NEWS CCGI.
Business Editors/High-Tech Writers
HOUSTON--(BUSINESS WIRE)--June 20, 2000--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.
--30--jf/sd* js/sd
CONTACT: ComTech Consolidation Group Inc.
Walter Davis, 713/554-2244
or
About-Face Communications LLC
Scott Gallagher, 215/741-5883
SG@afcventures.com |
