BTLY -- Bentley Communications Corp.
Com ($.0001)
Company News and Press Releases From Other Sources:
Bentley to Acquire Barter Card Group and Cancel Kryptosima Acquisition
LOS ANGELES, Jan 13, 2003 (BUSINESS WIRE) -- Bentley Communications Corporation (OTCBB:BTLY) announced today that it has chosen to proceed with the acquisitions of Millenium Exchange, Exchange Mall, and three other affiliated companies, and cancel its acquisition of Kryptosima. It will maintain a strategic relationship with Kryptosima and use their technology to automate Barter transactions on the Internet.
"This was a difficult but necessary decision, made to maximize Bentley's opportunities to increase shareholder value," said Gordon Lee, Bentley Director. "As announced in late December, Bentley has signed letters of intent to acquire Exchange Mall and Millennium Exchange. We see strong potential in this significant reorganization of Bentley to pursue the barter market. However, it would have stretched Bentley's resources too thin to absorb and grow both the barter businesses and Kryptosima.
Millennium Exchange and Exchange Mall are already well-established with customers and revenue, while Kryptosima is still a developmental stage company. We therefore felt that if Bentley could not complete all three acquisitions, it was best that we find an amiable way to cancel the acquisition of Kryptosima."
"While we were considering alternatives to acquiring Kryptosima, another party approached us with an offer to purchase Kryptosima, and we concluded that stepping aside to allow them to acquire Kryptosima was the best solution for all involved. This allows Bentley to cancel the Kryptosima acquisition on an amiable basis without any penalty, and focus its resources on growing the various BarterCard companies.
Bentley previously announced an agreement with a reseller who would license the right to be Kryptosima's exclusive sales agent to the online brokerage industry, and has already received $50,000 in cash payments under that agreement. The parties have agreed to dissolve that agreement, with Bentley retaining the cash already received.
Pursuant to this realignment of Bentley's business plans, Lori Serafino and Harry Hargens have resigned all of their positions as officers and directors of Bentley. It is expected that Bentley's board will be reconstituted shortly with Mark Savoy and other directors and management from the BarterCard group of companies. Gordon Lee will act as the sole officer and director in the brief interim period.
