Exhibit 99.1
Contact: John L. Morgan
763-520-8500
FOR IMMEDIATE RELEASE
GROW BIZ INTERNATIONAL INC. COMPLETES SALE OF
COMPUTER RENAISSANCE TO HOLLIS TECHNOLOGIES
Minneapolis, MN (August 31, 2000) -- Grow Biz International, Inc. announced
today that it completed the sale of the Computer Renaissance(R) franchise system
and three Computer Renaissance(R) retail stores to Hollis Technologies, LLC of
Lakeland, Florida yesterday for $3 million, of which approximately $1 million
will be held in an escrow account for up to 18 months. In addition, Grow Biz has
entered into a five-year consulting agreement to provide ongoing franchise and
business consulting services to Hollis Technologies.
John L. Morgan, Chief Executive Officer, of Grow Biz said, "Hollis Technologies
has the expertise and strategic vision to take Computer Renaissance(R) to a new
level of success." Hollis Technologies Chief Executive Officer, Jack Hollis,
states, "With the experience in the Computer Renaissance(R) franchise system and
our vision of the business, the employees of Hollis Technologies are looking
forward to building a new Computer Renaissance(R)."
Grow Biz International, Inc. develops franchises which operate value-oriented
retail concepts for stores that buy, sell, trade and consign used and new
merchandise. At June 24, 2000, the Company had 1,103 stores in operation and an
additional 91 franchises awarded but not open. Of the stores in operation, there
were 581 Play It Again Sports(R), 227 Once Upon A Child(R), 190 Computer
Renaissance(R), 78 Music Go Round(R), 14 Retool(R) and 13 Plato's Closet(R)
stores.
