News for the record... White Knight SST, Inc Announces Agreement With Online Outpost Licensing Corp
TAMPA, Fla.- June 2, 2005--White Knight SST, Inc. (OTCPK:WKGT) announced today a corporate restructuring that includes a merger with Tampa, Fla. based Online Outpost Licensing Corporation ("The Online Outpost"). White Knight and The Online Outpost have signed an agreement that includes, among other things, the following:
a) White Knight will declare a 3-1 reverse of its outstanding common stock, reducing its outstanding shares to 155,663,163
b) White Knight will issue an additional 155,663,163 shares to the principals of The Online Outpost
c) White Knight will change its name to The Online Outpost
The share exchange presumes that White Knight disposes or spins-off its existing assets and satisfies any liabilities prior to closing. The transaction is expected to close on or before June 28, 2005.
John Stanton, Chairman and CEO of White Knight stated, "We believe this transaction will maximize value for our shareholders. Our company will enjoy a first mover status in the emerging industry that provides services to companies and individuals that sell items on the internet." The Online Outpost is an eBay auction drop-off business that currently operates four stores in Florida. The Company's business strategy is to capture the market with Company-owned stores, as well as franchised stores throughout the United Sates and Europe. The Company has already sold the rights for the State of Oregon and parts of California, Nevada and Minnesota. Using proprietary tracking software, The Online Outpost stores are able to operate with minimal staff.
Matthew A. Brown, President and CEO of The Online Outpost stated, "Although The Online Outpost has been approached with many capital proposals, we believe this merger is the one we have waited for and will give The Online Outpost the steam to take this exploding concept to the next level. We have created a gateway to internet sales and developed a one of a kind interface directly with eBay and other online channels. This market is limitless and The Online Outpost has laid the groundwork to be the number one player in this industry."