LIBBY, Mont., Oct 2, 2003 (PRIMEZONE) -- Treasury International, Inc. (OTCBB:TRUY) (Treasury) announced today that it has acquired The Auction Agent, (www.theauctionagent.com), from Spotus Technologies, Inc. Terms of the asset purchase will be filed on Form 8K with the SEC where investors can get more information on the transaction.
The Auction Agent is a Florida-based developer of auction management software and services. Auction Agent Services allows a traditional business to achieve higher yields, reduce excess inventory levels, and obtain easy access to the millions of customers on eBay. Auction Agent's eBay certified software automates and simplifies all tasks associated with listing and maintaining eBay auctions for large quantity sellers. The Auction Agent's recent notable customers include The Eckerd Corporation, Value Financial Services, and Pawn Shop Management Company. The Auction Agent's un-audited revenue for the second quarter ending July 30, 2003, was approximately 9.1% of Treasury's revenue for the same period. Treasury expects The Auction Agent's subsequent revenue performance to show an increase due to the Eckerd and pawn shop relationships.
Treasury's operations include Retailport.com, Inc., a wholly owned subsidiary. It provides development and delivery of Internet-based solutions to address critical and often complex business and technology needs for their clients. Services offered by Retailport.com include creative designs, custom development, hosting for web-based applications, secure payment processing gateway, set-up, training and support of client of proprietary software assets and activities known as the Active Business Solutions, which includes ActiveRMS and ActiveCommerce. Active Business Solutions is an Internet-based Enterprise Management and E-Commerce package that facilitates the selling of products and the sharing of critical information between employees, trading partners and customers. Retailport.com's solutions have empowered organizations with the ability to sell online and receive memberships through real time online registration and payment processing. The Auction Agent adds its own new vertical market to Treasury's portfolio of business while enhancing the services offered by Retailport.com.
Safe Harbor
Certain statements contained herein may be forward-looking in nature and are therefore subject to risks and uncertainties that could cause actual results to differ materially. The Company's recent acquisition history, progress toward completing the integration of its acquisitions, history of operating losses, current expense levels compared with its sales, and the state of development of its product portfolio, coupled with the overall economic and competitive operating environments, pose a number of risks investors should take into consideration in connection with assessing our financial and operating results. A more detailed discussion of these and other important risk factors can be found in the documents filed with the Securities and Exchange Commission on forms 10-K and 10-Q.
For additional information: Bruce Elliott, Director of Marketing 950 Missouri Ave. Largo, Florida 33770 Tel. 800.490.7296 Fax 727.585.8904 belliott@spotustech.com www.theAuctionAgent.com OR Robert Huebner, President and CEO Tsunami Media Inc. Tel. 561.748.9789