Cater Barnard PLC
21 November 2001
21st November 2001
Cater Barnard plc completes disposal of ThinkDirectMarketing, Inc.
Completes transformation into Corporate Finance Specialist
Cater Barnard plc (AIM:CRB) has completed the disposal of
ThinkDirectMarketing, Inc. (TDMI) to IMX Pharmaceuticals, Inc. (OTC BB : IMXN)
for a consideration of US$16.8 million, to be satisfied in Ordinary Shares,
Loan Notes and Preference Shares as announced on 15 October 2001. The
completion follows the confirmation by The United States Southern District of
Florida that the Chapter 11 reorganisation of IMX is now complete.
Following the deal, IMX will become a specialist direct marketing company, in
which Cater Barnard will own a 42% stake. Cater Barnard will, in due course,
reduce this stake by selling the IMX shares to raise additional capital, which
will be utilised to develop its core activities.
Stephen Dean, Non Executive Chairman of Cater Barnard plc, commented: 'This
disposal is in line with our strategy to streamline the business to focus on
the provision of Corporate Finance services. We now have just two quoted
investments, IMX and Envesta, on top of our core business of Cater Barnard
(USA), Cater Barnard (UK) and hold no private investments.'
IMX will be disposing of its non-core subsidiaries, including: SarahJ Inc.,
Proctozone Inc., Podiatrx, IMX Select Benefits Corp and IMX-ETI in order to
concentrate on its new activities and will change its name in due course.
For further information, please contact:
Stephen Dean / Mark Garratt Simon Robinson / Justine Howarth
Cater Barnard plc Parkgreen Communications
Tel: 0870 0660830 Tel: 020 7287 5544
ThinkDirectMarketing, Inc. ('TDMI') is a leading B2B internet application
service provider that designs, develops and distributes automated products and
services intended to improve direct-marketing, customer acquisition, customer
retention and customer relationship management (CRM) processes.
TDMI has recently acquired internet development and sales company
DirectMailQuotes ('DMQ'), which created the industry's first online bid
(quote) system for small and medium sized mailers, providing users with a
direct channel into mail houses and print shops nationwide. DMQ is expected
to provide TDMI with significant opportunities to revenue streams and provide
greater access to market share.
TDMI operates from three locations - Connecticut HQ and development office,
Colorado sales and customer support centre and California subsidiary