SOURCE: Market 99

January 04, 2008 13:51 ET

Market 99 Updates Shareholders on Business Progress

DALLAS, TX--(Marketwire - January 4, 2008) - Market 99 (PINKSHEETS: MNTY) announced today the company's progress to date. Under the Market 99 name the company has secured 4 total leases. Due to the recent holidays, the contractors are understandably behind schedule by approximately 3 weeks. Recent talks with the proper officials have led the company to believe the renovation on the second store, Gus Thomasson Plaza, should be complete by Feb. 1, 2008.

In November 2007, Market 99 signed the first lease for their fashion jewelry stores but a conflict with the legal name of the subsidiary forced the company to take a step back and form a new corporation, InVogue Accessories. The new lease for InVogue Accessories is now being drafted and should be signed by Jan. 15, 2008. An opening date, March 1, 2008, has been set and company management does not foresee any further setbacks. Once the initial InVogue boutique is open, the company plans to open 4-6 additional boutiques in 2008.

The ecommerce website for InVogue is now underway and plans to be fully operational by Feb. 1, 2008. Due to the high number of products carried in the Market 99 inventory, the company will wait until the second quarter to open the Market 99 ecommerce platform.

Also in development is Party Patrol, a one-stop shop for party supplies for every occasion. While no exact date has been set for the first store opening, the company has plans to open a Party Patrol location in July 2008. The ecommerce platform for Party Patrol will be operational in May 2008.

Jason Brola, the newly appointed CEO of Market 99, stated, "Though we have had multiple setbacks in our plan of progress, there has not been any issue that we haven't been able to resolve and overcome. In our business we anticipate delays and unforeseen obstacles and understand sometimes we are at the mercy of others."

Brola further stated, "I am committed to achieving every goal we have set forth to date. In the very near future Market 99 will be a Chain and Family of stores rather than a Store."

ABOUT US

Market 99 is a discount retailer with 15,000-20,000 square foot stores selling mainly name brand merchandise to value-conscious consumers. Market 99 carries Consumables, Health and Beauty Aids, Stationery Items, Housewares, Cold Foods, Frozen Foods, Women's Accessories, Women's Clothing, Men's Clothing, Children & Infant's Clothing, Seasonal, Arts & Crafts, and Toys, all for .99 cents or less.

Please visit www.MyMarket99.com for additional information. www.MNTYInvestor.com

Disclaimer:

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements," which are statements related to future, not past events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.

Contact Information

  • Contact:
    Jason Brola
    800-513-6902