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Multimedia Industries Corp. Completes Acquisition of 'anythingsurplus.com'
Added: (Tue Nov 30 1999)
LOS ANGELES--Nov. 30, 1999--Multimedia Industries Corp. (OTCBB:MMIC - news) announced the completion of the acquisition of anythingsurplus.com and is in the process of launching one of the most extensive surplus sites on the Internet.
According to a recent forecast by Forrester Research, North American online retail spending will grow from $18.8 billion to $115.8 billion -- an average of 43.85 percent annual growth. As anythingsurplus.com will be the first discount surplus inventory store to cater to the online public, price-sensitive low-income consumers, one of the fastest growing Web demographics, will be naturally attracted to anythingsurplus.com's bargain basement deals.
The surplus merchandise goods will come from a variety of industries, and will include such items as home electronics, furniture, computers, car audio, pet supplies, clothing, carpets, antiques and collectibles, sporting goods, and exercise equipment. The merchandise will be taken on consignment and will be stored in warehouses strategically located around the continental United States for convenient cost-effective shipping.
anythingsurplus.com was founded in June 1999 by Entertainment Boulevard Inc.'s CEO Stephen Brown, a pioneer in bringing entertainment to the Web. Brown is in the process of implementing a management team for anythingsurplus.com.
Forward-looking statements and comments in this news release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the companies to complete the transaction and enhance operating results, are necessary subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the company from time to time with the Securities and Exchange Commission in the future.