HENDERSON, Nev., Oct. 27, 2010 (GLOBE NEWSWIRE) -- KACHING KACHING, Inc. ( www.kachingkaching.com ) (OTCBB:KCKC) today announced it has signed a letter of intent to acquire ShopToEarth, Inc. (STE) in an all stock transaction.
ShopToEarth is a leading direct sales affiliate e-commerce online retailer. STE has long-established partnerships with over 2,300 nationally recognized retailers such as Walmart, Home Depot, Ebay, Petsmart and Target, while also providing over 20,000 green products through its relationship with 300-plus green retailers such as Avalon Organics, Burt's Bees, Seventh Generation and Alba. ShopToEarth's mission is one of promoting not only its business, but more so products that are good for people and good for the planet. STE has positively impacted the lives of over 100,000 home based entrepreneurs, paying out over $50 million in cash back and commissions since its creation in 2006.
Bob McNulty, Founder and CEO of KACHING KACHING, said, "We have long admired ShopToEarth's business model - a proven platform that has generated revenues in excess of $150 million. Pat Welsh is a premier leader in the direct sales arena. His vision has lead to the development of one of the largest green retail platforms, all while empowering people to change their lives by choosing green, a concept we readily embrace at KACHING KACHING."
The Company believes this acquisition will continue to strengthen and position KACHING KACHING in its pursuit of becoming a leading provider of retail products through its retail chain of stores. Through its network, KACHING KACHING currently sells a broad range of brand name products to the consumer, serving 25 categories and over one million items at everyday low prices. With the addition of ShopToEarth's proven system, KACHING KACHING's footprint in the e-commerce arena is now further solidified.
"Bob McNulty's drive and enthusiasm are simply contagious. His passion, combined with a proven track record of building billion dollar companies, was a huge influence in our decision to combine forces with KACHING KACHING. We believe the long-term benefits this merger will bring our representatives and their families will be substantial," said Pat Welsh, Founder and CEO of ShopToEarth.
KACHING KACHING expects to close this transaction within the next 10 days, and at closing will benefit from STE's database of over 100,000 prospective new super store owners. This influx of seasoned representatives will help accelerate the geometric growth of KACHING KACHING's independent store owner database. Following the acquisition, Pat Welsh will join KACHING KACHING as its executive director of business development.
About KACHING KACHING, Inc.
KACHING KACHING, Inc. is the very first retail chain on online stores serving consumers on the Internet. It licenses co-branded proprietary online store fronts that can be operated by Independent Store Owners full or part- time with exponential viral growth. Each online storefront will offer millions of items and thousands of name brand products to sell at everyday low prices. Powered by superior customer service and driven by value, KACHING KACHING, Inc. provides every Independent Store Owner with the best opportunity for financial success. For more information, visit www.kachingkaching.com
Beyond Commerce, Inc. ( www.beyondcommerce.com ) (OTCBB:BYOC) is a significant shareholder of KACHING KACHING, Inc., with ownership of over 10.5 million shares.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting KACHING KACHING, Inc. operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
CONTACT: CSIR Group, LLC Christine Petraglia Christine@csirgroup.com