(PR NEWSWIRE) WorldWide Web NetworX Corporation Forms Joint Venture With K
WorldWide Web NetworX Corporation Forms Joint Venture With KIMG Management
Group, Inc.
MT. LAUREL, N.J., April 6 /PRNewswire/ -- WorldWide Web NetworX
Corporation (OTC Bulletin Board: WWWX) and KIMG Management Group, Inc.,
(OTC Bulletin Board: KIMG) announce the formation of a joint venture, KIMG
WorldWide NetworX, L.L.C., to develop, implement and market financial,
insurance and associated business products and services to individuals,
affinity groups and corporations over the Internet.
WorldWide Web NetworX and KIMG Management, which each own 50% of the joint
venture, have each exchanged two million of their respective restricted
shares.
The joint venture, based at 3049 E. McKellips Road, Suite 8, Mesa, Az.
85213, will utilize technologies developed by WorldWide Web NetworX to help
businesses sell large volumes of products and services over the Internet.
WorldWide Web NetworX will build and manage the KIMG WorldWide NetworX web
site and provide its global lists of affinity, industrial and commercial
customers. KIMG Management will provide complete and extensive products and
services through its strategic alliance networks.
Products and services will include:
-- Financial Services: Lines of Credit, Investment Banking, Leasing,
Mortgage Services, and Commercial Paper
-- Insurance Services: Worker's Compensation, General Health and Medical,
Life and Disability, Home and Auto, Bonding, General Liability, Key
Employment
Robert Kohn, President and Chief Executive Officer of WWWX, stated, "This
joint venture has the potential to become a leading portal for insurance and
financial services. Organizations throughout the world will be able to create
and select their own menu of services from among KIMG's strategic insurance
partners, which include Hartford, AIG, Fidelity Securities and AON. The joint
venture is expected to become fully operational by the fourth quarter of 1999.
We're excited about presenting our unique approach and e-commerce delivery to
a broad range of corporations and affinity groups."
KIMG President and Chief Executive Officer Jim Pugh stated, "We view this
as an important partnership for both KIMG and WWWX. The new KIMG WorldWide
NetworX, L.L.C. is specifically modeled to provide Internet users and affinity
groups such as unions, associations and corporations with access to a simple-
to-use web site that will provide a 'one-stop-stopping' delivery approach for
financial, insurance and business products and services."
WorldWide Web NetworX, based in Mount Laurel, N.J., is an incubator of
leading edge, e-commerce solutions. The Company acquires and develops
advanced technologies, which it either develops into operating businesses or
spin-offs and sells to larger companies. WorldWide Web NetworX recently
announced investments in ATMcenter.com, a web site dedicated to helping
businesses buy and sell large quantities of products and services; Jencom
Digital Technologies, a developer of Internet software systems, and Vision
Technologies, a producer of advanced digital camera systems.
KIMG Management Group, based in Mesa, Az., provides alternative delivery
systems for financial, insurance and business services and invests in
financial services companies.
Forward Looking Statements
Statements contained in this press release, which are not historical
facts, are forward-looking statements. Such forward-looking statements are
necessary estimates reflecting the best judgment of the party making such
statements based upon current information and involve a number of risks and
uncertainties. Forward-looking statements contained in this press release or
in other public statements of the parties should be considered in light of
those factors. There can be no assurances that such factors or other factors
will affect the accuracy of such forward-looking statements.
SOURCE WorldWide Web NetworX Corporation
-0- 04/06/99
/CONTACT: Robert Kohn, Chief Executive Officer of WorldWide Web NetworX,
609-439-7499, or James B. Pugh, President of KIMG Management Group,
602-924-8488, or Anthony DiMaio of Anthem Communications, 212-393-9360, e-mail
anthcomm@aol.com, or General Info, Mike Dunn, Analysts, Elisa Mailman, all of
The Financial Relations Board, 212-661-8030/
(WWWX KIMG)
CO: WorldWide Web NetworX Corporation; KIMG Management Group, Inc.; Anthem
Communications
ST: New Jersey
IN: MLM
SU: JVN
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