News out...
June 30, 1999 09:31 AM
FREEHOLD, N.J.--(BUSINESS WIRE)--June 30, 1999--Maxnet, Inc. MXNT New Jersey based MXNT announced today it has completed the acquisition of Florida based World Food, Inc. The beginning components of MXNT's Food - Portal may be found on www.MaxPlanet.com under MaxCooking.
MXNT - World Food plans include penetrating the U.S. market through increased advertising, Internet integration, marketing and a focused sales effort. The terms of the acquisition have not been released.
Florida based World Food, Inc. operates Gourmet Food Internet sites catering to the 'Hungry User.' MXNT will be updating and upgrading along with providing all the technical support and traffic for World Food, Inc.'s assortment of sites. Leonard Hack, President of World Food, Inc. stated, "This acquisition in conjunction with the development of an online Gourmet Cooking Show and the development of additional Food Websites for the Holiday Season will substantially increase traffic and sales."
MXNT's plans include blending World Food, Inc.'s assortment of Gourmet Food Internet sites into MaxPlanet.com and replicating its simplicity on all of the MaxPlanet satellite sites. MXNT - World Food will seek to generate revenue by integrating, updating and developing World Foods E-commerce food and vitamin/supplement business. Presently, World Food has more than 20,000 food products and supplements to be offered on MXNT's www.MaxPlanet.com. MXNT anticipates an additional source of revenue will be fees paid by third parties for advertising their products and services on the sites.
I. Goldreich, VP of MXNT stated, "We view the prospective World Food acquisition as a move into bringing additional Internet-related services to the food and vitamin/supplement marketplace. MXNT has a stable and growing base business that will continue to operate and grow autonomously, while we can bring innovative technology and resources to expand World Food's business into new areas."
Maxnet, Inc. is an integrated Internet Development Company focused on creating and expanding strategic alliances for its comprehensive network of consumer and business-oriented web services and sites with offices in New Jersey and Florida.
The Company, Maxnet, Inc. - MXNT releases information over the public news wire services. Any information that is disseminated by other methods other than by Official Company Release is not from Maxnet, Inc. - MXNT.
For further information on Maxnet, visit their websites: maxplanet.com maxplanet.com maxplanet.com mxnt.com maxplanet.com
Maxnet, Inc. - MXNT is currently changing its name to reflect its new diversified Internet marketing business.
Certain of the statements included in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. The Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from those expressed in these forward-looking statements. This release may contain forward-looking statements, made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, which might cause the actual results to differ materially from those projected in any forward-looking statements. Factors which could affect results include the development and introduction of competitive technologies, the market awareness and acceptance of the Maxnet technologies, the overall market demand for internet services, the presence of technologically inferior products and services which are priced or promoted to compete with Maxnet services, the ability to attract and retain technical personnel, and the ability of the Company to protect its proprietary information.
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