LOS ANGELES, Aug. 9, 1999, (PRIMEZONE) - On August 4, 1999, the U.S. Bankruptcy Court for the Central District of California in Santa Ana, California approved the Bankruptcy Disclosure Statement in support of the Plan of Reorganization of Scoop, Inc., a Delaware corporation (OTCBB:SCPI). This approval marks the final procedural step in the bankruptcy process prior to the hearing on the confirmation of Scoop's Plan of Reorganization scheduled for September 30, 1999.
Scoop has signed a definitive agreement with InfiniCom AB (publ), a Swedish company, that will result in InfiniCom acquiring approximately 91.7 percent of the total issued and outstanding shares of Scoop common stock upon confirmation of the Plan of Reorganization by the Bankruptcy Court. InfiniCom and its wholly owned subsidiary 24STORE.com Limited, U.K. company, have recently completed a $4 million bridge loan through Kaufman Brothers US, Fischer Partners Europe and JBRG Consultants US acting as financial advisors.
Scoop intends to change its name to 24STORE.com Inc. upon the confirmation and effectiveness of its Plan of Reorganization. InfiniCom plans to cause Scoop to apply for Nasdaq listing promptly following the conclusion of the Bankruptcy proceeding.
InfiniCom/24STORE.com is one of Europe's largest and fastest growing e-commerce businesses with 1998 sales of more than $63 million (compared to $6 million in 1997). Karl Karlsson, Chairman of the Board of 24STORE.com said, "We are very pleased to be near the end of the bankruptcy process. We look forward to completing the acquisition of Scoop so that 24STORE.com can take its place in the US equity markets in the very exciting e-commerce area."