DALLAS, Nov. 14, 2001 (PRIMEZONE) -- Citizens Capital Corp. (OTCBB:CAAP) (CUSIP #174445106) today announced that the common shares of its SCOR Brands Inc. athletic footwear unit (CUSIP #784026106) has opened for secondary trading in the institutional and dealer markets. Market investors, dealers and institutions are provided with an early opportunity to position themselves for allocations prior to any general offering to be undertaken. SCOR Brands, Inc. is the branded athletic footwear subsidiary of Citizens Capital Corp. SCOR(r) offers several categories and styles of branded basketball, jogging, golf and outdoor footwear products which compete in the same consumer footwear market led by Nike Inc. (NYSE:NKE) and Reebok International Ltd.(NYSE:RBK). SCOR has moved to thrust itself into the $13 billion athletic footwear market. SCOR products may be previewed at its online SCOR(r) Store located at: www.scorbrands.com.
On October 1, 2001, Citizens Capital Corp. paid a dividend to its common shareholders of record as of September 17, 2001. The dividend consisted of (1) Citizens Capital Corp. Class A Subscription Right (CUSIP #174445122) for each (1) share of Citizens Capital Corp. common stock held. Each (5) rights entitles the holder to purchase (1) share of SCOR Brands, Inc. from Citizens Capital Corp. at $0.52 per share. After the basic (5) for (1) subscription is fulfilled, rights holders may over-subscribe for SCOR Brands shares on an unlimited basis at $0.52 per share. Fully subscribed, the subscription rights shall effect the spin off of approximately 30 percent of Citizens Capital Corp.'s SCOR Brands, Inc. athletic footwear unit or 9,604,500 SCOR Brands, Inc. common shares. The subscription period expires November 30, 2001.
Billy D. Hawkins, president of Citizens Capital said, "SCOR arrives with brand name equity. SCORing is the essence of all sports. As SCOR gains its own identity as a separate company, secondary trading of our SCOR Brands, Inc. unit allows the SCOR(r) Brand to position itself in the capital market place along side other equities in the $13 billion branded athletic footwear industry. It also presents opportunities for SCOR to utilize its stock as an exchange currency for growth by pursuit of suitable acquisitions. By operating in and out of the box, our initial objective is to obtain two or three percent market share, which equates to some $200 to $300 million in revenue. This opportunity is consistent with our objective of building and maximizing shareholder value."
About SCOR Brands, Inc.
SCOR Brands, Inc. is a subsidiary of Citizens Capital Corp. and is the designer, exclusive marketer and distributor of the SCOR(r) Brand line of footwear. SCOR products may be previewed at its online SCOR(r) Store located at: www.scorbrands.com.
About Citizens Capital Corp.
Citizens Capital Corp. is a growth oriented holding company that is engaged in the development and/or acquisition of businesses across several sectors and, through the application of well defined management strategies, to enhance shareholder value for Citizens Capital Corp. shareholders.
For further information contact Billy D. Hawkins at 972.960.2643 or visit the company's corporate website at: www.citizenscap.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Citizens Capital Corp. to accomplish its stated plan of business. Citizens Capital Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Citizens Capital Corp. or any other person that the objectives and plans of Citizens Capital Corp. will be achieved.