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a21 SIGNS DEFINITIVE AGREEMENT TO ACQUIRE SUPERSTOCK
November 11, 2003
a21, Inc. ("a21") (OTCBB: ATWO), has announced that it has signed a Definitive
Agreement to acquire SuperStock, Inc. a21 estimates SuperStock
( www.superstock.com ) to be one
of the top five US based companies leading the stock image industry.
"After our careful due diligence and negotiation of acceptable terms, a21 is pleased
to announce our acquisition of SuperStock is moving forward with the signing of a
Definitive Agreement," stated Albert H. Pleus, Chairman of a21. "We look forward to
executing our business strategy on the foundation and platform we have in SuperStock,
while continuing to explore additional opportunities."
The Definitive Agreement has been approved by the Board of Directors of a21 and the
principal shareholders of SuperStock, and follows the Letter of Intent that was
announced by the two companies in May. Closing of the transaction is scheduled to
occur within 120 days and is contingent upon acceptable financing terms and other
various conditions.
The "Definitive Agreement" means that after doing due diligence the two companies have
come to an agreement on the exact financial terms for the transfer of ownership of the
company. Until this process was completed it was impossible to finalize financing
terms, but the company expects that this final step in the acquisition process will
now move forward in an orderly and timely manner.
"We have been working closely with the a21 team in recent months and we are motivated
and energized by the opportunity ahead of us," stated Kai Chiang, Chief Operating
Officer of SuperStock. "This is a new beginning for SuperStock and it heralds a new
era of growth and creativity."
Nonstock
a21 also signed a "Letter of Intent" with nonstock in the spring, but the exclusive aspect
of that agreement has now expired and nonstock is exploring other avenues for acquisition
as well as continuing to talk to a21.
According to a report by The Research Works, Inc. released in August "Management expects
revenue to reach nearly $13 million in the first full year of operation..." This
figure was based on the acquisition of both SuperStock and nonstock. The "first full
year" does not start until the financing is complete and a21 takes over. Sources
indicate that SuperStock's current revenue is about $10 million annually, nonstock's
is about $1.5 million and the rest of the $13 million is based on growth of the
business and other possible acquisitions.