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EXHIBIT 99.1
Solopoint.com announces plans to wind down operations
Los Gatos, CA - November 22, 2000 - solopoint.com, inc. (OTC: SLPTC), a provider
of advanced online marketing technologies and communications services for the
broadband market, announced today that it will begin the orderly wind down of
its operations. In addition, it announced the layoff of 11 of its 13 employees.
The company plans to surrender its assets, including inventory, equipment, and
intellectual property to its secured creditors.
The announcement came after a lengthy and exhaustive effort to both raise
capital, dating back to mid summer, and more recently, to sell the company
outright. The company retained several advisors to assist in this effort and
contacted over 200 financial and strategic prospects. The company obtained a
$250,000 bridge loan from InveStar Capital to provide more time to examine all
options and reduced operating expenses as was reasonable to conserve cash. In
the end, however, these efforts were insufficient as no party was prepared to
provide capital or acquire the company. No recovery to general unsecured
creditors or shareholders is anticipated.
Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements within the meaning of Section
21(e) of the Securities Exchange Act of 1934 that involve risks and
uncertainties that could cause solopoint.com's actual results to differ
materially from those contained in such forward-looking statements. Accordingly,
you should not place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Many of the statements set
forth in this press release are subject to the risks and uncertainties discussed
below and in solopoint.com's registration statement on Form S-1 and its periodic
reports as filed with the Securities and Exchange Commission. Solopoint.com may
not be able to find qualified buyers for its assets at prices necessary to
generate cash to satisfy its current and future obligations. Furthermore,
because many of solopoint.com's assets, particularly its intellectual property,
will decline in value over time, solopoint.com may not be able to consummate the
sale of these assets in time to generate meaningful value. In addition,
solopoint.com may not be able to negotiate the orderly wind down of its
obligations to creditors. As a result of these and other risks, solopoint.com
may not be able to generate meaningful cash, or any cash, which could be
returned to its shareholders, and the timing of any distribution is uncertain at
this time. Solopoint.com does not undertake any obligations to publicly update
any forward-looking statements to reflect events or circumstances after the date
on which any such statement is made or to reflect the occurrence of
unanticipated events.
