|Staples.com Tracking Stock Approved by Shareholders|
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Nov. 9, 1999--Staples Inc. (NASDAQ:SPLS) today announced its shareholders approved the company's plans to create a separate tracking stock, Staples.com Common Stock, to reflect the performance of its e-commerce business, at a special shareholders meeting held this afternoon in Boston, Mass.
"The Staples.com tracking stock will allow us to aggressively invest in building our e-commerce division to be the preeminent e-tailer of office supplies and services to small business," said Jeanne B. Lewis, president of Staples.com. "To succeed in this competitive space, we need to rapidly acquire customers, attract top talent and partner with leaders in the field. With the new stock, Staples' existing shareholders will retain a significant majority interest in a fast growing Internet company, while still benefiting from the consistent performance of Staples' core business."
The Staples.com tracking stock includes the operations of all three of the company's e-commerce sites: www.staples.com, www.quillcorp.com and www.stapleslink.com (formerly Staples Network Advantage Plus, or S.N.A.P.). The company will offer shares of the new stock to its employees in the form of options, and may issue shares in upcoming public or private financings where appropriate.
The tracking securities may not be sold, nor may offers to buy be accepted prior to the time a registration statement filed with the Securities and Exchange Commission becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may only be made by prospectus, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Staples Inc. is a $7 billion retailer of office supplies, furniture and technology to consumers and businesses from home-based businesses to Fortune 500 companies in the United States, Canada, the United Kingdom, Germany, the Netherlands and Portugal. Headquartered outside Boston, Staples invented the office superstore concept and today is the largest operator of office superstores in the world. The company has over 46,000 employees serving customers through more than 1,100 office superstores, mail order catalogs, e-commerce and a contract business. More information about the company is available at http://www.staples.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Staples, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-Q for the most recently ended quarter.