SAN DIEGO, Calif., Jan. 15, 2003 (PRIMEZONE) -- ABCI Holdings Inc. (OTCBB:ABCI) announced that the Company has filed a Form 8-K with the United States Securities and Exchange Commission to inform the marketplace and ABCI shareholders of the following:
-- Effective January 12, 2003, Mark L. Baum was elected to a one year
term to the ABCI Board of Directors.
-- On January 15, 2003, Thomas N. Carter tendered his resignation
from his role as CEO and Chairman of the ABCI Board of Directors.
Mr. Carter's resignation was received and accepted.
-- Mr. Baum has agreed to assume the Chairmanship of the Board of
Directors, and to fulfill all executive and management
responsibilities as "Interim-CEO".
Mr. Baum has more than 10 years experience in creating, financing and growing development stage enterprises in a variety of industries. Mr. Baum has participated in numerous public spin-offs, corporate re-organizations, venture fundings, private-to-public mergers, and multi-million dollar asset acquisitions and divestitures. Mr. Baum is a licensed attorney in the State of California and the principal attorney for The Baum Law Firm. Mr. Baum's law practice focuses on Securities Laws and related issues for SmallCap and MicroCap publicly reporting companies. (See www.tblf.com).
For the next 45 days, Mr. Baum will focus on (1) creating and executing a total restructuring of ABCI; and (2) reducing as much of ABCI's debt as possible. Mr. Baum stated, "Currently, ABCI's efforts are hampered by more than 2.5 million dollars of debt. I am going to work with creditors to reduce corporate obligations so that the Company can move forward and execute a turn around strategy. The goal of my effort is simple. I want to add as much value for the ABCI common shareholder as I can during my tenure. It is noteworthy that the Board of Directors is not currently authorized to reverse split the common stock, nor does the Board intend to seek such authorization from the shareholders in the foreseeable future."
Mr. Baum added, "Within the next 2 weeks, I intend to report to ABCI shareholders regarding my efforts. By that time, I will have a better idea of where ABCI is heading operationally, including ABCI's efforts to pursue ventures outside of the current business focus of the Company. By the very nature of the name of the Company, ABCI is a 'holding company'. As such, it is my intention to not rule out any opportunity that presents itself; however, I am confident that the Company will maintain an interest and passion for the 'action sports' business."
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. ABCI cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. ABCI expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.