HOUSTON, Oct. 16, 2001 (PRIMEZONE) -- Houston InterWeb Design, Inc. (OTCBB:HITD) announced today that it intends to spin-off its PoliticalNet(tm) subsidiary. The board of directors has selected December 1, 2001 as the date of record for determining which shareholders will receive shares in the new entity.
CFO Lee Magness stated, "This is another step toward our goal of maximizing shareholder return by re-aligning resources in optimum areas. PoliticalNet(tm) is a separate business that requires its own management team, funding and strategic focus going into the 2002 election cycle. PoliticalNet(tm) has unique trademarks, licenses and patent pending technologies. Now is the time to capitalize on and monetize this intellectual property in the 'new media' political arena."
InterWeb is preparing the required documents for filing with the SEC to effectuate the spin-off.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.