NEW YORK, March 27, 2006 (PRIMEZONE) -- Logicom Inc. (OTCBB:LGIM) is pleased to announce today that it has completed a share exchange with Skin Shoes, Inc. that was previously announced on November 7, 2005. The combined company will continue to operate under the name "Logicom Inc.," with the intention of changing the company name to "Skins Inc." in the near future, and will have its shares publicly quoted on the Over The Counter Bulletin Board (OTCBB). In connection with the share exchange, Logicom also completed an equity financing through a private placement of its common stock and stock purchase warrants for an aggregate amount of $2.52 million. At the closing of the share exchange, Logicom appointed new management and a new Board of Directors.
The shares of common stock and warrants issued in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States without a registration with the Securities and Exchange Commission (SEC) or an applicable exemption from the registration requirements. Logicom has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued in the private placement and the shares of common stock issuable upon exercise of the warrants.
About Skin Shoes, Inc.
Skin Shoes, Inc. (the "Company") has designed and is continuing to develop an innovative two-part, interchangeable footwear structure consisting of outer collapsible "Skins" and an inner orthopedic support section called the "Bone." The design allows consumers to purchase one inner section, the Bone, and numerous outer Skins; resulting in multiple style variations from the same pair of quality Bones, always with the same feel and fit no matter which Skin is being worn. The Company intends to initially design, manufacture and market high quality men's and women's footwear and is finalizing the first Skins collection with an anticipated Fall 2006 commercial launch.
Forward-Looking Safe Harbor Statement:
This news release contains certain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this news release that are not statements of historical fact may be considered to be forward-looking statements. Written words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These statements by their nature are estimates of future results only and involve substantial risks and uncertainties. Actual results may differ materially from those indicated by these forward-looking statements as a result of various factors including, but not limited to, risks related to: our ability to obtain additional funding to support our business activities; the early-stage market for Skins' products and services; an expected dramatic rise in expenses; rapid growth and change in our business; as well as those risks more fully discussed in the Company's reports filed from time to time with the Securities and Exchange Commission. You may read and copy any reports, statements or other information that we file at the SEC's public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. You also may obtain copies of this information by mail from the Public Reference Section of the SEC, 100 F Street, N.E., Washington, D.C., 20549 at prescribed rates. Our public filings with the SEC also are available from commercial document retrieval services and at the web site maintained by the SEC at http://www.sec.gov. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing its views as of any subsequent date. We do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.