IGTS/IGTP News
Intelligent Sports Completes the Acquisition of Global Retail Fitness Concepts
100-1 Reverse Stock Split Effective Today, June 14th, 2007
Jun 14, 2007 8:31:00 AM
UPLAND, CA -- (MARKETWIRE) -- 06/14/07 -- Intelligent Sports, Inc. (PINKSHEETS: IGTP) is pleased to announce that it will be undertaking a capital restructuring in order to complete the acquisition of Global Retail Fitness Concepts. For all shareholders of record as of today, June 14, 2007, Intelligent Sports, Inc. will be implementing a 100 to 1 reverse stock split and will be trading under the new symbol IGTP.
The Intelligent Sports Board of Directors approved this capital restructuring as a means, not only to complete the Global acquisition, but to position the Company to be more attractive to possible investment and acquisition candidates; to reduce the market volatility that Intelligent Sports, Inc.'s shares have experienced; and to better reflect the Company's earnings.
"We feel that the timing is right for the restructure and that our shareholders will benefit as a result. Intelligent Sports, Inc. has undertaken a significant acquisition in Global Retail Fitness Concepts, which will result in our re-launch of its 'Create Space For Exercise' kiosks in major retail outlets in the coming months. We have also announced cooperative programming with EM Speed and Power Training and will do so with other organizations in the near future," stated Thomas Hobson, CEO of Intelligent Sports, Inc.
As part of the acquisition agreement, Global Retail Fitness Concepts will benefit from a capital investment plan for restructuring and expansion, and the companies will share marketing programs and fitness expertise. For more information about "Create Space For Exercise," visit the new Web page on the Intelligent Sports, Inc. Web site at www.intelligentsports.net.
About Intelligent Sports, Inc.:
Intelligent Sports, Inc. (www.intelligentsports.net) provides organized youth fitness and academic programs that allow kids to grow athletically and intellectually. Whether it is tutoring, health development, or specialized fitness training, Intelligent Sports will meet their general athletic and physical needs. Intelligent Sports will launch the business model in other targeted communities throughout the country over the next several years.
About Global Retail Fitness Concepts, Inc.:
Global Retail Fitness Concepts is a fitness/spa consulting firm that has developed the "Create Space for Exercise" kiosk platform for the sales of consumer fitness, cardiovascular and strength equipment through the retail, wholesale and membership club industry segments. This value-added program gives customers a complete home fitness solution by providing exercise consultants with a world-recognized equipment manufacturer. Included with the kiosk purchases are workout programs, home installation, repair and maintenance.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Contact:
Intelligent Sports, Inc.
Investor Relations
(866)-THE-APPL(E)
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