WORLDWIDE WEB NETWORX CORPORATION ACQUIRES 49% STAKE IN ENTRADE.COM AND Simultaneously Launches UtiliParts.com
MT. LAUREL, N.J., Feb. 2 /PRNewswire/ -- WorldWide Web NetworX
Corporation (OTC Bulletin Board: WWWX) announced today that it has
acquired from Global Trade Group Ltd. its entire 49% interest in
entrade.com for 1,500,000 shares of common stock and an undisclosed
amount of cash and other considerations. WWWX previously announced that it had entered into an agreement to purchase a portion of the remaining 51% interest in entrade.com. When completed, WWWX will own an approximate 67% equity interest in entrade.com.
entrade.com is a business-to-business Internet e-commerce and on-line
auction company focused on sales, marketing and asset disposition
solutions for utilities and other large industrial manufacturing
sectors. Through a selective blend of strategic marketing partners in
defined industry sectors, entrade.com plans to build a leadership
position in the next generation of the Internet: large
business-to-business affinity groups. Although entrade's initial
commercial focus is principally in heavy industry, the Company can
replicate its systems for asset recovery and inventory management
applications for a diverse range of industrial and commercial sectors.
WWWX also announced the official launch of UtiliParts.com, a real time
e-commerce Internet web site providing asset recovery and inventory
disposition services for the utility industry. UtiliParts.com's menu
of products and services will also include entrade's on-line auction
applications.
Gary Lerman, Chief Executive Officer of entrade.com, stated,
"Deregulation and industry consolidations in the electric utility
sector necessitate that electricity generators aggressively seek cost
efficiencies and operating synergies. entrade.com, through
UtiliParts.com, offers utilities the opportunity to enhance their
bottom line through synergized multiple site procurement and inventory
management solutions, external global distribution of non-productive
capital investment assets and excess inventories. As utilities begin
to actively list and/or auction through UtiliParts.com, we expect it to become the industry's first comprehensive Internet after-market for
multiple OEMs in what is a multi-billion dollar electric generation
parts and equipment market."
Benjamin Kafka, Executive Vice President of Business Development of
WorldWide Web NetworX and a former principal in Global Trade Group,
stated, "Following two years of development and working closely with a
major utility, we are very pleased to have developed the first
comprehensive Internet real time corporate investment asset management
system solution which satisfies an important economic need for this
industry. We are currently developing and look forward to introducing
similar service values in other industrial and commercial sectors."
Visit our utility web site at utiliparts.com. A brief
summary follows.
By combining proprietary technology with proven off-line
commercial methodologies, entrade will also provide clients with the
ability to integrate comprehensive Internet e-commerce applications
into their core global procurement, marketing and inventory management
operations, through:
-- Open Bid Internet On-line Auctions - Internet -- Internal Inventory
Management Systems - Intranet
-- Corporate Asset/Investment Recovery Programs -- Community
Development for Intra-Industry Product Exchange and
Trading - Extranet -- Direct Corporate Procurement -- Competitive
Marketing
-- Just-In-Time Product Distribution -- World Wide off-line Auction
Management and
-- After-Market Parts and Equipment Redistribution
WWWX is a provider of direct marketing services including on-line
Internet auctions and e-commerce integrating Internet, interactive
media and database/supply chain management technologies.
Forward-Looking Statements
Certain statements in this release, including statements relating
to WorldWide Web NetworX Corporation's ability to complete the
acquisition of an additional 17% of entrade.com and penetrate the
energy and telecommunications market on behalf of UtiliParts.com are
forward-looking statements. Although the Company believes that its
expectations are based on reasonable assumptions within the bounds of
its knowledge of its business, there can be no assurance that actual
results will not differ materially from its expectations.
SOURCE WorldWide Web NetworX Corporation
-0- 02/02/99 /CONTACT: Robert Kohn,
President and Chief Executive Officer of WWWX, 609-439-7499; or Mike
Dunn of The Financial Relations Board, 212-455-0958/
(WWWX)
CO: WorldWide Web NetworX Corporation; Global Trade Group Ltd. ST:
New Jersey IN: CPR MLM SU: TNM |
