WORCESTER, Mass., Feb. 3, 2003 (PRIMEZONE) -- Sales OnLine Direct, Inc. (OTCBB:PAID), www.paid.com, announces today the Board will meet to discuss a proposed $1.5 million dollar financing plan from a related party and another quarter million dollar financing package related to the acquisition of inventory for it's Rotman Auction arm.
The Board will also ask its shareholders to ratify the Board's actions for remedies to thwart "naked short selling" and other trading abuses in it's stock. Management has long noted volatility in the volume and price of its common stock that it believes in large part has been attributable to "naked short selling" and other trading abuses. The Company believes that this volatility fosters an unstable environment that hurts its shareholders.
"In time I believe the new BBX exchange has the potential to eliminate many of the ills the OTCBB has surrounding it but until the new exchange, expected by year's end, is active we don't feel it's prudent to wait to protect our shareholders," stated Greg Rotman CEO of Sales OnLine Direct.
The Board intends to meet this week and will disseminate information to shareholders in a timely manner via newswire service's, U.S. Mail and on it's website http://www.paid.com.
About Sales OnLine Direct and Rotman Auction
Sales OnLine Direct, www.paid.com, maintains and develops portals and web sites for various companies and industries. The Company has focused its efforts on the antique and collectible industry, developing web sites that enhance the user's experience. Through web hosting and managed services, Sales OnLine Direct has provided e-business solutions to many different companies including their own Rotman Auction division. This division sells tens of thousands of items per year through auction, direct sales, and special events and is a certified eBay Gold Power Seller. The Company has developed the "AI Suite" http://www.auctioninc.com/ of software to increase revenues and reduce overhead for sellers on eBay, and offers these essential e-tools to other companies. Through recent initiatives, Sales OnLine Direct is establishing itself as one of the most important collectibles portals, and online auction services and technology providers to the collectibles industry. The Company's common stock is traded on the Nasdaq OTC Bulletin Board under the symbol "PAID."
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including without limitation, successful implementation of the Company's business strategy and competition, any of which may cause actual results to differ materially from those described in the statements. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB and 8K with the Securities and Exchange Commission.
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