STOCKHOM, Sweden and LOS ANGELES, April 26, 1999 (PRIMEZONE) -- Scoop Inc. (OTCBB: SCPI) today announced the signing of a definitive merger agreement with InfinCom AB and 24STORE.com, Ltd., subject to approval of the Federal Bankruptcy Court of the Central District of California, whereby Scoop, Inc. will issue shares to 24STORE.com, Ltd. which will result in 24STORE.com, Ltd. owning 91.7% of the total shares outstanding, and Scoop, Inc. shareholders owning 8.3% of the shares outstanding, at the closing of the merger. In conjunction with the merger, Scoop, Inc. will change its name to 24STORE.com, Inc.
With 1998 sales of more than $63 million ($6 million 1997), 24STORE.com, Ltd. (the "Company") is one of Europe's largest and fastest growing e-retailers.
24STORE.com, Ltd., is currently in the process of completing an institutional private placement of up to a maximum amount of $20 million. The offering is jointly managed by the New York based Kaufman Bros. L.P. and Sweden based Fischer Partners. Upon the successful completion of the private placement, the Company intends to file for NASDAQ National Market listing.
The Company intends to file for a secondary offering subsequent to the completion of the private placement. In anticipation and in furtherance of the timely filing of the secondary offering, Infincom AB, 24STORE.com, Ltd.'s largest shareholder, recently completed a bridge loan through Kaufman Bros. L.P., Fischer Partners, and JBRG Consultants where 24STORE.com, Ltd. is the beneficiary of proceeds. The bridge financing, in the amount of $4 million, took the form of a convertible debenture, with conversion linked to the pricing of the private placement and/or the anticipated secondary offering.
Stan Berk of JBRG Consultants stated, "We are happy to have assisted Infincom AB / 24STORE.com, Ltd. in developing and financing their plan to accelerated access the US capital markets. The Company is positioned to become one of the leading brands of International e-Commerce."
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Certain of these statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including the uncertainties inherent in the process of auditing and making end-of-year adjustments to a corporation's financial statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. -0-