Systemax Launches All New CircuitCity.com Website
May 22 2009 - 3:00PM
Business Wire
Systemax Inc. (NYSE:SYX) today announced it has completed
the acquisition of the Circuit City e-commerce business and
launched the new and improved CircuitCity.com website. The new
CircuitCity.com features low everyday prices, great deals, a wide
selection of products, fast shipping, world-class 24/7 customer
service, advanced search capabilities, and enhanced content,
including photo galleries and videos of thousands of the most
popular consumer electronics and computer products.
Richard Leeds, Chairman and Chief Executive Officer of Systemax,
commented, �This acquisition and quick launch of the all new
CircuitCity.com further solidifies Systemax�s position as a leader
in online retailing of value-priced, branded computers and consumer
electronics. Circuit City is one of the iconic brands in U.S.
electronics retailing with a 60-year legacy. With the longstanding
leadership of our TigerDirect.com business and the growing
contribution of our CompUSA business acquired last year, we think
Systemax is uniquely positioned to best carry forward the great
Circuit City brand in the online space.�
On May 19, 2009 Systemax closed on its agreement to acquire
certain trademarks, trade names, domains including
www.CircuitCity.com, customer lists and information, and other
intangible assets of Circuit City�s e-commerce business. The
purchase price was $14�million in cash plus a share of future
revenue generated utilizing those assets over a 30-month period.
Under the terms of the agreement, the minimum future revenue
guaranteed to Circuit City is $3�million. The Bankruptcy Court
issued its order approving the transaction on May 15, 2009
following a public auction conducted on May 11, 2009.
In North America, Systemax sells consumer electronics online, by
direct mail and in retail stores under the TigerDirect and CompUSA
brands. Internet Retailer recently named Systemax the 21st largest
online retailing company for 2009 and 9th largest in the Computers
and Electronics category in their Top 500 Guide for 2009.
About Systemax Inc.
Systemax Inc. (www.systemax.com), a Fortune 1000 company, sells
personal computers, computer supplies and accessories, consumer
electronics and industrial products through branded e-commerce web
sites, direct mail catalogs, relationship marketers and retail
stores in North America and Europe. The primary brands are
TigerDirect, CompUSA, Misco and Global Industrial. It also
manufactures and sells computers and accessories under the Systemax
and Ultra brands and develops and markets ProfitCenter Software, a
web-based application for multichannel direct marketing
companies.
Forward-Looking Statements
This press release contains forward-looking statements about the
Company�s performance. These statements are based on management�s
estimates, assumptions and projections and are not guarantees of
future performance. The Company assumes no obligation to update
these statements. Actual results may differ materially from results
expressed or implied in these statements as the result of risks,
uncertainties and other factors including, but not limited to: (a)
unanticipated variations in sales volume, (b) economic conditions
and exchange rates, (c) actions by competitors, (d) the
continuation of key vendor relationships, (e) the ability to
maintain satisfactory loan agreements with lenders, (f) risks
associated with the delivery of merchandise to customers utilizing
common carriers, (g) the operation of the Company�s management
information systems, and (h) unanticipated legal and administrative
proceedings. Please refer to �Risk Factors� and the Forward Looking
Statements sections contained in the Company�s Form 10-K for a more
detailed explanation of the inherent limitations in such
forward-looking statements.
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