.com (Nasdaq:PRMO). Technology partners include Sun Microsystems (Nasdaq:SUNW), Oracle (Nasdaq:ORCL) and SAP (NYSE:SAP) and Blue Martini.
Forward-looking statements in this press release are made pursuant to the safe harbor provisions of Section 21E of the Securities exchange Act of 1934. Forward-looking statements are those introduced with phrases such as "plans to", "will", "is expected to" and the like. Investors are cautioned that statements in this press release that are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, management's plans and objectives for future operations, management's assessment of market factors, and statements regarding the Company's strategy and plans, constitute forward-looking statements. These forward-looking statements are not guarantees of the Company's future performance and are subject to a number of risks and uncertainties that could cause that the Company's actual results in the future materially to differ from the forward-looking statements. Certain of these risks are described in Exhibit 99.1 of the Company's Form 8-K, dated March 6, 2000.
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