STRATEGIC INTERNET INVESTMENTS, INCORPORATED TO PURCHASE
51% CONTROLLING INTEREST IN PROFITABLE TURKISH FACTORING COMPANY,
BAYINDIR FAKTORING HIZMETLERI A.S.
News Release: #3-04
Symbol: SIII
Exchange: OTC:BB Symbol SIII
Exchange: OTC:Berlin:BB Symbol OY7
May 10, 2004
Shares issued: 18,118,960
Sec #33-28188
NEWS RELEASE
Strategic Internet Investments Incorporated (the “Company”) is pleased to inform shareholders it has entered into a share exchange agreement with Bayindir Faktoring Hizmetleri A.S. of Istanbul, Turkey (“Bayindir”), whereby the Company will issue, 1,056,000 of it common shares under Regulation S, at a deemed value of $1.25 per share (the “SIII Payment Shares”) to Bayindir in exchange for Bayindir issuing to the Company that number of its common shares equal to 60% of Bayindir’s total outstanding common shares. Upon issuance the Company will assign that number of Bayindir’s newly issued common shares that is equal to 9% of Bayindir’s total outstanding common shares as a finder’s fee compensation to Mr. Muzaffer Ataman, for introductory services in relation to the transaction. The share exchange will occur upon Bayindir receiving Turkish governmental authority approval to the transaction, (the “Closing”).
The agreement contemplates that the Company will secure funding to capitalize Bayindir in an amount equal to or greater than US $1,320,000 by June 7th, 2004. Upon securing the funding and thereby capitalizing Bayindir, Bayindir will, at the option of the Company, return the SIII Payment Shares to the Company. Should the Company fail to capitalize Bayindir in the amount outlined above, the share exchange agreement will be terminated and all shares returned to their respective parties.
Bayindir is one of the leading factoring companies operating within the Turkish financial markets. Bayindir closed 2003 with approximately USD $35 million in total sales and is targeting USD $85 million total sales in 2004. Bayindir’s customers within the Turkish market conduct business within the transportation, food, textile, medical and machinery sectors. Bayindir employs 20 people within its main office in Istanbul and a branch office in Izmir, Turkey.
For further information contact:
Statements
regarding financial matters in this press release other than
historical facts are "forward-looking statements"
within the meaning of section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934, and as that
term is defined in the Private Securities Litigation Reform
Act of 1995. The company intends that such statements about
the Company's future expectations, including future revenues
and earnings, and all other forward-looking statements be subject
to the safe harbors created thereby. Since these statements
(future operational results and sales) involve risks and uncertainties
and are subject to change at any time, the Company's actual
results may differ materially from expected results.
