SportsNuts Announces Spin-Off of Hardware Sales Subsidiary
SOUTH JORDAN, Utah, Jan 20, 2007 (BUSINESS WIRE) -- SportsNuts (OTCBB:SPCI) today announced that it will spin off Secure Netwerks, Inc., its computer hardware sales subsidiary, on March 1, 2007. Today's release follows the announcement on October 12, 2004 that the SportsNuts Board of Directors had approved the spin-off but had delayed implementation of the transaction until now. The spin-off represents a move by SportsNuts to consolidate its business operations and for Secure Netwerks to grow independently of the Company. Secure Netwerks is a computer and hardware reseller to businesses and other organizations. Most of Secure Netwerks' clients are retail buyers and small and medium sized organizations, although it seeks to market its products and services to larger organizations.
The Board of Directors has announced that March 1, 2007 shall be the record date for purposes of the spin-off of Secure Netwerks. The spin-off will be made on a pro-rata basis to the shareholders of SportsNuts. SportsNuts has mailed an information statement to its shareholders describing the Secure Netwerks spin-off and how and when SportsNuts shareholders will receive shares of Secure Netwerks. Secure Netwerks has filed a registration statement with the Securities and Exchange Commission and, following the spin-off, intends to have an application filed for its shares to trade on the NASD electronic bulletin board.
About SportsNuts
SportsNuts is a sports management and marketing company. The Company owns and operates sports events in the Rocky Mountain area and provides technology solutions to various sports organizations and events.
Questions concerning the above-mentioned announcement should be directed via electronic mail to info@sportsnuts.com or by regular mail to SportsNuts, Inc. c/o Kenneth I. Denos, Chief Executive Officer, at 10757 South River Front Parkway, Suite 125, South Jordan, Utah 84095.
This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such risk factors are detailed from time to time in the Company's filings on forms 10-QSB, 10-KSB, and 8-K with the U.S. Securities and Exchange Commission and other regulatory authorities.
SOURCE: SportsNuts, Inc.
CONTACT: SportsNuts, Inc.
Kenneth I. Denos, Chief Executive Officer
801-816-2510
Copyright Business Wire 2007
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KEYWORD: United States
North America
Utah
INDUSTRY KEYWORD: Other Sports
Technology
Hardware
Sports
AI
