Joint venture
Comercis and RUX Resources Announce $3.5 Million Licensing Agreement; Multi-Million Dollar Deal Establishes Business to Business Online Communities in Natural Resource Sector
Business Wire - May 18, 1999 08:18
SOUTHLAKE, Texas and TORONTO--(BUSINESS WIRE)--May 18, 1999-- Comercis, formerly Business Web, Inc., which is in the process of merging with NewGold, Inc., (OTC BB:NGLD), today announced that it has entered into a technology licensing agreement with RUX Resources, Inc. of Toronto, Canada (CDN:RUXR).
The $3.5 million contract gives RUX Resources exclusive use of Comercis' proprietary technology to sponsor and coordinate Internet business communities for the mining, oil and gas, forestry, and petrochemical industries. In addition, the agreement allows RUX Resources certain investment rights in the company.
"Comercis' Internet technology is uniquely capable of bringing businesses together online for communication and e-commerce," said Stan Bharti, chairman of RUX Resources. "We believe the combination of RUX Resources' industry expertise and Comercis' innovative technology will lead to increased productivity, lower costs and quicker, broader access to international markets for resource and related service providers."
"RUX Resources' commitment to our unique business to business technology is the first step in establishing valuable online communities in the mining, oil and gas, and forestry industries," said Chris Meaux, president and CEO of Comercis. "We're thrilled that RUX Resources has chosen Comercis' technology as the vehicle to create their global community for the resources industry."
RUX Resources will roll out their natural resources business community in the coming months as the company shifts its primary focus from the exploration and mining of precious metals to the interaction of the resource sector with the Internet and IT industries. The company expects to start generating revenue later this year and is presently assembling a strong technical and marketing team. With its Canadian base and background in the mining sector, RUX is uniquely qualified to market Comercis technology worldwide.
Last month, Comercis declared a proposed merger with NewGold, Inc. The merger is progressing with the signing of a definitive agreement expected very shortly. The company also announced it has secured $5.1 million in private placement funding from a group of venture capital investors led by IBK Capital of Toronto, Canada, and a group of qualified investors personally known to the company.
About RUX Resources
RUX Resources, based in Ontario, Canada, is focusing its business on the interaction of the resource sector with the Internet and IT industries. The company trades on the Canadian Dealer Network (CDN) under the symbol RUXR. RUX Resources was formerly engaged in exploration and development of mining properties in the former Soviet Union. The company plans to change its name and focus exclusively on Internet and IT industries. More information on RUX Resources is available by calling Reg Burden, manager of investor relations at RUX Resources, at 416/861-1031.
About Comercis
Comercis, based near Dallas, Texas, was founded as Business Web, Inc. in 1997 with the vision of becoming the world's first business to business cyber community management and development company. With Cybermovers.net, Comercis and its partners provide small to large businesses with start-to-finish knowledge and understanding of how to design, create, host and develop entire Internet communities. Comercis' Cybermovers service is the preferred move-in service for Netopia (Nasdaq:NTPA) Virtual Office (NVO) web site owners. The service is available where NVO is featured on the Netscape (NYSE:AOL) Small Business Center at www.nvo.com, the Intuit (Nasdaq:INTU) Small Business Smart Buyers Guide at www.home.mynvo.com, as well as www.cybermovers.net. Additionally, the company is focusing its attention onto the business-to-business vertical trade communities. Further information is available at www.comercis.com, or toll free via phone at 877/424-9932.
CONTACT: Imagio Public Relations
Jill Ballo, 206/625-0252
jill@imagio.com
or
Comercis
James Cutburth, 817/312-5956
jcutburth@businesswebnow.com
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