FORT LAUDERDALE, Fla., Sept. 14, 2005 (PRIMEZONE) -- Total Identity Corp ("TIC") (Pink Sheets:TIDC) today announced that it has canceled the sale of its wholly owned subsidiary, Yard Sale Drop Off ("YSDO"), a trading assistant and Power Seller with eBay and is proceeding with the planned spin-off.
TIC had entered into a Stock Purchase Agreement with Wallstreet-Review Financial Services (WSRV) to sell its wholly owned subsidiary in exchange for cancellation of debt and stock. TIC and WSRV mutually agreed to cancel the sale and convert all outstanding loans of TIC into equity. WSRV has agreed to help finance the completion of the financials of TIC so the spin-off can take place. WSRV has invested over $100,000 in TIC for the development of YSDO and other expenses and plans to invest another $40,000 so TIC can complete its financials and become current.
TIC had stopped working on its financials until it could secure the funding needed to complete them. TIC expects to have the annual report filed by the first week of October followed the by the last three quarter 10Q's by the end of that month.
About Yard Sale Drop Off:
YSDO has created a solution that enables licensees to operate out of their home or add to their current business and the licensee can operate on a part-time or full-time basis. Essentially YSDO gives the licensee the ability to go into business and grow it with very little capital and their total investment is less then the cost of a one week vacation. For a very limited time YSDO is offering a $500 gift card so licensees can purchase goods to sell on eBay to kick off their business.
YSDO motto: "We turn your hidden treasures into cash!"
Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.