DALLAS, Sept. 14, 2004 (PRIMEZONE) -- Citizens Capital Corp. (Pink Sheets:CAAP) today announced that its Citizens Capital Corp. ESOP Trust has entered into a definitive funding agreement with several accredited investors, resulting in the aggregate private placement of 7 million shares of the company's common stock, held by the Trust. This first of several funding rounds consists of placement of 1.92 million common shares for gross proceeds of $600,200.00 or approximately $0.31 per share. Pursuant to a call exercised by the company, net proceeds from the 7 million aggregate private placement shall accrue to and be utilized by the company to facilitate consummation of several perspective acquisition transactions, fund growth of its existing footwear and media assets, and for general corporate purposes.
"We are pleased with this first-round funding," stated Billy D. Hawkins, CEO of Citizens Capital Corp. "In conjunction with our next funding rounds, we would like to increase our merger and acquisition deal flow and possibly expand the placements amongst several key institutions. These funds provide a level of patient capital allowing us to act aggressively when our evaluations indicate a strategic acquisition fit."
About Citizens Capital Corp.
Citizens Capital Corp. is a development stage, acquisition-oriented holding company who, through its wholly owned SCOR Brands Inc. and Media Force subsidiary units respectively, is the designer, exclusive marketer and distributor of the SCOR Brand line of athletic footwear and publisher of a national, monthly, subscription-based financial news publication whose first issue is scheduled for the fourth quarter of 2004. As part of its new marketing initiatives, SCOR recently unveiled its Forever Just Say No to $100 and $200 commercial ad. The ad spot is currently webcasting at http://www.prweb.com/prfiles/2004/02/12/104775/soot0303.wmv. SCOR products are available exclusively at its online SCOR Store, 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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