Outpost.com Announces Completion of its Merger with Fry`s Electronics
KENT, Conn., Nov. 8 -- Outpost.com (Cyberian Outpost, Inc.; Nasdaq: COOL) today announced the completion of its cash merger with Fry`s Electronics, Inc. following the approval of the merger at a special meeting of Outpost.com`s stockholders. Of the shares of Outpost.com common stock voted at the special meeting, 95.2% were voted in favor of the merger. As a result of the merger, Outpost.com became a wholly-owned subsidiary of Fry`s and each outstanding share of Outpost.com`s common stock was converted into the right to receive $0.25, without interest. Outpost.com is no longer publicly held, and will cease trading on the Nasdaq National Market at the close of business today.
Darryl Peck, Outpost.com`s founder, President and Chief Executive Officer, stated, "Fry`s acquisition of Outpost.com proved to be our best opportunity to enhance stockholder value. Outpost.com`s employees and management are excited to join the Fry`s family and extend to the Internet Fry`s philosophy of being the one-stop supplier to the hi-tech professional."
About Outpost.com
Outpost.com, established in 1995, is a leading Internet retailer of consumer technology products. Outpost.com has been named the top-rated consumer shopping experience on the Web by the on-line shoppers` rating service Bizrate.com, receiving the "Circle of Excellence Award" for Holiday 2000 and the 1999, 2000 and 2001 #1 PowerRanking for Computing by Forrester Research. Today, Outpost.com has an existing customer base of over 1.5 million. As a full service provider (FSP), Outpost.com provides its partners with e-commerce solutions encompassing site design, site maintenance, order management and fulfillment.
For More Information Contact:
Christopher J. Walls
VP, Corporate Counsel
(860) 927-2318
cwalls@outpost.com
Email Contact: press@outpost.com
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