news today
Tuesday January 25, 7:29 am Eastern Time
Company Press Release
JVWeb Announces Pact with Crosspointe Net, Inc.
Deal Opens Up Gate To The Entire Online Christian Community
HOUSTON--(BUSINESS WIRE)--Jan. 25, 2000--JVWeb, Inc. (OTCBB: JVWB - news, JVWBW - news) announced today that it has entered into a stock exchange and services agreement with Crosspointe Net, Inc. JVWeb is purchasing a 7.5% interest in Crosspointe Net, Inc., in exchange for 300,000 restricted shares of JVWeb, Inc. stock. JVWeb is purchasing a 50% interest in Great Records, Inc., in exchange for 227,000 free-trading shares of JVWeb, Inc. stock. JVWeb and Crosspointe are entering into a banner ad sales agreement, in which JVWeb will sell banner ads and corporate sponsorships onto the Crosspointe suite of websites. Crosspointe will act as a marketing agent to sell JVWeb's web development and strategic consulting services.
Key components of this relationship include:
1. Crosspointe and Great Records will give JVWeb access to the Christian audience for the JVWeb family of brands, which include, www.ihomeline.com, www.dadandme.com, www.linksxpress.com, and other sites.
2. JVWeb will give Crosspointe and Great Records access to the mainstream community for the family of Christian-related websites being developed around a suite of domain names.
Greg J. Micek, CEO of JVWeb stated ''We are excited about the opportunity to use our skills and advancements and share this with the Christian community. Our relationship with Crosspointe Net, Inc as well as its subsidiary Great Records, Inc. provides us with an advantage in creating portal services for the entire Christian community. JVWeb is proud to be involved with Crosspointe and Great Records. This joint venture demonstrates our commitment to be the marketing specialist for the web.''
Great Records, Inc. is seeking inquiries from suitable mp3 companies to be an operating partner. Strategically, this will allow JVWeb, Inc. and Crosspointe Net, Inc. to focus their contributions in their respective areas of expertise in strategic internet services and service to the Christian community.
An online conference featuring the CEO's of both JVWeb and Crosspointe is currently available online: Access JVWeb's video comments on the announcement at wallstreetinterview.com. Access Crosspointe's audio comments on the announcement at wallstreetinterview.com.
ABOUT JVWeb
JVWeb pursues electronic commerce opportunities over the Internet. The Company's objective is to build strategic Internet services for two primary uses: 1) to offer products, services and advertising through joint ventures with established businesses and 2) to offer its services on a fee basis for clients. JVWeb provides the technical, web marketing and Internet business expertise while the established businesses provide the products and services offered and the related business acumen. For more information concerning JVWEB, please visit the Company's website at www.jvweb.com.
SAFE HARBOR STATEMENT
Safe Harbor Act Notice: Certain matters discussed in this news release are forward-looking statements as it is defined in the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to a number of known and unknown risks and uncertainties, including, but not limited to, business-to-business opportunities on the Internet, the timeliness of Internet development activities, as well as availability of human and financial resources which may cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of JVWeb.
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Contact:
DeMonte Associates
Cynthia DeMonte, 212/473-3700
or
Ohn Research Group
Jordan Ness, 212/764-3708
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