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PeoplePC Announces Results of Special Stockholder Meeting
2/25/2002 7:38:00 PM
SAN FRANCISCO, Feb 25, 2002 (BUSINESS WIRE) -- PeoplePC Inc. (Nasdaq:PEOP) announced today the results of its special stockholder meeting. On February 19, 2002, its stockholders approved all four proposals described in the company's proxy statement.
Based upon all the proxies and ballots received, the PeoplePC stockholders approved:
A. The issuance of 437,500,000 shares of the company's common stock in conversion of 4,375,000 shares of Series B Preferred Stock sold in a recent private placement. Coincident with this approval, the shares of Series B Preferred Stock were automatically converted, with the result that the company now has 551,502,422 shares of common stock outstanding.
B. The amendment to the company's Certificate of Incorporation to authorize (but not require) the board of directors to implement a reverse stock split of not less than 1-for-15 and not more than 1-for-20. The company's board of directors has not yet determined whether to proceed with the reverse stock split.
C. The amendments to the 2000 Stock Plan to increase the number of shares reserved and to increase the Section 162 (m) limits.
D. The amendment to the company's Certificate of Incorporation to increase the number of authorized shares of common stock from 500,000,000 to 750,000,000.
About PeoplePC
PeoplePC is the leading global provider of complete Internet access solutions, enabling its partners to reduce costs, generate revenues and deepen relationships with their constituencies. It works with ISPs, employers, membership organizations and individuals. PeoplePC's Custom Connections service is built on a high-quality dial-up network, aggregated through relationships with a dozen major telecommunications providers. The service has a number of tiers of customization: I) billing management and customer care; II) branded or private label email and online experience; III) a suite of Customer Relationship Management tools; IV) PC and other hardware options. PeoplePC's clients include some of the world's largest corporations such as The Ford Motor Company, Delta Air Lines, Vivendi Universal; and some of the most powerful affinity groups including AAA.
For more information, visit http://www.peoplepc.com.
The 2001 financial information provided above is based upon preliminary, unaudited financial results. Our audited financial results will appear in our 10K to be filed with the Securities Exchange Commission.This press release contains forward-looking statements that are subject to the assumptions, risks, and uncertainties discussed below. Actual results may vary from those projected in the forward-looking statements. If the company's assumptions about the future do not materialize or prove to be incorrect, the company's results could differ materially from those expressed or implied by such forward-looking statements. A forward-looking statement is any statement that looks to future events, including any projections of earnings, revenues, or other financial items; any statements of plans, strategies and objectives of management for future operations including the company's plan to achieve profitability, through various strategic initiatives; any statements regarding proposed new products, services, business opportunities, or developments; any statements regarding future economic conditions or performance; statements of belief and any statement of assumptions underlying any of the foregoing.
In addition, the above forward-looking statements depend on assumptions relating to our ability to expand our membership and enter into new enterprise agreements, our ability to provide consumer financing for the purchase of our products and services, the willingness of third party vendors to provide products and services on acceptable terms, our ability to meet our obligations under enterprise agreements, the containment of the costs of providing products and services, the containment of customer acquisition costs, our ability to generate revenues from merchant partners, our ability to generate, through operating revenues or through the proceeds of equity or debt financing, sufficient cash to implement our business plan, competition, international expansion, and other risks described from time to time in PeoplePC's Securities and Exchange Commission periodic reports and filings. The company assumes no obligation to update these forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made. Further information on potential factors that could affect these forward-looking statements and the company's financial results are included in our filings with the Securities and Exchange Commission.
Note to Editors: PeoplePC, Inc. PeoplePC, PeopleShop, and their respective logos, are among the trademarks and/or service marks of PeoplePC, Inc. in the U.S. and other countries. All other trademarks belong to their respective holders.
CONTACT:
PeoplePC
Lisa Murray, 415/901-6987 (Media/Investor Relations)
lmurray@peoplepchq.com
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