"2TheMart.com will issue 52,930,931 shares of unregistered common stock to LanguageForce, which is GoToWorld.com's parent company and sole shareholder."
GoToWorld.com Acquires Super Computer Infrastructure
Transaction Makes GoToWorld.com a Public Company
IRVINE, Calif., April 19 /PRNewswire/ -- GoToWorld.com, Inc. one of the world's largest global communications and e-commerce super portals, announced today that it has completed an agreement to acquire California-based 2 TheMart.com, Inc. (OTC Bulletin Board: TMRT). 2 TheMart is a publicly-held, innovative online product portal that provides the vehicle for its merchant partners to sell their products on a fee-per-transaction basis.
"Over the last year, 2 TheMart has developed one of the fastest, most powerful super computer systems in the world," remarked Ian Simpson, GoToWorld.com's President, Chairman, and CEO. "In February 2000, its computer system was ranked 167th in the world for speed and processing power by PC Data Online, sharing adjoining positions with computer systems at TRW, IBM, Deutsche Bank, Pratt & Whitney and BMW. This tremendous technology infrastructure capability will provide the basis for the future growth of GoToWorld.com. This will position the company to take a leading role as one of the world's largest B2B portals in the trillion dollar global merchant market. With the merger, merchants from around the world will have universal access to a variety of business solutions without language barriers, since we will provide instant translation capabilities in Chinese, Japanese, French, German, Korean, Spanish, Italian, Portuguese, Swedish and Danish."
To effect the merger, 2 TheMart.com will issue 52,930,931 shares of unregistered common stock to LanguageForce, which is GoToWorld.com's parent company and sole shareholder. Upon closing, LanguageForce will own approximately 63% of the combined companies. 2 TheMart.com will change its name to GoToWorld.com, Inc. and its ticker symbol is proposed to be changed to "GTOW" following the closing of the transaction. Consistent with the terms of the merger, the Boards of both companies have agreed to elect a minimum of three independent directors to the Board of the combined company.
As the surviving company, full managerial control of the combined business has been assumed by executives of GoToWorld.com. Mr. Simpson, formerly Chairman, President, and CEO of GoToWorld.com, has been appointed to the positions of Chairman, President and Chief Executive Officer of the combined companies. Since 1994, Mr. Simpson has been involved in the development of language translation programs, including the predecessor versions of the Universal Translator(R) technology now in use by GoToWorld.com. From 1991 to 1993, Mr. Simpson provided marketing consulting services to the Home Shopping Network and to Hooked On Phonics. In addition, Mr. Simpson founded and operated Rarities Mint, Inc., a private company that refined and minted precious metals, and Rarities Futures and Options, a CFTC-licensed commodity brokerage firm. GoToWorld.com expects to make additional management appointments in the near future.
Simpson noted that the company's strong market presence and world-class computer infrastructure will be the backbone from which GoToWorld.com targets the global Internet business-to-business (B2B) market. GoToWorld.com, a global communications and commerce super portal, plans to become the gateway to worldwide business-to-business ("B2B") markets by providing, among other benefits, the ability to instantly communicate between over 14 different languages with its Universal Translator(R) technology licensed from LanguageForce, Inc., GoToWorld.com's parent company prior to the merger. This technology allows total access to the world's products and services without language barriers.
"The combined companies now own a worldwide platform to conduct business-to-business, business-to-consumer, and consumer-to-consumer e-commerce transactions and e-mail exchange, with instantaneous translation through the technology offered by LanguageForce. We can already offer translation between 14 different languages, and plan to expand that to virtually all global languages. We believe this language expansion will add to our already strong ratings for numbers of unique visitors to our site," added Mr. Simpson.
GoToWorld.com's innovative advertising vehicles of Get Paid to Surf(TM), Get Paid to Shop(TM), and Get Paid to Chat(TM), bring millions of visitors and members to its global super portal. These visitors and members will have access to global markets through new services provided as a result of the acquisition. Those services are expected to include a worldwide B2B and business-to-consumer ("B2C") directory -- in localized languages; B2B and B2C auction services; B2B and B2C e-commerce store front hosting and services; as well as additional business solutions. Recently GoToWorld.com was ranked number 44 out of 100 Hot Web Sites, which included Fidelity Investments, Bloomberg Online, and USA TODAY.
About GoToWorld.com
GoToWorld.com is one of the fastest-growing search portals in the world, thanks to its meta search engine, rich content, e-commerce and unique revenue-sharing arrangement with its Members, called the Get Paid program. GoToWorld.com Members are paid every minute they use the Get Paid Mini-Portal to surf the Web, chat using the GoToWorld.com Browser and Instant Messenger(TM), or any other computer application.
Members earn money when their referrals use the Mini-Portal. The referral system extends for three levels, with no limit on the total number of referrals possible. GoToWorld.com is able to pay its Members because advertising revenue is shared with users when they view banner advertisements displayed on the GoToWorld.com Get Paid Mini-Portal. Visit us at www.GoToWorld.com.
About 2 TheMart.com
Founded in January 1999, 2 TheMart.com is an innovative online product portal where merchant partners sell their products on a fee-per-transaction basis. Its super computer system has been independently ranked as one of the fastest, most powerful in the world, and provides an ideal platform from which to provide B2B, B2C, and C2C e-commerce services. Individual and business consumers are offered a vast selection of specialty and brand-name products to create a compelling one-stop-shopping destination that is next generation in product merchandising, with world-class customer care for consumers and merchants alike. Visit us at www.2 TheMart.com .
Forward Looking Statements
Certain information and statements included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation reform Act of 1995, and GoToWorld.com intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to (I) expectations that GoToWorld.com will increase the number of unique visitors to its site, (ii) expectations that GoToWorld.com will provide new services to its members and visitors as a result of the merger, including a worldwide B2B directory, auction services, and e-commerce store fronts; (iii) expectations that GoToWorld.com will succeed in adding additional languages translation services, and the expectation that those additional services will increase the number of visitors to the Company's site. GoToWorld.com cautions that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements. Such factors include, but are not limited to, (a) changes in the markets for the Company's products and website; (b) GoToWorld.com's ability to create functional new products that succeed commercially, and (c) the commercial attractiveness of the new language translation services created by GoToWorld.com, and other risks as detailed from time to time in the Company's SEC reports, including Quarterly Reports on Form 10Q, Current Reports on form 8-K, and Annual Reports on Form 10-K.
SOURCE GoToWorld.com, Inc.
CO: GoToWorld.com, Inc.; 2 TheMart.com; LanguageForce
ST: California
IN: CPR MLM
SU: TNM
04/19/2000 14:10 EDT prnewswire.com |
