I have found a little more in the SEC filings.
freeedgar.com
From the above link: (I tried the link, it's not live in the message but if you copy and paste it in the address field of the browser it does work, maybe it's too long.) This is from the CBQ Inc 8K 12/8/98
"In April, 1996, acquired and significantly enhanced the technology for "bid4it"
under a world-wide license from EDS. CyberQuest, using bid4it, has introduced a
new sales paradigm -- the interactive on-line exchange (Exchange) in a bid and
ask format. Designed to serve as an efficient and entertaining sales channel for
popular products over the World Wide Web (Web) the site is designed to appeal to
businesses, resellers and consumers. Management believes that bid4it is a new
sales channel for the Internet and that users are attracted to the site because
of its win/win format and convenience. Management believes that there is a
significant market for bid4it; especially for excess and unique merchandise."
and,
"Bid4it has and will offer a wide variety of new merchandise, including
computers, peripherals, consumer electronics, program cars, rare wines, power
tools, sports and fitness equipment and jewelry. Using CyberQuest's proprietary
bid4it Exchange software, the core technology for which was provided under a
license with EDS, customers bid in a freely competitive market without the
constraints of less flexible pricing that characterize traditional retailing or
the inconvenience or other limitations of an auction. Sellers are able to issue
competing, confidential asking prices and buyer's bids set the price. Using
CyberQuest's proprietary CyberMarketMaker technology, the bids are sorted in
order of submission by price of bid. If two bids match the ask price, the
earlier bid will win based on available inventory. Likewise, if multiple asks
match a bid, the first ask placed will be matched. In response to market
activity, i.e. orders and bids, CyberMarketMaker will adjust the asking prices
up or down accordingly. This Exchange format encourages a negotiation between
bidder and seller in a market-making environment."
and
"EDS. As the licensor of the core technology, EDS has a vested interest in
CyberQuest's success. In addition, EDS is potentially a large customer as the
original code was developed for internal EDS use."
and,
"Patent Pending Proprietary Software: CyberQuest believes that one of its
competitive advantages is its internally developed patent-pending proprietary
software that is specifically designed for its Internet Exchange. The original
software, acquired from EDS under license, has been significantly enhanced by
CyberQuest. EDS expended in excess of thirty man-months in the development of
the code and database infrastructure. CyberQuest has agreed to pay EDS a royalty
on net revenues beginning at 8% and declining to 5% over a maximum period of
nine years. Although ownership of the original code remains with EDS, all
derivatives are the exclusive property of CyberQuest. At the present time, major
segments of the code are derivative, and in time most if not all of the code
will be derivative in nature."
Anyone have any thoughts or insights? |
