21st Century Signs Letter of Intent with Italian Real Estate Tycoon Matteo Corsini for $12 Million Dollar Joint Venture and Licensing Agreement
LAS VEGAS, Sep 23, 2004 (BUSINESS WIRE) -- 21st Century Technologies, Inc.'s (OTCBB:TFCT) today announced the signing of a Letter of Intent with London-based Corsini Real Estate and Investments Ltd (CREI), whose president is Matteo Corsini, which will purchase international licenses for 21st Century's prizeWise subsidiary as well as its Trident Technologies subsidiary. CREI will structure a $6 million licensing fee to market 21st Century Technologies, Inc.'s products prizeWise, Promag and Sea Patch in the European Union. In addition, CREI will gain investment of an additional $6 million dollars for a majority stake in the joint venture.
Kevin Romney, President of 21st Century, stated, "Several companies have approached us to joint venture with the Company. With the success of prizeWise, numerous companies were looking to invest alongside of us. At the end of the day, CREI gave us the best deal for our shareholders. We were able to raise $6 million for our U.S. operations and still retain a majority interest in the newly formed joint venture. prizeWise Europe will revolutionize the way people shop in Europe. We will be able to leverage our connections in all areas of retail markets to give prizeWise Europe customers the size and scale of the products they want to bid for."
The letter states the intent to form a new corporation, "Newco," that will market 21st Century Technologies products to the European Union (EU). The products include portfolio company Trident products Promag and Seapatch and portfolio company prizeWise utilizing the platform to establish an Italian version of the site.
CREI has a long list of clients and included in its high profiled recent acquisition targets is a major stake in Italian designer and fashion house Versace. Mr. Corsini believes that prizeWise is the gateway to market Italian fashion and any other product. "prizeWise is the new generation for marketing to the world things made in Italy," said Mr. Corsini, who also expressed the belief that through his strong ties, relationships and reputation that thousands of CREI's clients will utilize prizeWise to market their products and other affiliated CREI clients will be able to drive large volume traffic to the site.
21st Century Technologies is a Business Development Company, operated pursuant to the Investment Companies Act of 1940. It holds various enterprises as investments and seeks to grow companies in which it has an interest.
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