Sales OnLine Direct Shareholders Approve Name Change, Additional Proposals
November 05 2003 - 9:00AM
PR Newswire (US)
Sales OnLine Direct Shareholders Approve Name Change, Additional
Proposals WORCESTER, Mass., Nov. 5 /PRNewswire-FirstCall/ -- Sales
OnLine Direct, Inc. (BULLETIN BOARD: PAID) today announced the
final voting results of its recent consent solicitation of it
shareholders. Shareholders have approved all three proposals that
were presented to them by voting a majority of all outstanding
shares in favor of each proposal. The Company's shareholders
overwhelmingly approved a proposal to change the name of the
Company by a vote of 99% consenting and less than 1% withholding
consent or abstaining. The Company's shareholders also
overwhelmingly approved a proposal to give the Company's Board of
Directors discretion during the next 12 months to effect a reverse
stock split on a 1 for 6 basis. Over 91% of the shareholders who
voted consented to the proposal, with approximately 9% either
withholding consent or abstaining. The Board of Directors has not
yet determined when, and whether, to effect the reverse stock
split. The Company's shareholders also approved the Company's 2002
Stock Option Plan. Shareholders who voted approved the option plan
by a vote of approximately 92% to 8%. "We are very pleased to have
shareholder participation on these strategic activities for the
Company," stated Greg Rotman, CEO of Sales OnLine Direct. "We are
grateful to our shareholders for their continued support." Details
of the implementation of the proposals will be disclosed to
shareholders according to SEC regulations. Shareholders are
encouraged to check the http://www.paid.com/ web site for
information. About Sales OnLine Direct and Rotman Auction Sales
OnLine Direct, http://www.paid.com/, maintains and develops portals
and web sites for various companies and industries. The Company has
focused its efforts on the antique and collectible industry,
offering the "Ask the Appraiser" online appraisal service,
marketing and publishing the "Maloney's Antiques and Collectibles
Resource Directory" and developing web sites that enhance the
user's experience. Through web hosting and managed services, Sales
OnLine Direct has provided e-business solutions to many different
companies including their own Rotman Auction division. This
division sells tens of thousands of items per year through auction,
direct sales, and special events and is a certified eBay Platinum
Power Seller. The Company has developed its patent pending "AI
Suite" (http://www.auctioninc.com/) of software to increase
revenues and reduce overhead for sellers on eBay, and offers these
essential e-tools to other companies. Through recent initiatives,
Sales OnLine Direct is establishing itself as one of the most
important collectibles portals, and online auction services and
technology providers to the collectibles industry. The Company's
common stock is traded on the Nasdaq OTC Bulletin Board under the
symbol "PAID." Contact: Media Contact: Julie Shepherd, Accentuate
PR, (815) 479-1833, Investor Contact, Dennis Evanson, (719)
534-0292, Safe Harbor This Press Release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 that
are based upon current expectations or beliefs, as well as a number
of assumptions about future events, including matters related to
financing and the Company's operations. Although the Company
believes that the expectations reflected in the forward-looking
statements and the assumptions upon which they are based are
reasonable, it can give no assurance that such expectations and
assumptions will prove to have been correct. The reader is
cautioned not to put undue reliance on these forward-looking
statements, as these statements are subject to numerous factors and
uncertainties, including without limitation, successful
implementation of the Company's business strategy and competition,
any of which may cause actual results to differ materially from
those described in the statements. In addition, other factors that
could cause actual results to differ materially are discussed in
the Company's most recent filings, including Form 10-KSB and 8K
with the Securities and Exchange Commission. DATASOURCE: Sales
OnLine Direct, Inc. CONTACT: Julie Shepherd of Accentuate PR,
+1-815-479-1833, ; or Dennis Evanson of Sales OnLine Direct,
+1-719-534-0292, Web site: http://www.paid.com/
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