Another acquisition for VTUE:
quote.yahoo.com
Monday August 9, 4:59 pm Eastern Time
Company Press Release
Virtual Enterprises to Joint Venture
Development and Sale of Web Video-Phone
Company Signs Agreement With Anyuser.Net, Developer of Web Video
Phone Software Currently Utilized by Samsung
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Aug. 9, 1999-- Virtual Enterprises Inc. (OTC BB:VTUE) Monday announced that it executed a definitive agreement to acquire an equity interest in
Anyuser.Net, (''Anyuser'')a Seoul, South Korean software design firm.
Anyuser was founded by electronics engineers and software designers who designed software for the Samsung Web Video Phone which Samsung brought to market earlier this year.
The Web Video Phone was unveiled by Samsung at the last COMDEX Trade Show in Las Vegas and features an Internet telephone, with simultaneous video through a desktop telephone with a
touch screen, traditional dialing pad and keyboard for Internet access, telephoning and teleconferencing over the Internet.
Under the terms of the agreement between VTUE and Anyuser.Net, VTUE will initially be acquiring up to 47 percent of Anyuser and will have the exclusive license and marketing rights to all Anyuser
products in North and South American markets, including the proprietary software and technology developed by Anyuser for cross-platform use with any Web Video hardware manufacturer through
licensed Internet Service Providers (ISP).
In a statement made Friday morning in Seoul, South Korea, Chun Seok Choung, chief executive officer and chairman of Anyuser.Net, said ''We have been anxious to find the right partners to help
us expand and accelerate our product development, but we did not want to become a very small part of a large organization again.
''Additionally, we are generally technicians with limited experience in the field of corporate administration and governance, or corporate finance. This initial marriage between our group and
Virtual Enterprises should bring together the technical, human, and finance resources for us to lead, or at least stay in the forefront of the rapidly growing information appliance industry.''
Commenting on the announcement earlier in Korea, Fred Luke, president of Virtual Enterprises said, ''This new wave of information appliances has begun to bridge the gap between PC's and consumer
electronics by bringing Internet access, e-mail and telecommunications to TV's, telephones like the Video Web Phone and other home-based devices.
''In simple terms, the Video Web Phone allows an Internet subscriber anywhere in the world to have Internet access, e-mail, telephone and live teleconferencing capabilities 24 hours a day, 7 days
a week thru a touch-sensitive screen. From the Video Web Phone, the user has the capability to just point, touch and connect to make an Internet phone call, teleconference call or just access the web
for research or to shop.''
According to Luke, ''The Virtual -- Anyuser venture should have a distinct competitive advantage over others now in the race, and those just now entering the race to become the common
denominator in the Web Video Phone segment of the information appliance industry.
''Anyuser's point and connect technology was designed for even the non computer user to effortlessly communicate, conduct e-commerce or just surf the Net. In addition, our switching technology for simultaneous voice and video calling is currently far superior to anything else now or due to be introduced to the market in the near future.''
VTUE is an Internet-related holding company which invests in, develops and operates Internet service companies as majority or wholly owned subsidiaries. The company's Internet services,
including web page design, web-hosting and ISP marketing activities are conducted through MetroplexWeb Inc., a Nevada corporation (''Metroplex Nevada'').
The company's Internet-related telecommunications services, including prepaid calling cards, remarketing of long distance services and its recent venture to license and market the Web Video
Phone software, are conducted through InterCom Inc., a Nevada corporation, (''InterCom'').
Both Metroplex Nevada and InterCom are wholly-owned subsidiaries. InterCom is presently a development-stage company. Anyuser, subject to the pending acquisition, will become a 47 percent
owned subsidiary of InterCom.
Anyuser is a South Korean corporation founded in May 1999 by former principals and employees of internationally known South Korean-based telecommunications, Internet software and marketing
companies. Anyuser develops and markets software products as a replacement for the PC for those computerless homes and offices.
The software is designed to support the rapidly expanding electronic appliance industry, with a focus on the Internet-Telephony and Web Video Phone business segment.
Note:
The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for forward-looking statements. Certain information included in this news release (as well as information included in oral
statements or written statements to be made by the company) contains statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as other capital spending, financing sources and the effects of regulation and competition. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such
results may differ from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to those relating to
development and construction activities, depending on existing management, leverage and debt service (including sensitivity to fluctuations in the interest rates), domestic or global economic
conditions.
Contact:
Virtual Enterprises Inc., Newport Beach
Jonathan Small, 949/833-2094, ext. 723 |
