ORLANDO, Fla., Jan. 14, 2004 (PRIMEZONE) -- eCom eCom.com (OTCBB:ECEC) today announced American Capital Holdings, Inc. has finalized the purchase of Spaulding Ventures LLC, a private equity fund; the audited value of this rights exchange totals $10,875,000.
Founded in 2000, Spaulding Ventures is private equity fund that provides early and interim-stage financing to entrepreneurs to launch and develop growth businesses while providing financing to established young companies in early staging for maturity advancement. The acquisition process began in August 2003 and was completed with a super majority approval of Spaulding Ventures' membership. Under the terms of the purchase agreement, Spaulding Ventures members are entitled to 10,000 shares at $5.00 per share and 1000 warrants excisable at $6.00 per share in American Capital Holdings in exchange for each Spaulding Ventures $50,000 unit.
Barney A. Richmond, Chairman of American Capital Holdings, Inc., stated, "This acquisition is consistent with our business model and our commitment to seek investment opportunities in the small company sector."
Robert C. Logel, Managing Director of Spaulding Ventures, said, "Finding a second phase major equity partner has been our priority during the past year. Our monetized assets are positioned for second and third tier elevation, which is parallel to the business model of American Capital Holdings. I am very pleased that we've met that challenge and in American Capital Holdings we have found a partner whose near-term goal is to be listed on the American Stock Exchange, accelerating the liquidity event our investors sought when they invested in our fund from ten years to less than five years."
A prime example of a Spaulding Ventures portfolio company is SmartPill Diagnostics, Inc. (www.smartpilldiagnostics.com), a leading developer of capsule endoscopy technology that non-invasively aids in the diagnosis, definition and therapeutic intervention of gastrointestinal disorders and diseases, enhances patient convenience and comfort, and reduces the cost of exploratory examinations. David Barthel, President and CEO of SmartPill Diagnostics, said, "Rob Logel was instrumental in the initial capitalization of SmartPill, and continues to be an influential strategic partner. We're very excited about gaining American Capital Holdings as a major equity partner. They afford us immediate access to accelerate our product to market, and, in the near future, access to public capital markets."
About Spaulding Ventures LLC
Spaulding Ventures was a four year old early to interim-stage equity fund that worked with entrepreneurs to develop and launch tomorrow's leading growth businesses. Spaulding afforded investors an opportunity to participate in venture financing of a diversified portfolio of start-up and emerging growth companies with potentially significant operating success, and to capitalize on Spaulding's affiliation with several existing venture capital and investment banking entities investing in similar sectors.
About American Capital Holdings, Inc.
Founded in June 2003, American Capital Holdings, Inc. is a Florida Corporation formed for the purpose of making majority capital acquisitions primarily in developed entities. The Company owns majority controlling interests in Cornerstone Energy Partners LP, 21st Century Exploration Corporation and Freedom 4 Wireless, Inc. ACH intends to invest primarily in energy exploration, technology, consumable goods, communication, manufacturing and governmental suppliers. The Company has developed proprietary secured funding programs specifically designed for the exploration of oil and gas in the United States, Energy Tax Incentive Preferred Securities(TM) ("ETIPS the security"). The "ETIPS" securities are designed to pass through oil and gas well tax investment drilling credits and depletion tax allowances directly to the investors. Usually, the cost of the oil and gas well investment is written off over a three (3) year period. In addition to "ETIPS" ACH has developed Guaranteed Principal Insured Convertible Security(TM) "GPIC'S" as an investment grade product for Insurance Companies as well as the financial community. "ETIPS" & "GPIC'S" are trademarked by American Capital Holdings and have process business patent applications pending. American Capital Holdings, Inc. recently entered into an agreement to be acquired by USA SportsNet Company a wholly owned subsidiary of eCom eCom.com, Inc (OTCBB:ECEC).
Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expect," "intends," "believes," "plans," "anticipates," "approximately," and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to history of operating losses, anticipated future losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure, disruption of communications services marketplace, and due to natural disaster. All forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995.
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