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Press Release Source: iBIZ Technology Corp.
iBIZ Technology Corp. Clarifies iBIZ Inc. Spin-Off
Wednesday November 12, 1:29 pm ET
PHOENIX, Nov. 12 /PRNewswire-FirstCall/ -- iBIZ Technology Corp. (OTC Bulletin Board: IBZT - News) issues clarification on the iBIZ Inc. spin-off.
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President and Chief Executive Officer, Ken Schilling stated, "In our efforts to acquire new technology and continue to grow iBIZ Technology Corp. (IBZT) without further diluting our shareholders, our board of directors authorized a spin of our wholly owned subsidiary iBIZ Inc. IBZT will not move any of it's current business and or assets to iBIZ Inc. IBIZ Inc. will acquire new technologies from Endeavour Capital AG and in doing so will issue IBZT an exclusive license to add these new products to the IBZT product line up. Our shareholders in IBZT as of the record date September 25th will be issued shares in iBIZ Inc. at a predefined ratio, accordingly, and specifically, for every 500 shares owned in IBZT, each shareholder will receive one freely tradable share in iBIZ Inc. Shares held in IBZT will not be surrendered and or exchanged for iBIZ Inc, shares. The newly issued shares are in addition to the iBZT shares owned. We view this spin-off as an opportunity and an ideal way to not only grow IBZT, but to also have a vehicle to continue to add new technologies to iBIZ Inc. bringing value to IBZT and our shareholders. "
About iBIZ Technology
iBIZ is a leading manufacturer and distributor of accessories for personal digital assistant (PDA) and hand-held devices. iBIZ is recognized for innovative, high-quality, competitively priced products available through major retailers. For more information on iBIZ products and services, go to
www.ibizcorp.com , email
sales@ibizcorp.com, or call 1-800-234-0707.
