2THEMART.COM ENTERS INTO LETTER OF INTENT TO MERGE
3/29/0 13:49 (New York)
WITH GOTOWORLD.COM
Business Editors & High-Tech Writers
IRVINE, Calif.--(BUSINESS WIRE)--March 29, 2000--2TheMart.com (OTC BB:TMRT),
an Internet e-commerce company, Wednesday announced that it has entered into a
Letter of Intent to merge with GoToWorld.com, Inc. ("GoToWorld.com"), the global
communication super portal that pays its members to surf and shop on the
Internet.
2TheMart.com will merge with GoToWorld.com. GoToWorld.com.'s portal, which
currently receives more than approximately 10 million unique visitors per month,
has a current registered user base of approximately 2 million users. This
relationship will provide an instant base of traffic and users for the
2TheMart.com e-commerce engine.
Subject to the preparation of definitive documentation and approval by each
companies' respective board of directors and shareholders, 2TheMart.com will
acquire all of the issued and outstanding shares of the common stock of
GoToWorld.com in exchange for shares of common stock of 2TheMart.com.
Pursuant to the proposed merger, Ian S. Simpson, GoToWorld.com's current
chairman and CEO, will become the president, CEO and co-chairman of the board of
the merged company. Steven W. Rebeil, 2TheMart.com's current CEO and chairman of
the board will resign as CEO but continue as co-chairman of the board of the
merged company.
Additionally, Dominic J. Magliarditi, 2TheMart.com's current president, COO,
CFO, secretary and a director has relinquished his positions with 2TheMart.com.
2TheMart.com is currently in the process of recruiting additional officers and
directors.
"We anticipate that this merger will provide our company and GoToWorld.com
with a world-class Internet portal and business e-commerce solution built on one
of the largest supercomputing infrastructures in the world," said Steven Rebeil,
2TheMart.com's CEO. "This will enable the combined entities to provide their
business-to- business and business-to-consumer turn-key e-commerce solution to
all of the world's merchants," said Rebeil.
"We are excited to begin working with our new partners. With the synergy of
our two companies and utilizing the supercomputer infrastructure of 2TheMart.com
and the Universal Translator(R) technology of GoToWorld.com's parent company,
Language Force Inc., we believe the combined new company will be well positioned
to become a dominant player in the trillion dollar business-to-business global e
commerce market," said Simpson, chairman and CEO of GoToWorld.com.
In an unrelated matter, Grant Thornton LLP, 2TheMart.com's current
independent auditors have resigned and have been replaced with the accounting
firm of Corbin & Wertz, LLP. Corbin & Wertz, LLP will serve as 2TheMart.com's
ongoing independent accountant.
About 2TheMart.com
Founded in January 1999, 2TheMart.com is an innovative online product portal
where merchant partners sell their products on a fee-per-transaction basis.
Consumers are offered a vast selection of specialty and brand-name products to
create a compelling one-stop-shopping destination that is next generation in
product merchandising, with world-class customer care for consumers and
merchants alike.
With headquarters in Irvine and a satellite office in New York City,
2TheMart.com can be reached on the World Wide Web at www.2TheMart.com or by
calling 949/477-1200.
About GoToWorld.com
GoToWorld.com is one of the fastest-growing search portals in the world,
thanks to its language translation capabilities, powerful meta search engine,
rich content and unique revenue-sharing arrangement with its members.
GoToWorld.com members are paid by the hour while they are surfing the Web,
chatting using the GoToWorld.com Browser and Instant Messenger(TM) and shopping
at GoToWorld.com; in addition, each member earns a referral fee for each hour
their referrals surf the Internet and chat. Members also earn a fee when their
referral base shops.
The referral system extends for three levels, with no limit on the total
number of referrals possible. GoToWorld.com is able to pay its members because
advertising revenue is shared with users when they view banner ads. Powered by
proprietary Universal Translator(R) technology, GoToWorld.com expresses the
corporate mission "Bringing the World Together."
Founded in 1999, the company is currently privately owned and is represented
by Deloitte & Touche as its accounting firm.
Forward-Looking Statements
Certain information and statements included in this release are intended to
constitute "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, or achievements of the company
to be materially different from any future results, performance, or achievements
expressed or implied in such forward-looking statements.
--30--JP/np*
CONTACT: 2TheMart.com, Irvine
William Wagner, 949/477-1200
bwagner@2themart.com |
