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EXHIBIT 99.1
Pets.com PRESS RELEASE
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Pets.com, Inc. INVESTOR CONTACT: Richard G. Couch
(now IPET Holdings, Inc.) IPET Holdings, Inc.
P.O. Box 5500 (tel.) 925-552-1298
Alamo, Ca 94507 (fax) 925-552-1292
PETS.COM, INC. (NOW IPET HOLDINGS, INC.) ANNOUNCED TODAY THAT STOCKHOLDERS
HAVE APPROVED THE PLAN OF COMPLETE LIQUIDATION AND DISSOLUTION OF THE
COMPANY AND THE CHANGE OF CORPORATE NAME
SAN FRANCISCO--January 16, 2001--Pets.com, Inc. (now IPET Holdings, Inc.)
(Nasdaq: IPET), announced today that at a special stockholder meeting its
stockholders approved today the Plan of Complete Liquidation and Dissolution of
the Company previously mailed to stockholders and the change of corporate name
from Pets.com, Inc. to IPET Holdings, Inc. Previously, on November 4, 2000, the
Board of Directors unanimously voted to discontinue the operation of Pets.com
and liquidate and dissolve the Company. On November 7, 2000 the Company
announced that it would begin the orderly wind down of its operations to include
laying off most of its employees, negotiating the sale of the majority of its
assets, and paying off its outstanding liabilities. The Company is proceeding
with the sale of all of its assets, and thereafter intends to make an initial
distribution of net liquidation proceeds, if any, to the stockholders.
Today, the Company also filed with the Delaware Secretary of State an
amendment to the Company's Certificate of Incorporation to effect the name
change and a Certificate of Dissolution. The Certificate of Dissolution will
take effect on Thursday, January 18, 2001. At the close of business on Thursday,
January 18, 2001, the Company will close its stock transfer books, discontinue
recording transfers of Common Stock (the "Final Record Date"), and the Company's
Common Stock will be delisted from the Nasdaq Stock Market. Thereafter,
certificates representing the Common Stock shall not be assignable or
transferable on the books of the Company. The proportionate interests of all of
the stockholders of the Company shall be fixed on the basis of their respective
stock holdings at the close of business on the Final Record Date, and, after the
Final Record Date, any distributions made by the Company shall be made solely to
the stockholders of record at the close of business on the Final Record Date.
In addition, all officers and directors of the Company resigned today,
effective immediately after the stockholder meeting. Richard G. Couch of Diablo
Management Group ("DMG") was retained by the former board of Pets.com, Inc. to
act as sole director of the Company and Chief Executive Officer for IPET
Holdings, Inc. Going forward, Richard Couch, through DMG, will handle all
remaining affairs for IPET Holdings, Inc.
Forward Looking/Cautionary Statements
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 Pets.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 Pets.com's registration statement on Form S-1 and its periodic
reports as filed with the Securities and Exchange Commission. Pets.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
Pets.com's assets, particularly its intellectual property, will decline in value
over time, Pets.com may not be able to consummate the sale of these assets in
time to generate meaningful value. In addition, Pets.com may not be able to
negotiate the orderly wind down of its obligations to creditors. These include,
without limitation, long term contractual payment and performance obligations
associated with Pets.com's building and facilities leases, business agreements
with third parties, and agreements with vendors and shipping services. As a
result of these and other risks, Pets.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. Pets.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.
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