CCGI: .17x.175 NEWS, Acquire Patent Pending Tech
HOUSTON, Jun 20, 2000 (BUSINESS WIRE) -- ComTech Consolidation Group Inc.
(OTCBB:CCGI) today is pleased to announce that the company has signed a letter
of intent to acquire a Patent Pending Upload Technology and MusicStack.com from
Senior Web developer Dave Stack.
Stack is an expert in database design and back-end Internet programming and
brings with him years of experience in Web design and development having
developed numerous high-profile Web sites from ground up to final completion. In
addition to being the visionary and lead programmer at MusicStack.com, Stack
played a key role in the development of buyitnow.com as lead developer. While at
buyitnow.com Stack helped grow the company from only 5 employees in 1997, to
over 200 in 2000.
Patent Pending Real-Time Database Upload Technology:
With the growing significance of e-commerce there is a need for buyers and
sellers alike to upload product to various Web sites, this process is simplified
considerably with the use of the invention. The invention allows the customer to
upload their entire database in varying formats and eliminates the need to
convert database formats before uploading data into a centralized database in
real time. Revenues are generated through licensing fees and commissions.
www.MusicStack.com:
MusicStack was founded in 1997 as a community where people buy and sell each
other used music, it has become the largest online store dedicated to used
recorded music and related items. The site currently has over 1,000,000 used
music items listed, the entire growth of Music Stack has occurred through
organic growth only, the site does not carry the excessive marketing expenses of
a typical Internet start-up. MusicStack's business model is very similar in
nature to that of Half.com, which recently sold to eBay Inc. for over $300
million.
ComTech chairman and chief executive officer Walter D. Davis commented, "We are
extremely excited to have this signed agreement with Stack. His extensive
experience in Web site design and development will be an invaluable asset to our
technology division going forward. We were most impressed by his numerous
accomplishments while at buyitnow.com and other high-end e-commerce Web
companies." Davis went on to say, "This marks the first significant potential
acquisition for our technology division in years, we are committed to building
shareholder value and this is our first major step."
MusicStack.com founder and Database technology Inventor Dave Stack had this to
say, "I'm looking forward to working with ComTech and taking the ideas we share
to the next level. With my expertise in Web development and ComTech's talented
management team, I believe we will be creating a powerful combination that will
truly build shareholder value."
About ComTech Consolidation Group Inc.
ComTech Consolidation Group Inc. is a Houston based holding company whose
primary focus is to acquire and develop Internet and Technology related
companies. ComTech trades on the Over the Counter Bulletin Board under the
ticker symbol CCGI and is a fully reporting company. The company currently owns
two Technology related company's, Enhanced Internet Service Providers and
Networks Online both located in Houston and has health care operations in
Louisiana and Texas. The companies Web site is www.ccg.net, www.nol.net and
ComTech SEC filings can be found at www.freeedgar.com.
Disclaimer:
Statements regarding financial matters in this press release other than
historical facts are "forward looking statements" within the meaning of section
27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. The company intends that such statements about the company's future
expectations including future revenues and earnings, and all other forward
looking statements be subject to the safe harbors created thereby. Since these
statements (future operational results and sales) involve risk and uncertainties
and are subject to change at any time, the company's actual results may differ
materially from expected results.
CONTACT: ComTech Consolidation Group Inc.
Walter Davis, 713/554-2244
or
About-Face Communications LLC
Scott Gallagher, 215/741-5883
SG@afcventures.com
URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
KEYWORD: TEXAS LOUISIANA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
E-COMMERCE
INTERNET
SOFTWARE
HARDWARE
*** end of story *** |
