EXHIBIT 99.1
FOR IMMEDIATE RELEASE: NATIONAL DISTRIBITUTION
Care Concepts I, iBidAmerica Agree to Merge
Littleton, CO and Pompano Beach, FL - November 15, 2002 - Care Concepts I, Inc.
(OTCBB: CCON), its principal shareholders, and iBidAmerica, Inc., have entered
into a merger agreement in which privately-held IBID will become a wholly-owned
subsidiary of Care, the companies announced today.
At closing, IBID will become a wholly-owned subsidiary of Care and all the
shares of IBID's common stock will convert into an aggregate of 12,080,827
shares of Care common stock. In addition, the outstanding preferred stock of
IBID shall be converted and, on the same terms and conditions, into an
equivalent number of preferred stock of Care.
At the closing, the officers and directors of Care will resign and will be
replaced by XXXX's officers and directors.
The merger is conditioned on certain terms of closing being met, and there can
be no assurances that the merger will be completed. It is anticipated that
closing will occur by November 30.
IBID, a Florida corporation, is an International Advertising and Marketing Sales
Promotion Company. The company's marketing program showcases local and national
businesses on its internet website xxx.xxxxxxx.xxx. Products and services are
featured in an auction format starting with an opening bid of about 30% percent
of the retail value. Many of the auctions benefit local and national charitable
organizations. IBID is active in South and Central Florida, while currently
implementing its expansion into other metropolitan markets. Its executive
offices are located in Pompano Beach, Florida.
Contact Information
Care Concepts I, Inc.: Xxxxxxx Xxxxxx 000-000-0000
iBidAmerica, Inc.: Xxxxx Xxxxxxx, xxxxxxxx@xxxxxxx.xxx or Xxxx Xxxx,
xxxxx@xxxxxxx.xxx.
NOTE: This press release for Care Concepts I, Inc. and iBidAmerica, Inc. may
contain forward-looking statements as defined in Section 27A of the Securities
Act of 1934, regarding events, conditions and financial trends that may affect
the Companies' operating results and financial position. Prospective investors
are cautioned that forward-looking statements are not guarantees of future
performance. Actual events or results may differ from expectations, which are
subject to various risks and uncertainties as listed in Care Concepts I SEC
filings. The forward-looking statements made herein are based on information
presently available to the management of the Companies. The Companies assume no
obligation to publicly update or revise these forward-looking statements even if
experience or future changes make it clear that any projected results expressed
or implied therein will not be realized.
