GLP-LLP Merger 2 news releases and 1 release opting out of CIT-X deal.
Message 9501906
CBQI News OUT!!!! New Management ... glpllc.com
(BSNS WIRE) CBQ Signs Agreement With Global Logistics Partners, LLC.
CBQ Signs Agreement With Global Logistics Partners, LLC.
Business Editors & Technology Writers
DALLAS--(BUSINESS WIRE)--May 12, 1999--CBQ Inc. (OTC BB:CBQI)
announced today that it has signed an agreement with Global Logistics
Partners, L.L.C. (GLP). As part of this transaction, CBQ acquires an
equity interest in GLP and agrees to name Mr. Richard Williamson as
President and CEO of CBQ and its subsidiary, CyberQuest.
GLOBAL LOGISTIC PARTNERS formerly known as Thomassen Amcot
International, was formed in 1991 as a service and supply company in
the oil and gas industry. Its initial success was built on locating
and expediting huge quantities of oil field equipment needed following
the Gulf War. Through this process Mr. Richard Williamson, founder of
the company, recognized that the industry needed alternative supply
sources that might be readily available and at competitive prices. In
1996 he bought out his European partners and formed GLP LLC. GLP's
primary function was to introduce, initially, the oil and gas industry
to a business-to-business E-commerce approach as a means of making end
users more aware of the tremendous supply options available; and
likewise, sellers were made aware of a vast buyer market. GLP has
offices in the Middle East, South America and is headquartered in Fort
Worth, Texas. "It has been our opinion that the most effective information
highway is one that brings the product closer to the business
environment. In business-to-business the dollar values are typically
much larger than the consumer market and through the use of digital
and advanced imaging the industrial buyers are more inclined to pursue
their purchases in far away places, than through conventional means.
GLP activities lacked the system in the form of bid4it to support a
broader base of operation," said Mr. Richard Williamson, founder of
GLP. "Cyberquest's bid4it system, with its CyberMaker(TM), is without
a doubt the most sophisticated we have seen yet. It is our goal to
provide the best business-to-business E-commerce service both
domestically and internationally."
Commenting on the transaction, Michael Sheriff, Chairman and CEO
of CBQ, stated, "We are pleased with the agreement with GLP. In
addition to international contacts and the potential of millions of
dollars of new inventory to bid4it, Mr. Williamson and GLP bring a
solid management team and infrastructure to CyberQuest. This
agreement, coupled with our previous acquisitions of Reliance
Technologies, Inc. and Priority One Electronic Commerce Corporation,
bring us closer to our goal of building a world class
business-to-business enterprise."
As previously announced, subject to completion of due diligence
and the approval of the board of directors of each company, CBQ is in
discussions leading to the acquisition of CitX Corporation,
www.citx.net, of Quakertown, PA. CBQ acquired a 10% equity interest
in CitX through its acquisition of Priority One Electronic CommerceCorporation.
CitX Corporation is a privately-held, innovative high-tech
company that develops and markets business-to-business Electronic
Commerce solutions, Community-Centric Portals, and Network-Centric
(Web-Hosted) software applications, delivered securely across the
Internet and private heterogeneous networks.
CBQ's wholly owned subsidiary, CyberQuest Inc. is the developer
of www.bid4it.com, a virtual, Internet-based marketplace based on the
principles of securities trading. bid4it is a completely automated
electronic marketplace that produces a "true" market price of products
based on the open market interaction between bidders and sellers.
Bidders electronically bid ("Bid") on desired products and may modify
or delete their bids at any time before the Bid matches a Seller's
"asking price" ("Ask"). The Seller may accept any Bid at any time and
may modify or delete their Ask at any time before it matches a Bid.
bid4it allows sellers to compete in a worldwide market for the buyers
of all types of products.
CyberQuest's CyberMarketMaker(TM) integrates the best features of
securities trading and an auction market. Bidding activity is
continually analyzed and asking prices moved up or down in response to
market activity. When a "bid" and "ask" match, the transaction is
electronically completed, and the product is ordered and shipped to
the buyer with instant notification to all parties.
CBQ also announced that, at a board of directors meeting held
today, it has accepted the board resignation of Bernie Roemmele of
CitX, pending its completion of due diligence with CitX. It also
accepted the resignation of Lynn Elliott as a board member and
appointed Richard Williamson in his place. Michael Sheriff has agreed
to remain as a board member and will enter into a consulting agreement
with the Company. For more information about CyberQuest visit www.bid4it.com
(bid4it website) and www.cbq.com (Corporate website).
bid4it and CyberMarketMaker are trademarks of CyberQuest, Inc.
CyberQuest sub-licenses the bid4it software and related technologies
to interested parties.
NOTE: All other trademarks are the property of their respectiveowners.
This press release includes forward-looking statements related to
CBQ, Inc. that involve risks and uncertainties, including, but not
limited to, quarterly fluctuations in results, the management of
growth, market acceptance of certain products and other risks. These
forward-looking statements are made in reliance on the "safe-harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
For further information about these factors that could affect CBQ's
future results, please see the Company's filings with the Security and
Exchange Commission (the "Commission"). Prospective investors are
cautioned that forward-looking statements are not guarantees of future
performance. Actual results may differ materially from managementexpectations.
--30--SL/na* CONTACT: CBQ Inc.
Michael Sheriff, 972/732-1100 sheriff@cbq.com
or Investor Relations:
Magnum Financial Group Michael Manahan, 213/488-0443
msmanahan@magnumfinancial.com KEYWORD: TEXAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET OIL/GAS MANAGEMENT CHANGES
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
biz.yahoo.com
Tuesday June 15, 9:09 am Eastern Time
Company Press Release
CBQ, Inc. Focuses On the World Oil & Gas E-commerce Market
FORT WORTH, Texas--(BUSINESS WIRE)--June 15, 1999--CBQ Inc. (OTC BB:CBQI - news) announced today that it has launched an aggressive initiative targeting major oil and gas companies worldwide.
CBQ, Inc. focuses on the world oil & gas e-commerce market. Gaining from extensive experience and the ongoing contacts of Global Logistics Partners, LLC, CBQ's recent merger partner has set out on an aggressive marketing and sales initiative to integrate Bid4it as the vehicle of choice for this multi-billion dollar industry. CBQ management continues to work closely with a number of majors to implement an effective method for not only disposing of surplus and used equipment, but as a purchasing mechanism for new equipment. CBQ's president, Rick Williamson comments, '' We are overwhelmed by the response to Bid4it in the oil and gas industry. It is a huge vertical market and a perfect fit for CBQ's Business to Business e-commerce initiative. Individual Web sites have not proven to be an effective selling tool since the majors cannot offer a complete product line in their surplus inventories. The creation of the Bid4it virtual community will build a complete inventory base by combing the available surplus worldwide.''
In addition to the petroleum, CBQ has on going discussions in food, media, clothing and several international markets. The CyberMarketMaker technology is a dynamic system that adjusts product pricing in response to the market, much like the securities industry. Selling in quantity at the B2B level is more conducive to market trends than at the consumer levels.
ABOUT CYBERQUEST
CyberQuest Inc., a wholly owned subsidiary of CBQ, Inc. (OTC BB:CBQI - news) is the developer of www.bid4it.com, a virtual, Internet-based marketplace based on the principles of securities trading. bid4it is a completely automated electronic marketplace that produces a ''true'' market price of products based on the open market interaction between bidders and sellers. Bidders electronically bid (''Bid'') on desired products and may modify or delete their bids at any time before the Bid matches a Sellers ''asking price'' (''Ask''). The Seller may accept any Bid at any time and may modify or delete their Ask at any time before it matches a Bid. bid4it allows sellers to compete in a worldwide market for the buyers of all types of products. CyberQuest's CyberMarketMaker(TM) integrates the best features of securities trading and an auction market. Bidding activity is continually analyzed and asking prices moved up or down in response to market activity. When a ''bid'' and ''ask'' match, the transaction is electronically completed, and the product is ordered and shipped to the buyer with instant notification to all parties.
For more information about CyberQuest visit www.bid4it.com (bid4it Web site) and www.cbq.com (Corporate Web site).
This press release includes forward-looking statements related to CBQ, Inc. that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the ''safe-harbor'' provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect CBQ's future results, please see the Company's filings with the Security and Exchange Commission (the ''Commission''). Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations.
--------------------------------------------------------------------------------
Contact:
CBQ, Inc., Fort Worth
Chris Davis, 817/737-6100
E-mail: cdavis@cbq.com
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Tuesday June 15, 9:34 am Eastern Time
Company Press Release
CBQ Confirms Citx Merger No Longer a Consideration
FORT WORTH, Texas--(BUSINESS WIRE)--June 15, 1999--CBQ Inc. (OTC BB:CBQI - news) CBQ confirms Citx merger no longer a consideration. The management team at CBQ opted not to pursue the Citx merger in mid May following its own due diligence.
The CBQ board and management elected to pursue its primary focus in Bid4it and the activities of its wholly owned subsidiaries Priority One and Reliance Technologies. Priority One's growth from 1997 to 1998 was 370% and 1999 is likely to exceed these numbers. Reliance Technologies, Inc., CBQ's wholly owned software and Web site design company continues to grow due to the extraordinary demands in the marketplace.
CBQ's decision not to consider the Citx merger was a result of ongoing negotiations with CBQ's e-commerce customers. ''Considering any changes to CBQ's management or ownership has not been a factor. We recognize that our decision is a departure from those of our predecessors, however, we are confident that this is the right decision,'' says CEO Williamson. CBQ remains Citx's second largest shareholder.
ABOUT CYBERQUEST
CyberQuest Inc., a wholly owned subsidiary of CBQ, Inc. (OTC BB: CBQI - news) is the developer of www.bid4it.com, a virtual, Internet-based marketplace based on the principles of securities trading. bid4it is a completely automated electronic marketplace that produces a ''true'' market price of products based on the open market interaction between bidders and sellers. Bidders electronically bid (''Bid'') on desired products and may modify or delete their bids at any time before the Bid matches a Sellers ''asking price'' (''Ask''). The Seller may accept any Bid at any time and may modify or delete their Ask at any time before it matches a Bid. bid4it allows sellers to compete in a worldwide market for the buyers of all types of products. CyberQuest's CyberMarketMaker(TM) integrates the best features of securities trading and an auction market. Bidding activity is continually analyzed and asking prices moved up or down in response to market activity. When a ''bid'' and ''ask'' match, the transaction is electronically completed, and the product is ordered and shipped to the buyer with instant notification to all parties.
ABOUT PRIORITY ONE
Priority One, a wholly owned subsidiary of CBQ, Inc. (OTC BB: CBQI - news) is the leader in the electronic receivable processing industry. Priority One utilizes its proprietary BillCollect(TM) system to alleviate the problem of sending out invoices then waiting for checks to arrive in the mail. BillCollect(TM) is a high-tech, automated system handling electronic funds transfers (EFT) and credit card payments, which enables businesses to collect their receivables electronically on the date due.
For more information about CyberQuest visit www.bid4it.com (bid4it Web site) and www.cbq.com (Corporate Web site).
This press release includes forward-looking statements related to CBQ, Inc. that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the ''safe-harbor'' provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect CBQ's future results, please see the Company's filings with the Security and Exchange Commission (the ''Commission''). Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations.
--------------------------------------------------------------------------------
Contact:
CBQ, Inc.
Chris Davis, 817/737-6100
E-mail: cdavis@cbq.com
--------------------------------------------------------------------------------
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