KISSIMMEE, Fla., Nov. 26, 2002 (PRIMEZONE) -- MarketBeasts.com LLC announces the signing of a Letter of Intent on November 25, 2002 in which MarketBeasts.com will acquire full ownership of a privately held software company to be executed upon completion of the previously announced merger between MarketBeasts.com LLC and Broadway Capital, Inc. While neither the acquisition terms nor the name of the target company can be released at this time, the company did note the acquisition would be affected by way of a share exchange at the expense of the existing MarketBeasts.com principals and requiring no dilution of MarketBeasts.com.
Founding member Scott Piel noted: "This acquisition brings a great deal to the table for our company. Specifically, it gives MarketBeasts.com significant intellectual property assets, material contracts, a staff of skilled programmers and technical support personnel as well as administrative experience and the hardware infrastructure we will need to deliver our data services. More importantly, this acquisition immediately propels us from a developmental stage company to a debt-free company with a mature revenue stream in excess of $2 million annually and a positive EBIDTA in excess of $650,000 annually notwithstanding the additional revenues and earnings anticipated from the development and implementation of our own data services."
About MarketBeasts.com
MarketBeasts.com, headquartered in Central Florida, operates an on-line data and information service at http://www.MarketBeasts.com targeted specifically to non-professional securities investors. The company's principal goal is to close the information gap that exists between professional and non-professional investors at a competitive price through the acquisition and distribution of the most reliable, complete, accurate and timely market data as can be obtained. Membership at the MarketBeasts.com is free and without hidden costs, offering both free and subscription-based services. For additional information, contact MarketBeasts.com at 321-697-0552.
Safe Harbor Statement:
Except for the historical information contained herein, the statements in this press release are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.