GameCom Initiates Plan to Re-Purchase Shares and Complete Redemption
ARLINGTON, Texas--(BUSINESS WIRE)--June 6, 2001--GameCom, Inc. (OTCBB:GAMZ - news), www.GameComInc.com -- a leader in interactive Internet gaming -- today announced its intent to re-purchase the company's shares on the open market, and to complete a redemption of 778,291 of its currently-outstanding common shares.
GameCom and Ferris Productions, Inc., www.FerrisVR.com, the world's largest virtual reality entertainment company, announced on May 23rd that the due diligence period contained within GameCom's contract to acquire Ferris has been successfully completed by both companies, and that the acquisition of Ferris by GameCom is now complete subject only to the filing of a proxy statement with the Securities and Exchange Commission and subsequent shareholder approval. It is anticipated that the merger will be consummated by late June or early July.
``GameCom's board has authorized the company, from time-to-time, to re-purchase the company's shares in the open market, up to a current maximum authorization of 1,000,000 shares,' stated L. Kelly Jones, GameCom's chief executive officer. ``This buyback will not commence until after the merger is consummated, and we begin to successfully implement the combined company's business plan. However, as an early-stage company, we are acutely aware of the need to keep our public float to a minimum. This authorization gives management the tool to reduce the float if we find the company's share price attractive in the marketplace. Although the authorization is obviously subject to market conditions, corporate financial success, and available cash, it represents the board's stated intent and plan to reduce the currently-outstanding shares of the company.'
``I applaud this move by GameCom's current board of directors,' commented Bob Ferris, president of Ferris. ``Once I serve on the board after the acquisition, it will be my intent to continue this re-purchase initiative.'
GameCom also announced its plans to complete the redemption of 778,291 of its common shares, as previously authorized by the board of directors, prior to consummation of the Ferris acquisition. ``The effect of this redemption will be to reduce the number of outstanding shares by that number, at minimal cost,' commented Mr. Jones.
About GameCom:
GameCom, based in Arlington, Texas, is a fully-reporting, publicly traded Texas corporation. GameCom designs, manufactures, and assembles 'Net GameLink(TM), an interactive Internet gaming concept featuring network-enabled gaming kiosks. GameCom recently completed the 'Net GameLink(TM) system, and is now engaged in the sales and marketing of this innovative concept.
About Ferris:
Ferris, based in Phoenix, designs, develops, and distributes technically-advanced products for the entertainment, simulation, promotion, and education industries. Ferris is the largest and fastest growing provider of integrated hardware and software technology to the immersive virtual reality industry.
This press release contains certain forward-looking statements. Forward-looking statements are generally preceded by the words such as ``plans,' ``expects,' ``believes,' ``anticipates,' or ``intends.' Investors are cautioned that all forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. GameCom urges investors to review in detail the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
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Contact:
GameCom, Inc.
L. Kelly Jones, 817/261-GAMZ
kjones@GameComInc.com
