Last MNTY PR
February 21, 2008 - 4:35 PM EST
Market 99 Announces Share Structure Changes
DALLAS, Feb. 21 /PRNewswire-FirstCall/ -- Company officials have announced that recently Market 99 (Other OTC: MNTY.PK) has made some significant changes to the share structure of the organization. Organizational changes approved by the Board of Directors include the increase of the authorized shares by 2.5 Billion, along with the retirement of Mr. Milligan's 1.2 Billion shares. Challenged by the ongoing debate between a reverse stock split and increasing the authorized shares, the MNTY team stands behind the Boards decisions and trusts all of the long-term investors will appreciate the reasoning behind the approvals.
Current progress with opening of the new stores is in full force and product is being purchased to stock the shelves as soon as keys are delivered from the contractors. Time lines from the contractors have been requested by Mr. Brola to be updated and submitted. Market 99 has added that additional press will be issued upon the review of the time lines.
Company officials for Market 99 thought it would be important for the shareholders to understand the cost associated with opening a new 15 Thousand square foot, 99 cent Super Center. Each Market 99 Super Center that opens has an approximately $250,000.00 price tag. MNTY has expressed that stock dilution at this level is a needed to continue the efforts of opening stores. According to recent studies preformed by the MNTY team, anticipated revenues to be generated with the opening of the 5th store should have a significant impact on the corporation so that stock dilution will be less of a required factor to open new stores or to sustain financial operations.
ABOUT US
Market 99 is a discount retailer with 15,000-20,000 square foot stores selling mainly name brand merchandise to value-conscious consumers. Market 99 carries Consumables, Health and Beauty Aids, Stationery Items, House wares, Cold Foods, Frozen Foods, Women's Accessories, Women's Clothing, Men's Clothing, Children & Infant's Clothing, Seasonal, Arts & Crafts, and Toys, all for .99 cents or less.
