SPNW / UBTR deal finalized. News Release:
(Applies to: SPNW UBTR)
(UBTR) ShopNow.com Inc. Signs Agreement to Acquire Ubarter.com Inc.
SEATTLE, Jan 25, 2000 (BUSINESS WIRE) -- ShopNow.com Inc.
(Nasdaq:SPNW), a leading e-commerce enabling company, today announced
that it had signed a definitive agreement to acquire Ubarter.com, Inc.
(OTCBB:UBTR), a business-to-business barter e-commerce company, on
January 20, 2000.
ShopNow previously announced the execution of a letter of intent with
Ubarter.com on December 20, 1999. The acquisition, which is expected to
close in the second quarter of 2000, is subject to customary closing
conditions, including the receipt of regulatory approvals and the
approval of the shareholders of Ubarter.com.
About Ubarter.com
Ubarter.com is a business-to-business e-commerce company that allows
members to buy and sell products and services utilizing the Ubarter
Dollar(TM) as the method of payment. Ubarter.com manages transactions
where retail, professional, media and other corporate businesses seek
to maximize efficiencies by trading excess inventory, surplus
production or services on a multilateral basis for other needed goods
and services.
Ubarter.com's purpose is to increase business sales and maximize cash
flow for its members, by facilitating trade among businesses in an
efficient, easy-to-use and cost-effective way. Ubarter.com is based in
Seattle, Wash.
About ShopNow.com Inc.
ShopNow.com Inc. is a leading e-commerce enabling and services
company. ShopNow.com operates an e-commerce network known as the
ShopNow Network, which is comprised of online access to over 48,000
businesses and millions of shoppers. ShopNow.com operates the
ShopNow.com portal (http://www.shopnow.com), which is an online
marketplace for connecting buyers and sellers worldwide. ShopNow is
also the operator of b2bNow.com, a business-to-business portal
(http://wwwb2bnow.com). ShopNow.com provides a range of
business-to-business e-commerce products and services under ShopNow
eBusiness Solutions (http://www.ebusiness.shopnow.com). ShopNow.com
Inc. is headquartered in Seattle, Wash., with additional offices in
Georgia, Arizona, Kansas and California. |
