SAN JOSE, Calif., Oct. 7, 2009 (GLOBE NEWSWIRE) -- Zippi Networks, Inc. (Pink Sheets:ZIPZ), a leading provider of mobile, web-based, and telecommunications based commerce applications that enable Americans to recycle their "Clutter into Cash," today announced it has entered into a debt settlement agreement with the company's founders and has achieved a $600,000 reduction in its balance sheet debt.
In addition to the Company's ongoing efforts to re-launch its updated products and services, Zippi's management team continues to focus on reducing the company's outstanding debt by negotiating settlement agreements with outside vendors and executive management of the Company. "As Zippi begins this process of attracting new customers to its latest version of products and services, it remains a top priority for management to continue with debt reduction alongside new relationships and marketing efforts to achieve revenue growth," stated Robert A. Rositano Jr., CEO, Zippi Networks, Inc. The agreement to relieve $600,000 of debt from Zippi's balance sheet includes other terms; (past debt matters are disclosed in the company's unaudited financial statements posted at www.pinksheets.com); and the majority of debt being retired is in exchange for the issuance of restricted Rule 144 common stock at $.01 per share.
Robert A. Rositano Jr. stated, "Zippi has accrued a certain amount of debt over the years as a development stage company and this debt continues to reflect on the Company's balance sheet. In light of the current market conditions and our ability to promote the Zippi brand through our latest relationship with EMI, I feel it is the right time to retire as much debt as possible while we begin building new awareness to our latest product and service offerings. As much as we need to collect on past debt the company needs to take positive steps in reducing debt and building revenue at the same time, this agreement is as much about our faith in the business as it is about doing the right thing at this moment in time."
About the Company:
Zippi(TM) Networks, Inc. (Pink Sheets:ZIPZ), headquartered in San Jose, Calif., has created a revolutionary business process (three U.S. Patents Pending), together with the ease of hand-held mobile technology, social networking, and the ability to recycle that empowers a new generation of online sellers. Founded in 2006, Zippi engages consumers with an easy toll free telephone number designed to allow everyone who becomes a "Zippi Club Member" an easy, hassle free way of selling items online; by phoning 1-877-GO-ZIPPI an item owner can receive a quick "mini appraisal." Zippi then connects this appraisal and customer with the appropriate Zipster (eBay seller), Zippi handles the pre-screening of the Zipster and pulls the best seller for the job to handle the entire transaction. (To view Zippi offers visit www.zippicash.com, www.zippicash.com/club, www.zippicash.com/team)
Zippi's offerings target consumers and existing eBay "Trading Assistants / Power Sellers," ultimately for the benefit of the eBay community. The strength of the eBay community resides in eBay's very own message, "the power of all of us," with Zippi each and every eBay seller can embrace the power of many, allowing each "Zipster" to scale earnings and eliminate competition by building a steady stream of business, team members, and sales with Zippi, for the eBay community.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as results of various factors including the ability of the company to successfully commercialize its new technologies and service offerings. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Zippi is a trademark of Zippi Networks, Inc. All other trademarks or registered trademarks are the property of their respective owners.