Archer Systems Ltd Inc. Acquires NextNet.com
ISELIN, N.J.--(BUSINESS WIRE)--April 27, 2000--Archer Systems Ltd. Inc. (OTCBB: ARYN), a business incubator, announced Thursday that it acquired all of the outstanding shares of NextNet.com, a newly formed private company, through a share for share equity exchange agreement.
NextNet.com will operate as a wholly owned subsidiary of Archer Systems Ltd. Inc.
NextNet.com intends to identify, acquire equity interest in and develop strategic corporate alliances and partnerships with companies in the Internet and technology sectors.
Focusing on early stage as well as mature companies, both public and private with demonstrable business models, NextNet.com proposes to offer financial, operational and strategic assistance to accelerate a company's growth process and increase its value.
Larry Weinstein, NextNet.com's founder, will serve as its president & chief executive officer. Most recently Weinstein served as vice president of strategic projects for Cybergold Inc. (Nasdaq:CGLD). Cybergold, an Internet incentives and payment technology company, was acquired by MyPoint.com Inc. (Nasdaq:MYPT) on April 17, 2000, creating the Internet's leading loyalty marketing companies. Weinstein also serves on the Board of Directors for 5th Avenue Channel Corp. (Nasdaq:FAVE), which, through its wholly owned subsidiary, NetVideoNetworks Inc., is creating and aggregating television and video content available through television and in streaming on-demand form on the Internet.
In his position with Cybergold, Weinstein developed large scale cross media promotions with Cybergold clients. During his 18 years in the entertainment industry, Weinstein has worked with marquee named artists, major talent agencies and record companies. Weinstein also produced an educational CD-ROM on the "50 Year History of the UN."
Weinstein stated, "We have embraced a highly scalable business model. We intend to combine our existing proprietary relationships with preeminent players to drive our corporate strategy and provide synergies within the NextNet.com network." Richard Margulies, president of Archer Systems stated, "I believe the acquisition of NextNet.com marks the first significant milestone for the future of Archer."
Archer Systems also announced Thursday, that its Board of Directors has amended the corporation's bylaws to provide that the annual meeting of shareholders shall be held 180 days after the end of the corporation's fiscal year ending April 30.
With headquarters in Iselin, Archer Systems Ltd. Inc. is dedicated to the task of nurturing business entities through their early stages of development. The company plans to acquire, develop and/or operate Internet related companies through majority owned subsidiaries, and invest in other Internet companies through venture capital arrangements. By providing management guidance, financing, and lending necessary business support such as legal counsel, accounting assistance, and marketing advice. Archer Systems anticipates enhancing the survival rate of new businesses and rapidly increasing their growth rate.
The reader is advised that this release contains forward-looking statements of the company and that a variety of factors could cause the company's actual results and experience to differ materially from the anticipated results of their expectations expressed. Additional information regarding those factors is available upon request.
The foregoing release and the information contained therein was prepared solely by the management of Archer Systems Ltd. Inc., its subsidiaries and affiliates, who furnished the same to Market Pathways Financial Relations Inc. for release.
CONTACT: Archer Systems Ltd. Inc., Iselin
Richard Marguiles, 877/552-7243
archersysltd@aol.com
or
Market Pathways
Shannon T. Squyres, 949/955-1860 |
