Business Editors, High-Tech Writers
ATLANTA--(BUSINESS WIRE)--May 31, 2000
zebramart.com Founder Announces $1MM-$3MM Investment
zebramart.com (OTCBB:ZMRT), an Internet marketing and technology development company, announced today the completion of its acquisition of MyFavoriteShoe.com, the definitive high-end men's shoe e-tailer. As part of the MyFavoriteShoe.com acquisition, zebramart.com will continue to focus on leveraging operational synergies between the two companies.
The Company also disclosed an agreement with zebramart.com founder Will Head whereby he will use his best efforts to make a $1MM-$3MM investment in the company. The investment is expected to close within 30 days. The investment will fund the continued development of zebramart.com, MyFavoriteShoe.com and provide additional capital to make further synergistic acquisitions. New acquisitions will focus on companies that unlock value and leverage synergies as part of the zebramart.com portfolio of technology and Internet companies. Candidates for acquisition include Internet, software, and wireless technology companies.
Mr. Head was named Chairman of the Board and Sean Daly, founder and Chairman of MyFavoriteShoe.com, was named to the zebramart.com Board of Directors. Mr. Head and Mr. Daly will continue to support the capital development efforts of the Company.
Kevin Schuyler, CEO of MyFavoriteShoe.com, was also named to the Board. Mr. Schuyler was previously Vice President of iXL Enterprises, a consultant with McKinsey & Company, and Director of New Business Development at Louis Dreyfus Corporation. Mr. Schuyler holds an MBA from the Darden School of Business Administration and an honors degree in economics from Harvard University.
The Board announced it has accepted the resignation of CEO David Kenner. Kenner, who was instrumental in assisting the company with its branding and identity, most recently oversaw the acquisition of MyFavoriteShoe.com. The Board has formed an Executive Management Committee responsible for the day-to-day operation of the company until a permanent replacement is named.
ABOUT ZEBRAMART.COM
zebramart.com (OTCBB:ZMRT) is an Internet marketing and technology development company. 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.
MyFavoriteShoe.com is the definitive high-end men's shoe e-tailer. The exclusive authorized Internet retailer of Bruno Magli and Tsosontis, as well as a manufacturer-preferred e-tailer for brands such as Mezlan, Bass, Florsheim and Bacco Bucci, the Seattle-based company is the best, most convenient place to purchase high-quality, premium-brand men's shoes and accessories.
Forward Looking Statements
Statements made in this release that state the Company's or management's beliefs or expectations and which are not historical facts or which apply prospectively are forward-looking statements. It is important to note that the Company's actual results could differ materially from those contained in or implied by such forward looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained from time to time in the Company's SEC filings including but not limited to the 10-K and subsequent 10-Qs.
No comments:
Post a Comment