Press Release Source: Next, Inc.
Next Inc. Forges Ahead with Shareholders Lock-up Agreements
Tuesday July 22, 5:01 pm ET
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--July 22, 2003--Next Inc. (OTCBB:NXTI - News) announces that its significant stockholders (representing approximately 63% of total shares of common stock outstanding as of July 22, 2003) have entered into lock-up agreements with each other and the Company restricting their ability to sell or transfer their shares of common stock. The lock-up agreements provide that the shares owned by these stockholders are subject to a lock-up through May 1, 2004 with four automatic six-month extensions through May 1, 2006. The lock-up agreements may be terminated or amended by a vote of the majority shares subject to the lock up, with thirty days' notice, no earlier than May 1, 2004 and every six months thereafter.
Mr. Dan Cooke, Chairman of the Board and CEO, stated, "The lock-up agreements are the latest in a series of planned strategic moves that continues to demonstrate that the Company's management shareholders are committed to long-range plans to build shareholder value."
About NEXT INC:
NEXT is a creative and innovative sales and marketing organization that designs, develops, markets, and distributes licensed and branded promotional products and imprinted sportswear primarily through key licensing agreements and the Company's own proprietary designs. Next products are: www.collegewearusa.com(TM); www.rpmsportsusa.com(TM); www.americanbiker.net(TM).
NEXT has 12.7 million outstanding common shares and trades under the symbol NXTI.
The information provided for in this Press Release contains forward-looking statements and information with respect to plans, projections or future performance of the Company, the occurrence of which involves risks and uncertainties that could cause the Company's actual results to differ materially from expected results and other risks detailed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date the statements were made. The Company's actual results could differ significantly from those discussed or implied herein.
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Contact:
Next, Inc., Chattanooga
John D Gioioso, 423-296-8213 Ext. 5
jdg@nxt-inc.com
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Source: Next, Inc.
