BuyItCheap.com to merge with 999Central.com

BuyitCheap.com has reached a tentative agreement with 999Central.com to merge the two companies. Buy It Cheap expects the merger to help jump start the company's recent entry into Internet retailing.

999 bills itself as the "Internet's Discount Superstore,'' offering closeout merchandise at $9.99 and under per item. 999 claims a customer base of over 40,000 customers and links from 8,000 other websites.

Under the terms of the agreement, Buy It Cheap would issue approximately 1 million shares of its common stock to the 999 shareholders in the transaction. There are approximately 8.5 million shares of Buy It Cheap currently outstanding. The resulting company will operate websites at BuyItCheap.com. and 999Central.com.

Buy It Cheap believes that there is a largely untapped market for closeout merchandise on the Internet, "Everyone is trying to offer the latest and greatest merchandise at the cheapest price resulting in tremendous competition and low margins'' says Mr. Roman. He believes this has left a void in the market for low cost items such as software and movies. "With closeout merchandise, we don't compete with the vast majority of Internet retailers and we enjoy greater profit margins,'' says Roman.

The Buy It Cheap website will compliment 999's website in that it will offer closeout merchandise above the $9.99 threshold.

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08/01/00 SOURCE: Buy it Cheap.com, Inc.