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CONTACT:
Timothy A. DeMello
Founder and Chairman
Streamline.com, Inc.
Tel: 781.407.1900
E-mail: [email protected]
www.streamline.com
STREAMLINE.COM TO CEASE OPERATIONS
Westwood, MA, November 13, 2000 - Streamline.com Inc. (NASDAQ: SLNE) today
announced that it is winding down its operations. The Company will notify
customers that it plans to discontinue service effective November 22.
Streamline.com began exploring strategic and financial alternatives in May,
culminating in the sale of its Washington, D.C. and Chicago operations to
Peapod, Inc. in September. Since that time, the Company's management continued
to hold discussions with potential investors and strategic partners in an effort
to raise additional financing or, alternatively, to sell the Company's remaining
operations. These efforts have proved unsuccessful to date and, in light of
current conditions of the financial markets for business-to-consumer Internet
companies, Streamline.com has determined that the interests of its employees,
customers and creditors would be best served by the Company's prompt and orderly
cessation of operations.
Streamline.com plans to sell its remaining assets and use the proceeds and
existing cash to settle with the Company's creditors. The Company will also
provide severance to employees and retain a small staff to oversee the sale of
the Company's assets and ensure the orderly wind-down of operations.
"Since Streamline was founded, we believe we have created a tremendous value
proposition for the consumer," said Timothy A. DeMello, founder and chairman of
Streamline.com. "Unfortunately, this is an extremely difficult market for
raising the capital needed to finance Internet retailing businesses. After
months of extensive discussions with potential strategic and financial partners,
we believe we have thoroughly exhausted all possible options and must
discontinue our service."
"We are proud to have served our customers over the years and will continue our
service up to the busy Thanksgiving holiday," DeMello continued. "I'd like to
thank all of our employees, past and present, for their dedication and
commitment as we worked together to help pioneer an industry that will someday
be an integral part of simplifying the lives of consumers."
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About Streamline.com
Founded in 1993, Streamline.com is a pioneer in the consumer direct market place
operating in the Boston and Northern New Jersey markets. The Company provides
busy suburban families with time-saving lifestyle solutions through
Internet-based ordering of groceries and a wide range of other quality goods and
household services. The Company delivers these items directly to customers'
homes using a full-size refrigerator/freezer or totes and a keypad garage entry
system. The Company also provides targeted research and marketing services to
many leading consumer goods companies nationwide. Streamline.com can be found on
the World Wide Web at www.streamline.com.
Note: This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that forward-looking statements are inherently uncertain. Actual performance and
results may differ materially from those projected or suggested due to certain
risks and uncertainties, including, without limitation, those associated with
our limited operating history and history of losses, inexperience in
implementing our expansion strategy, need to raise additional capital, reliance
on the growth of e-commerce and the infrastructure of the Internet, increased
competition, and dependence on customer acceptance of direct, unattended
delivery of goods and services. Additional information concerning these and
certain other risks and uncertainties that could cause actual results to differ
materially from those projected or suggested, is contained in the Company's
public filings with the Securities and Exchange Commission (SEC), copies of
which are available from the SEC's website at http://www.sec.gov or from the
Company upon request. The forward-looking statements contained herein represent
the Company's judgment as of the date of this release, and the Company cautions
readers not to place undue reliance on such statements.
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