LOS ANGELES and STOCKHOLM, Sweden, Oct. 20, 1999 (PRIMEZONE) -- InfiniCom AB (publ.) today announces the approval by the United States Bankruptcy Court located in Santa Ana, California, of the Scoop plan of reorganization. InfiniCom AB also announces it's intent to move forward with the plan, which provides for the acquisition of 24STORE.com Ltd. by Scoop Inc. (OTCBB:SCPI) and the acquisition of a majority interest (approximately 91.8 percent) in Scoop by InfiniCom AB, Sweden, - the primary shareholder of 24STORE.com Ltd. The Bankruptcy Court's order approving the plan was entered on October 5,1999 after a hearing on the matter which took place on September 30, 1999.
Pursuant to the reorganization plan 24STORE.com Ltd. will conduct business as an Internet commerce company with its main operations in the United Kingdom and Scandinavia.
"Consummation of the Scoop plan of reorganization approved by the Bankruptcy Court should be completed shortly" said Larsake Sandin, Chairman of the Board, InfiniCom AB (publ.)
InfiniCom AB, the primary shareholder of 24STORE.com Ltd. will be the primary shareholder of Scoop Inc.
Statements in this Press Release that are not purely historical are "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, as amended, including statements regarding Scoop's expectations, hopes, beliefs, intentions or strategies regarding the future generally, Scoop's growth strategy, future sales and anticipated trends in Scoop's business. All forward looking statements included in this Press Release are based on information known to Scoop on the date hereof, and Scoop assumes no obligation to update any such forward looking statements. It is important to note that due, but not limited to, Scoop's early stage of development, cash flows and competition actual results may differ materially from those in such forward looking statements.