DALLAS, Nov. 30, 2001 (PRIMEZONE) -- Citizens Capital Corp. (OTCBB:CAAP) (CUSIP #174445106) today announced that the subscription period for its Citizens Capital Corp. Class A Subscription Rights (CUSIP #174445122) has been extended from November 30, 2001 to December 31, 2001. All subscription rights which are unexercised as of 5:00 p.m. (CST) on November 30, 2001 shall be available, on a first come, first purchase basis opening at $0.025 each to any institution and/or broker dealer who is a direct Depository Trust Company (DTC) participant and a qualified institution as defined by rule 144A. 48,022,500 Citizens Capital Corp. Class A Subscription Rights are outstanding. Each (5) rights entitles the holder to purchase (1) share of SCOR Brands, Inc. (CUSIP #784026106) athletic footwear unit 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 Brand 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. unit or 9,604,500 SCOR Brands, Inc. common shares.
Both the Citizens Capital Corp. Class A Subscription Rights and the underlying SCOR Brands, Inc. common stock have been designated as portal market securities with settlement and clearing through the DTC. Prior to completion of the requisite filings registering the SCOR Brands, Inc. common shares for public secondary trading, both portal designated securities may be resold directly to, traded by and amongst qualified institutions pursuant to rule 144A. Qualified institutions and broker/dealers are provided with an early opportunity as related to positioning and syndicate sub allocations.
The rights and the SCOR Brands common stock trade only in the Over-the-Counter institutional and dealer market (portal market) under the symbols: CAAPR (CUSIP #174445122) and SCIZY (CUSIP #784026106) respectively. Buyers and sellers must contact their broker/dealer directly to originate any transaction, no online retail trading is available. Pursuant to portal market rules, broker/dealers are required to report all trades through ACT. Qualified institutions and/or broker dealers should contact the company directly to facilitate matching all indications to buy or sell.
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.
Billy D. Hawkins, president of Citizens Capital said, "The transaction was first publicly announced on September 6, five days later the world changed forever. The back office operations of many of America's top brokerage and clearing firms were literally down. While I find their ability to get back up to speed in such a short time quite amazing, many of our shareholders and their broker/dealers have asked if additional time might be possible. As such, we are pleased to make accommodation and extend the subscription period. In addition, we have made any unexercised rights as of November 30 available on a first come, first purchase basis, to qualified institutions and broker/dealers who are DTC direct participants."
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.