EXHIBIT 99.1
November 8, 2000
Centre Capital Corp., CEO, Karl Jacobs Announces Renegotiation Discussions with
American Absorbents
FORT WORTH, Texas, DATE /PRNewswire/ -- Centre Capital Corp. (OTC Bulletin
Board: CCCX) (http://www.cccx.net) CEO, Karl Jacobs, announced today that Centre
Capital Corporation is engaged in discussions with American Absorbents Natural
Products, Inc. ("American Absorbents") for the purpose of restructuring the
definitive terms under which it would acquire American Absorbents. The
companies had previously announced an Agreement and Plan of Reorganization
("Agreement") dated August 8, 2000 under which American Absorbents would become
a wholly owned subsidiary of CCCX. Karl Jacobs, CEO of CCCX, said "We have
mutually agreed to put the acquisition on an indefinite hold for the purpose of
attempting to renegotiate the terms of the transaction. A number of unforeseen
circumstances, including a recent drop in the market price of Center Capital
common stock which dramatically changed the value of the transaction to American
Absorbents shareholders and made it impracticable to obtain certain financing
required by the agreement, contributed to this decision." The parties are in
the process of trying to renegotiate certain terms of the agreement including
the number of shares of CCCX common stock and other securities to be issued to
the shareholders of American Absorbents in exchange for their American
Absorbents stock. If the parties are unable to renegotiate the terms of the
Agreement, it is likely that the transaction will be abandoned.
As a result of these renegotiations, Centre Capital Corporation has decided not
to effect the 3 for 2 forward stock split previously announced in connection
with the American Absorbents Agreement.
Centre Capital Corporation also announced today that it no longer maintains any
business relationship with former consultants Jeannette Jimenez, Audrey Guy, and
Houston M. Wisenbaker.
SAFE HARBOR STATEMENT: Certain statements in this news release may constitute
forward looking information within the meaning of the Private Securities
Litigation Reform Act of 1995. Such Forward Looking Statements involve risk and
uncertainties that could cause actual results to differ materially from those
set forth or implied by such forward looking statements. Forward Looking
Statements: All statements other than statements of historical fact in this
release are forward looking statements. Actual results may differ materially
from those contemplated by the forward looking statements as a result of certain
factors including, but not limited to the effect of business and economic
conditions; the impact of competitive products and pricing; and capacity and
supply constraints or difficulties. Such statements reflect the current views of
the company with respect to future events and are subject to these and other
risks and uncertainties and assumptions relating to the operations, results of
operations, growth strategy and liquidity of the Company.
SOURCE Centre Capital Corp.
CONTACT: Jaz Bermaine & Co., 713-334-8230 for Centre Capital Corp./
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