Colonel's International Inc. Announces a Strategic Alliance
23 February 2000
Colonel's International Inc. Announces a Strategic Alliance and Investment in e-pawn.com Inc., a Multi-faceted Internet Portal, Website Designer and Software Developer, an Internet Auction and Online Marketing Company
TECUMSEH, Mich.--Feb. 22, 2000--The Company (Colonel's International) has entered into a letter of intent to invest up to ten million dollars ($10,000,000) in an e-commerce venture www.e-pawn.com.The investment will be accomplished by the exchange of up to one million shares of COLO common stock for common shares of equal value in Wasatch International Corp., (OTC BB WITD). Wasatch has reached agreement to acquire 100 percent of e-pawn.com, a multi-faceted Internet portal, website designer and software developer. Wasatch is in the process of changing its name to e-pawn.com.
The investment by COLO will enable e-pawn.com to enhance its balance sheet and obtain marketing money for an extensive multi media advertising campaign to be launched on the major search engines, on cable television and radio networks nationwide.
The Colonel's International Inc. has been granted the option to increase their investment in e-pawn.com by up to one hundred million dollars ($100,000,000) over a five (5) year period, dependent on the growth of e-pawn.com and its expansion capital requirements. Commenting on the investment, Colonel's chairman, Donald J. Williamson, said, "We are excited by the potential of e-pawn.com due to the creation and development of a multitude of e-commerce web sites to include ubuy network (http://www.ubuynetwork.com), an auction line (http://pawnshopauctionline.com), a buy, sell, trade or barter site (http://swappage.com), and the e-pawn auction site/store front with over 3,000 interesting items from gifts to imported clocks, paintings, etc., offered for sale online.
The investment will give the Colonel's International Inc. an investment foothold in the exploding e-commerce sector as well as a strategic alliance with an e-comerce company that has developed proprietary e-commerce software designed with simplicity in mind. The target market for this software is the small to medium size business with limited e-commerce knowhow. Donald J. Williamson of Flint, Mich. is a successful entrepreneur and has more than thirty years of experience in manufacturing, new and used automobile sales, and ownership and operation of pawnshops. He described the e-pawn.com business as one that is user friendly and has the potential to compete.
In terms of the agreement, e-pawn.com will assist the Colonel's with its efforts to market its automobile and truck industry-related product range via the Internet, on existing web sites by providing software applications, custom-designed for the Colonel's marketing needs. The Colonel's Rugged liner division (www.ruggedliner.com) and Groundforce (www.groundforce.com) produce and market a range of truck accessories including bed liners, suspension kits, shock absorbers, coil springs, leaf springs, bumpers, roll pans and other custom items for the truck enthusiast.
The Company also owns and operates "The Colonel's" Brainierd International raceway, in Brainerd, Minn., and recently lanuched an online information and ticket marketing service (www.brainerdrace.com) that provides information on events, race dates, sponsorship and ticket sales.
In addition to historical facts or statements of current conditions, this press release may contain forward-looking statements. The Company's performance and financial results could differ materially from those reflected in the forward-looking statements due to general financial economic regulatory and political conditions or additional factors unknown to the Company at this time. Therefore, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. Furthermore, the Company has no intent and disclaims any obligation to update any such factors or forward-looking statements to reflect the future.