DALLAS, June 23, 2004 (PRIMEZONE) -- Citizens Capital Corp. (Pink Sheets:CAAP), today announced it has contacted Footstar Inc. (Pink Sheets:FTSTQ) regarding the residual asset acquisition of its Just For Feet retail footwear chain to include its JustForFeet.com online store whose operations have been discontinued with a liquidation of all current inventories.
Footstar, whose athletic footwear division included both the Footaction and Just For Feet footwear chains, totaling 516 retail stores with a 2003 year-end revenue of approximately $973 million, announced on March 2 that it would close its entire 88-store Just For Feet chain and 77 of its 428 Footaction retail outlets pursuant to a plan of reorganization under Chapter 11 of the United States Bankruptcy Code. Subsequently, Footstar announced that it would accelerate its exit from the athletic footwear business to include the sale of its entire Footaction retail outlets after failing to obtain a supply agreement with Nike Inc. (NYSE:NKE), its biggest supplier. On May 7 Foot Locker Inc. (NYSE:FL), the top U.S. athletic footwear retail chain, announced that it had purchased 350 Footaction retail stores from Footstar Inc. for $225 million.
Citizens Capital Corp., through its wholly owned SCOR Brands Inc. unit, is the designer, exclusive marketer and distributor of the SCOR Brand line of athletic footwear. SCOR recently announced its national Forever Just Say No to $100 and $200 Sneaker ad campaign scheduled to begin airing on television during the fourth quarter of 2004. The commercial is currently webcasting at:
http://www.prweb.com/prfiles/2004/02/12/104775/soot0303.wmv.
SCOR offers several categories and styles of SCOR branded basketball, jogging and outdoor footwear products in a variety of colors. SCOR products are available exclusively at its online global SCOR Store located at www.scorbrands.com.
"As we strategically come into the living rooms of homes in key metropolitan markets with our various commercial television ad campaigns, the acquisition of the Just For Feet chain would provide immediate brand extension and a physical presence of the SCOR brand in many leading consumer markets," stated Billy D. Hawkins, CEO of Citizens Capital Corp. Hawkins added, "Subsequent to the overall market stagnation resulting from the post-September 11 economy, we are excited to resume the pursuit of those specific corporate and asset acquisition opportunities intended to grow both assets and revenues while increasing shareholder value."
About Citizens Capital Corp.
Citizens Capital Corp. is a development stage, acquisition-oriented holding company that is engaged in the development and/or acquisition of both operating companies and assets across several identified sectors and, through the application of well defined management stratagems, it aims to enhance shareholder value.
About SCOR Brands Inc.
SCOR Brands Inc. is a subsidiary of Citizens Capital Corp. and it is the designer, exclusive marketer and distributor of the SCOR Brand line of footwear. SCOR products may be previewed at its online SCOR Store located at www.scorbrands.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.
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