Exhibit 10.7
Press Release
For Immediate Release
RETURN ASSURED INCORPORATED AND HERTZ TECHNOLOGY GROUP, INC.
CLOSE MERGER AND SECURE $5 MILLION FINANCING
NEW COMPANY TO BE NAMED RETURN ASSURED INCORPORATED
Los Angeles, CA., October 17, 2000 /PR Newswire/ -- Return Assured Incorporated
(www.returnassured.com) the world's first proprietary B2B and B2C "web seal of
approval" guaranteeing the performance of an electronic retailer's return and
customer service policies, and Hertz Technology Group (NASDAQ: HERZ) a New York
based technology products and services company, announced today that they have
completed the corporate combination of the two companies. In addition, a private
equity fund has invested $5,000,000 in newly created convertible preferred
stock.
Hertz Technology Group's name was changed to Return Assured Incorporated. The
stock is currently trading on the Nasdaq Stock Market under the trading symbol
"HERZ" and Return Assured anticipates that the new symbol "RTRN" will commence
trading Thursday, October 19, 2000.
"We expect this merger to be of immeasurable benefit to our company and to the
universe of electronic retailing", Matt Sebal, President and CEO of Return
Assured Inc, said. "Our value proposition is a win-win for electronic retailers
and customers. If a customer has a problem returning products to a retailer
participating under our web-seal, the customer can send that product back to
Return Assured, for an immediate refund. At the same time, we help electronic
retailers by working hard to re-ingratiate them in the eyes of the consumer."
"Consumers have access to near perfect information about products and services,
therefore the power has shifted from merchants to consumers", Sibylla Verdi,
Director of Marketing said. "That is, given the choices found in consumer
reviews, comparison engines, and product wizards - what will assure a sale will
be to offer a risk free shopping experience. After all, the wealth in customer
relationships cannot be ignored, one lost customer is one too many with the
plethora of choices out there. Our web seal of approval will become the standard
of reliability for merchants and consumers, not only will it drive consumers to
smaller sites but it will give them the confidence to shop there as well.
About Return Assured
<PAGE>
Strategically partnering with Lloyd's of London (www.lloyds) and IBM
(www.ibm.com), Return Assured Incorporated. (www.returnassured.com) has
developed a proprietary B2C and B2B value-added "web-seal of approval" for the
electronic retail community that vets retailers with high standards and then
indemnifies the consumer with a 'no-hassle' guarantee in support of that
particular web retailer's return and customer service policy.
About Hertz Technology Group, Inc.
Hertz Technology Group provides complementary technology based products and
customized solutions and services for increasing efficient workplace
environments.
For more information please contact:
For more information please contact Investor Relations at 888.884.8809 or at
[email protected].
This press release may contain forward-looking statements, particularly as
related to the business plans and technologies of the company. All
forward-looking statements are subject to certain risks, uncertainties and
assumptions, including changes in market conditions in the industries in which
the company operates. Some of these risks are more fully described in the
company's reports filed with the Securities and Exchange Commission. Should one
or more of these risks or uncertainties materialize, or should the assumptions
prove incorrect, actual results may vary in material aspects from those
currently anticipated.
