8/8/2006 8:18:59 AM ET News Release Index
Commerce Planet Announces Final $500,000 Debt Repayment; Company Now Debt Free GOLETA, Calif., Aug 08, 2006 /PRNewswire-FirstCall via COMTEX News Network/ --
Commerce Planet, Inc. (OTC Bulletin Board: CPNE) today announced that it has made its final $500,000 debt repayment early than expected and is now free from any further long-term debt obligations.
Commerce Planet CEO Michael Hill stated, "Less than one year ago, we had well over $3 million in debt, due primarily to our main investor Dutchess Capital Management. They've been an outstanding, value-added investor over the past several years and for that I am grateful, but I can proudly say that we are now in a position of tremendous flexibility with our customers, vendors and banking relationships. In addition to lowering our cost of doing business, we've also eliminated significant interest expense which collectively should even further improve our bottom line performance as we progress forward."
About Commerce Planet, Inc.
Commerce Planet, Inc. through its websites 'commerceplanet.com', 'osimaging.com', 'onlinesupplier.com', 'buydiscount.com' and 'mysoftwaretutor.com', provides ecommerce solutions, printing, fulfillment, and thousands of high value products at significant savings to its online loyalty club customers and members.
To find out more about Commerce Planet, Inc. (OTC Bulletin Board: CPNE), visit our website at www.commerceplanet.com. The Company's public financial information and filings can be viewed at www.sec.gov.
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
SOURCE Commerce Planet, Inc.
Michael Novielli, Chairman, Commerce Planet, Inc., +1-845-575-6770, mnovielli@commerceplanet.com http://www.prnewswire.com
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