EXHIBIT 20.1
IT TECHNOLOGY
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FOR IMMEDIATE RELEASE
I T TECHNOLOGY, INC.'S COMMON STOCK COMMENCES TRADING
COMPANY ENTERS INTO AN AGREEMENT FOR $500,000 OF FUNDING IN A PRIVATE PLACEMENT
COMPANY APPOINTS XXXXXX XXXXXXXXX AS PRESIDENT AND DIRECTOR
NEW YORK, MAY 2, 2002, I. T. TECHNOLOGY (the "Company") announced today that its
common stock has recently commenced trading on the NASDAQ OTC- Bulletin Board
under the symbol "ITTE." The market maker for the Company's common stock is
Kensington Capital Corp. The Company engages in Digital Media, e-commerce and
technology businesses, directly and through acquisitions of equity interests in
these companies. The Company also announced today that it has entered into an
agreement with foreign investors (the "Investors") , pursuant to which the
Investors have purchased a three (3) year option to buy up to 50,000,000 shares
of its common stock for a aggregate price of $.05 per share consisting of a
$500,000 purchase price of the option and an exercise price of $.04 per share.
The Company has received $200,000 of the Option Price with the balance due
within 90 days. The Investors also received certain registration rights with
respect to the Option Shares.
The Company also announced that it had reached an agreement with its Chief
Executive Officer and President, Xxxxxx Xxxxx pursuant to which Xx. Xxxxx has
resigned from all positions with the Company and its affiliates in order to
devote his energies to the further development of ROO Media Corporation ("ROO")
which is owned by Xx. Xxxxx. Xx. Xxxxx'x goal is to develop ROO as an aggregator
and distributor of online digital media content, sourcing and syndicating media
content and aggregating this content into individual categories of interest,
which are packaged into separate media channels. In addition, Xxxxxxx Xxxxxxx
has also resigned as a director and officer of the Company. Pursuant to this
agreement, the Company exercised an option to acquire 25% of ROO's capital stock
on a fully-diluted basis. In connection with the foregoing, the Company has
elected not to proceed with the transactions contemplated by the heads of
Agreement (letter of intent) delivered to the Company by ROO in November 2001,
pursuant to which XXX proposed that the Company acquire all of the assets of
ROO.
Xx Xxxxxx Xxxxxxxxx, the founder of the Company's 50% owned subsidiary,
VideoDome Networks, Inc ("VideoDome") has agreed to join the Company's Board of
Directors and serve as its President. The Company has received a heads of
agreement from VideoDome pursuant to which the Company has the right to acquire
substantially all of the assets of VideoDome. Consummation of the proposed
transaction is subject to the satisfactory completion of the Company's due
diligence and negotiation of definitive agreements between the parties.
ABOUT I T TECHNOLOGY
IT Technology Inc., a Delaware corporation, was formed in February 1999. The
Company emphasizes relationships in which its resources can enhance the creative
and technological skills of its partners. The Company's wholly owned subsidiary,
I.T. Technology Pty. Ltd., furthers operations in Australia and recently
acquired the business infrastructure of Streamcom Pty Ltd, a company that had
been specializing in live corporate and entertainment streaming services in
Australia since 1998. For more information, visit XXX.XXXXXXXXX.XXX or call
Investor Relations.
ABOUT I T TECHNOLOGY'S EQUITY INTEREST COMPANIES
Video Dome Networks, Inc. "WHERE VIDEO MEETS THE INTERNET" --an application
service provider (ASP) of Internet video solutions, which enables video to be
played on a web location. The Company offers an array of streaming media
solutions geared at enhancing and simplifying the Internet digital media
publishing process. VideoDome, located in Burbank, CA, the heart of Broadcast
City, was founded in 1999 by Xxxxxx Xxxxxxxxx and Xxxxxx Xxxxx. Key alliances
have been established with organizations that have a proven track record for
delivering high quality products and services within the digital media industry.
Revenue sources will include the sale of digital media encoding and
delivery/hosting services, and the sale of its flagship product Media Manager,
the Company's web-based application service, which is turnkey, cost efficient,
and completely scalable. For information please visit xxx.xxxxxxxxx.xxx.
The Company also owns a 50.1% equity interest in Xxxxxxxxxx.xxx, a global portal
community for stamp collectors & dealers. The Company was established in June
1999 and is located in New York City, NY. Xxxxxxxxxx.xxx plans to become a
premier resource for stamps and high quality stamp-related accessories.
Stampville brings the broad diversity of stamps online in a unique marketplace,
boosting renewed appreciation of this classic hobby by providing collectors with
an interactive tool for discovery. For more information please visit
xxx.Xxxxxxxxxx.xxx.
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To be added to our broadcast list for future company news, please enter your
email address at our web site xxx.xxxxxxxxx.xxx or email our investor relations
representative, April Spring at xxxxx@xxxxxxxx.xxx
INVESTOR RELATIONS: April Spring, 561-362-4343, xxxxx@xxxxxxxx.xxx
This press release contains forward-looking statements that involve a number of
risks and uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements
include, but are not limited to, the Company's limited operating history,
fluctuations in quarterly results, ability to gain market acceptance of
products; competition; ability to integrate acquisitions; and other risks listed
from time to time in reports filed with the Securities and Exchange Commission,
which factors are incorporated herein by reference. In particular, the Company
cannot be certain as to the amount of trading, if any, which will develop in its
Common Stock. In addition, as a minority holder in ROO, the success of such
company, if any, will be to a great degree governed by factors beyond the
Company's control. also, the Company state with certainty that it will be able
to consummate the acquisition of VideoDome. This news release is not an offer to
sell or a solicitation of an offer to buy any securities of the Company. Any
such solicitation or offer may only be made through a prospects which has been
approved by the Securities and Exchange Commission in the states in which such
solicitation or offer has been approved.
