The Web Merchant IPO Ranks Keep Growing

SHOPNET.COM today announced that its affiliate, Play Co. Toys & Entertainment Corp. has entered into an agreement with an investment banking firm to take public its subsidiary, Toys International.COM, Inc. The investment agreement anticipates IPO proceeds of approximately $20 million to $25 million through the sale of 22% of Toys International. The investment agreement calls for the IPO to occur in approximately 90 days.
     Additionally, as part of the investment agreement the investment banking firm participated in a $2.8 million pre-IPO private equity placement in Toys International. The company has already received those funds. Toys International currently operates 19 of the Company's 26 stores as well as its Internet operations.
     Play Co. Toys is a toy retailer with 26 stores located in six states. The Company operates under the Play Co. Toys, Toys International and Toy Co. trade names. Play Co. Toys specializes in offering educational, specialty, collectible, specialty imported and traditional toys.
     SHOPNET.COM is an e-commence company which maintains a number of diverse websites, sells children's swimwear and videotapes direct to the consumer.