DALLAS, Nov. 14, 2001 (PRIMEZONE) -- Citizens Capital Corp. (OTCBB:CAAP) (CUSIP #174445106) today announced that its Citizens Capital Corp. Class A Subscription Rights (CUSIP #174445122) have opened for secondary trading in the institutional and dealer markets. Total Citizens Capital Corp. Class A Subscription Rights outstanding are 48,022,500. Each (5) Rights purchases (1) share of SCOR Brands, Inc. common stock (CUSIP #784026106) from Citizens Capital Corp. at $0.52 per share. After the basic (5) for (1) subscription is fulfilled, rights holders may over-subscribe to the SCOR Brands shares on an unlimited basis at $0.52 per share. Fully subscribed, the subscription rights shall effect the spin off of approximately 30 percent of Citizens Capital Corp.'s SCOR Brands, Inc. athletic footwear unit or 9,604,500 SCOR Brands, Inc. common shares. The subscription period expires November 30, 2001.
Scoring is the objective of all sports activities. SCOR(r) as a brand has instant name brand equity. SCOR(r) offers several categories and styles of branded basketball, jogging, golf and outdoor footwear products which compete in the same consumer athletic footwear market now led by Nike Inc.(NYSE:NKE) and Reebok International Ltd.(NYSE:RBK). SCOR products may be previewed at its online SCOR(r) Store located at: www.scorbrands.com.
Said Billy D. Hawkins, president of Citizens Capital, "The top two athletic footwear brands have been recently trading at $45 and $21 per share respectively. Providing rights holders with a first opportunity to purchase shares in SCOR at $0.52 per share is consistent with our objective of building and maximizing shareholder value. The branded athletic footwear market is a $13 billion industry. We have positioned the SCOR Brand for a piece of this market. A two or three percent share of such a large market would be pretty significant, for starters."
About SCOR Brands, Inc.
SCOR Brands, Inc. is a subsidiary of Citizens Capital Corp. and is the designer, exclusive marketer and distributor of the SCOR(r) Brand line of footwear. SCOR products may be previewed at its online SCOR(r) Store located at: www.scorbrands.com.
About Citizens Capital Corp.
Citizens Capital Corp. is a growth oriented holding company that is engaged in the development and/or acquisition of businesses across several sectors and, through the application of well defined management strategies, to enhance shareholder value for Citizens Capital Corp. shareholders.
For further information contact Billy D. Hawkins at 972.960.2643 or visit the company's corporate website at: www.citizenscap.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Citizens Capital Corp. to accomplish its stated plan of business. Citizens Capital Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Citizens Capital Corp. or any other person that the objectives and plans of Citizens Capital Corp. will be achieved.