Paul R. Smith, CEO of Foodvision.com (OTC Bulletin Board: FVSN), announced yesterday that it plans to spin-off its technology division, consisting of Glue, ASAPConnect and Web Development, as a stock dividend to the Company’s shareholders, unlocking its value to shareholders in 2001. Shareholders of Foodvision.com, Inc. will receive a stock dividend distribution of 1 common share of Reach Systems Group, Inc. for each 5 common shares of Foodvision.com, Inc. A date for the spin-off dividend is to be announced in the near future.
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The technology divisions will be spun-off into Reach Systems Group, Inc., a Delaware corporation established to focus on the continual market and technological development of Glue, ASAPConnect and related web development services. Reach Systems Group is currently completing funding for up to $1,500,000. Upon the completion of the funding, the Company will file with the Securities and Exchange Commission a registration statement to register the securities of Reach Systems Group to facilitate a capital investment of $10,000,000. Concurrently, Reach Systems Group will apply for a listing of its securities on the NASD OTC Bulletin Board.
“The spin-off of our technology divisions will allow the Company to focus on the branding of vir2oso and related e-commerce web sites while Reach Systems Group concentrates on the technology marketplace,” states Paul R. Smith, CEO Foodvision.com. “Furthermore, the spin-off provides our shareholders ownership in two publicly-traded companies, thus, increasing shareholder value.”
Foodvision.com, Inc. will retain: (a) the Interactive Division, including http://www.vir2oso.com and http://www.gate2plate.com; (b) the Restaurant and Catering Division; and (c) its Retail Division which is currently under development.
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By GlobalDatahttp://www.vir2oso.com. In late January 2001, Foodvision launched its B to C strategy, http://www.vir2oso.com as the complete buying solution for kitchenware and household necessities for the consumer. The site is targeted to an affluent female audience and is powered by the company’s e-commerce platform. The core element of www.vir2oso.com is an inventory of 10,000 items which the company has developed unique and traditional methods of distribution. This is the same inventory that will be offered in our retail stores. Furthermore, the company has developed a strategy of “private-labeling” the site with multi-level marketing companies and direct selling consortiums.
http://www.gate2plate.com. Scheduled for launch in the summer of 2001, http://www.gate2plate.com is the company’s B-to-B play targeted to 450,000 independent restaurant operators in the USA. Gate2Plate is a membership driven site providing access for its members to a buying marketplace offering substantial discounts for each restaurateur. The marketplace will be powered by the company’s e-commerce platform.
Retail Division. Our retail model is based on superior service levels, with all of our branding efforts focused clearly on the upscale market segment. The store (designed by award winning Karo Inc.) will enhance the branding efforts of VIR2OSO.COM by providing a seamless transition of the customer experience from the “non-traditional” web site to a “traditional” store layout. The carefully planned product selection will represent the majority of our total offering, and strategically placed kiosks will allow our customers to “drop ship” purchases made in the store, or plan a menu and print out recipes, as well. Reach Systems Group, Inc. plans on opening 10 Retail outlets over the next 48 months.
Restaurant & Catering Division. Grandma Lee’s Cafeteria is a 28-year-old company from Canada. It was the forerunner of the St. Louis Bread Company and Au Bon Pain. The Company’s location is at the AT&T headquarters in North Atlanta servicing over 4,000 employees in a 16,000 square foot space. Vir2oso Catering, currently under development, targets to the affluent household. The Company intends to use in-house chefs at our local Atlanta based catering facility and can offer this unique service to our best customers. Events can even be planned and scheduled online with a catering specialist meeting with the client on an as-needed basis only to finalize the details.
ABOUT REACH SYSTEMS GROUP, INC.
http://www.ASAPConnect.com. ASAP is positioned uniquely as a Virtual Internet Service Provider (VISP) targeted to membership based organizations. We “private label” our VISP to meet the needs of each membership organization providing the following benefits: (a) Residual Revenue Source — a portion of the monthly subscriber fee, typically $2.00 to $3.00, is rebated to the membership organization on a monthly basis. Thus, providing a revenue source for the organization’s finances; (b) family-friendly service — the organization has the option to provide content filtering blocking out objectionable material; (c) discount pricing — the membership organization is able to provide unlimited Internet access to its members at a discount (up to 10%) from other major competitors; (d) build member loyalty — subscriber’s browser start page is branded to the organization’s portal page, which can be controlled to communicate timely information to the membership base; (e) turnkey service — we supply everything needed to provide full service to the organization’s members; and (f) nationwide coverage — our network will provide, over the next several months, local phone access for 97% of North America with reliable technology, multiple gateways and high speed access.
Glue. The vision of the Software Group is to enable organizations to maximize their customer base and profits by providing outstanding eCommerce technology with the lowest total cost of ownership. Reach Systems Group, Inc. owns software called “Glue” that aids in the complete integration of the entire retail environment. “Glue” provides an easy, fully integrated shopping experience for the consumer while providing complete flexibility, accountability, and product tracking for the e-commerce provider.
Development & Design. This department is supported by a dynamic and multi-faceted cast of IT professionals who specialize in multiple areas of web development and design. 0ur team has a very broad and extensive background ranging from the latest in multimedia tools to the complicated intricacies of infrastructure management. We specialize in the following areas (ASP, SQL, XML, HTML, ColdFusion, Flash and the entire Adobe suite). We utilize the latest tools and methods to build personalized, database driven web sites with sophisticated shopping cart systems / e-commerce capabilities.
Safe Harbor Statement
The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements including, but not limited to, deployment of new services, growth of the customer base, and growth of the service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing, or other factors. Deviation may result from risks, uncertainties, including, without limitation, the Company’s dependence on third parties, market conditions for the sale or services, technical factors affecting networks, availability of capital, and other risks and uncertainties. The Company disclaims any obligation to update information contained in any forward-looking statements.
