SNPD news - PALM HARBOR, Fla.--(BUSINESS WIRE)--Aug. 30, 2006-- Snap N' Sold Corp. (Pink Sheets:SNPD) announced today that the Company's Board of Directors, effective immediately, has decided to redirect the company's human and capital resources entirely to its HotAutoWeb and related business units and divest the company of its existing drop store, retail consignment and thrift businesses. Recently, analysis conducted by consultants on behalf of the Company's Board of Directors had determined that the future expected financial performance of the Company's drop store, retail consignment and thrift business would not be able to keep pace with that of the company's HotAutoWeb business unit. As a result, the Board of Directors, with the encouragement of both the consulting team and several prominent investors, voted to spin out the drop store, retail consignment and thrift business to Messrs James G. Grady & John DeLisa in consideration for the return of all of their previously issued equity-based compensation, each individual's resignation from his position and release of claim on the company. The lead Consultant hired by the Board of Directors, George Stevens, commented, "We evaluated the financial impact of the drop store business over the past year, only to realize the cash flows, growth potential and returns on invested capital paled in comparison to what the HotAutoWeb property and its related properties were generating and anticipated to generate. Messer's Grady and DeLisa still believed firmly in the long-term viability of the drop store model, and as such, the Board of Directors made an offer to them to give them the Drop store business and its locations in consideration for the return of the common and preferred shares, so that the company could concentrate its efforts and resources on the profit center of choice, the HotAutoWeb property and its related properties." It is anticipated that the Board of Directors will name Brian Hanold, the current President of the HotAutoWeb business unit, as Snap N' Sold's next President and CEO within the next week. It is also anticipated that in the coming weeks, the Company's name, trading symbol and CUSIP will be changed to reflect this new singular direction.
About Snap N' Sold Corp.
Snap N' Sold Corp., http://www.snapnsold.com, is engaged in the eBay (NASDAQ:EBAY), drop store industry with competitors, Las Vegas based Net2Auction Inc. (Pink Sheets:NAUC), subsidiary of AmeriResource Technologies, Inc. (OTCBB:AMRE), Dallas based Orbit Drop, Inc. (Pink Sheets:OBDP) and Auction Mills Incorporated (Pink Sheets:AUML) as well as other auction facilitators like the EZ2Companies.com, (OTCBB:EZTO). Snap N' Sold is managing its growth through the acquisition of community-centered retail "thrift stores" that will continue operating in that business while also acting as local eBay drop store 'consignment centers' and corporate and estate asset disposition offices. Snap N' Sold Corp. also through its HotAutoWeb subsidiary, http://www.hotautoweb.com, is engaged in the business of direct-to-consumer sales and auctions of highly-coveted classic, race cars and hot rods. While HotAutoWeb currently sells other forms of conveyance, such as RVs, airplanes, motorcycles and boats, the company will be building vehicle-specific web sites to facilitate listings and sales in the same manner as HotAutoWeb. The company is also instituting a National Regional Representative Program to drive local service representation and national listing and sales growth.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Snap N' Sold Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
KEYWORD: NORTH AMERICA FLORIDA UNITED STATES INDUSTRY KEYWORD: TECHNOLOGY INTERNET AUTOMOTIVE AFTERMARKET MOTORCYCLES RECREATIONAL VEHICLES SOURCE: Snap N' Sold Corp.
CONTACT INFORMATION: For Snap N' Sold Corp., Palm Harbor Brass Bulls Corp. Matthew Lovito, 866-342-2700 matthew@brassbulls.com
Great news rig, now just need some volume to catch up with it! A little resistance at .11, that falls and we should start to break out imo.
PR from December 12 2005:
"This agreement with a California-based company increases PBT processing by nearly two hundred Cashless ATM machines which will be serviced by Pacific Financials Banking Services division.
...This additional portfolio of managed PBT's is estimated to increase transaction revenues over $300,000.00 annually."
They expect todays contract to add an additional 250 units by the end of the year. Their estimate of over 300k should be pretty close considering the announcement today said that their number of transactions climbed 156%. So when you compare the 2 PRs this contract with 250 units should be worth well over 300,000$ annually.
yeah rig, added PFUO today. Liking the news, imo more to come, 156% increase in transactions directly increases their revs not to mention adding a new client with over 1,000 machines.