TAMPA, FL--(Marketwire - February 12, 2008) - US Biodefense, Inc. dba Internet Holdings Corp,
traded on the over the counter market (
OTCBB:
USBF), today announced that
it has agreed on terms to acquire 100% of the shares of Elysium Internet,
Inc. a profitable direct navigation Internet Media Company and wholly owned
subsidiary of FTS Group, Inc. (
OTCBB:
FLIP).
US Biodefense, Inc. doing business as 'Internet Holdings Corp' and FTS
Group CEO Scott Gallagher commented, "We have entered into a liquidity
event transaction that I firmly believe will benefit the shareholders of
both Internet Holdings Corp and FTS Group. The transaction will result in
Elysium Internet becoming an independently operated publicly traded direct
navigation Internet Media Company, while creating a tremendous growth
opportunity for the stockholders of both Companies. We expect the
transaction to close in 30 to 45 days pending completion of certain filings
and other routine transactional issues."
Below are some of the details of the proposed transaction:
-- FTS Group will receive shares of a new class of convertible preferred
stock that converts into 60% of the outstanding shares of USBF.
-- FTS Group will issue USBF an interest bearing note of between $1
Million and $1.5 Million (pending final valuation) in exchange for its
domain portfolio.
-- US Biodefense, Inc. (dba Internet Holdings Corp) will change its name
to Elysium Internet, Inc.
Gallagher went on to say, "As the founder of Elysium Internet I'm very
excited by the prospect of unlocking the future growth potential of Elysium
as a stand alone Company in the very exciting Internet Domain/Media Space.
We expect to close several high level domain purchases in the near term as
well as begin the roll out of our domain monetization platform developed by
our subsidiary Dice Ventures, Inc. Judging from the recent activities of
the leading Internet Media players It's going to be an exciting year for
our Company and for the industry in general."
About Elysium Internet, Inc.
Elysium Internet, Inc. is an emerging direct navigation online media
Company. Its domain assets include; TheDirectoy.com, Therapists.net,
SecuritiesAttorney.net, NevadaLawyer.com, Passenger.net, eBoxing.com,
TheFund.net and many others. The Company is in the process of developing
several proprietary direct navigation ad platforms. Elysium is a wholly
owned subsidiary of FTS Group, Inc. (
OTCBB:
FLIP) a publicly traded
acquisition and development Company. The holding Company generates revenue
through its three wholly owned subsidiaries; See World Satellites, Inc.,
FTS Wireless, Inc. and Elysium Internet, Inc. For additional information
about FTS Group, Inc. or any of its wholly owned subsidiaries please review
the Company's quarterly, annual and other filings with the Securities and
Exchange Commission at
http://www.SEC.gov or contact the Company at the
e-mail or phone number below.
About US Biodefense, Inc.
(doing business as Internet Holdings Corp)
Internet Holdings Corp (
OTCBB:
USBF) is an emerging Internet media Company
focused on acquiring and developing domain related Internet media assets
and businesses. The Company currently owns a portfolio of domain names that
it is developing. For additional information on the Company please review
the Company's quarterly, annual and other filings with the Securities and
Exchange Commission at
http://www.SEC.gov or contact the Company at the
e-mail or phone number below.
Forward-Looking Statements
Included in this release are certain "forward-looking" statements,
involving risks and uncertainties, which are covered by the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding the Company's financial performance. Such
statements are based on management's current expectations and are subject
to certain factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred to or
implied by such statements. In addition, actual future results may differ
materially from those anticipated, depending on a variety of factors, sales
and earnings growth, general economic conditions affecting consumer
spending, including uncertainties relating to global political conditions.
Information with respect to important factors that should be considered is
contained in the Company's Annual Report on Form 10-K and 10-K/A as filed
with the Securities and Exchange Commission. Readers are cautioned not to
place reliance on these forward-looking statements, which speak only as of
the date hereof.
Contact Information: Internet Holdings Corp/ Elysium Internet, Inc.
Contact:
Scott Gallagher
CEO
727-417-7807