(COMTEX) B: Netplex's MyBizOffice Signs Premier Co-Branding Agreement
B: Netplex's MyBizOffice Signs Premier Co-Branding Agreement with Monster.com;
Monster.com Issued Warrants to Purchase $24 Million in Netplex Stock
RESTON, Va., May 3, 2000 /PRNewswire via COMTEX/ -- The Netplex Group, Inc.
(Nasdaq: NTPL), today announced that its online business management service for
independent contractors, MyBizOffice(TM) has entered into a two-year co-branding
and profit sharing agreement with Monster.com, the leading global online careers
site and flagship brand of TMP Worldwide, Inc. (Nasdaq: TMPW; ASX: TMP).
Under the terms of the agreement, MyBizOffice (www.mybizoffice.com) will be a
co-branded component of the Monster Talent Market(SM) (MTM)
(talentmarket.monster.com), the world's first online, auction-style marketplace
for free agent talent. MyBizOffice will be the prominently displayed "e-office"
for MTM and will gain access to MTM's current registry of over 175,000
independent professionals and more than 13,000 employers. MyBizOffice is a
Business Services Provider (BSP) that provides comprehensive administrative and
business management services for the vast and growing population of independent
professionals.
As provided in the agreement, Monster.com has been issued warrants to purchase 3
million shares of Netplex stock during the engagement period, resulting in total
potential Netplex proceeds of $24 million. In addition, Netplex has agreed to
pay Monster.com $5 million over the two-year engagement as a minimum revenue
share and slot fee. Netplex will also pay Monster.com an additional 25 to 30
percent of all gross profits, generated through this agreement, that exceed
approximately $11 million during the engagement term.
"The endorsement of MyBizOffice by the largest and most successful player in the
online recruiting market reflects the many years of perfecting our service to
completely fulfill our members' needs," said Netplex Chairman and CEO Gene
Zaino. "MyBizOffice, which Monster.com selected over other candidates after
months of due diligence, will add value to both companies' offerings and
demonstrate our shared vision of advocacy and support for the independent work
force. Together, we will define a new market where independence is simplified
and a contractor's next project is just a few clicks away."
"The partnership between Monster and MyBizOffice eliminates a significant
portion of the administrative and time-consuming responsibilities of the
independent professional contractor, making it easier than ever to become
independent-and succeed," said Jeff Taylor, CEO of Monster.com. "Adding
MyBizOffice's innovative e-office to Monster Talent Market reinforces our
commitment to delivering the most comprehensive value-added services to our
customers and the employers who rely on them."
Added Zaino, "MyBizOffice members will have access to the world's largest
database of available projects and talent auctions, thus helping to maximize
their revenue producing ability. Member satisfaction has always been our
paramount objective; we spent the last year implementing an infrastructure for
MyBizOffice that can support a significant membership increase without
sacrificing our high customer service standards."
To become a member of the MyBizOffice service, independently minded
professionals must complete an online enrollment application located at
www.mybizoffice.com. The site also features the MyBizOffice Savings Calculator,
which candidates can use to estimate their potential cost savings as MyBizOffice
members. Members negotiate their own contracts with their clients and
MyBizOffice receives a small percentage of its members' gross revenue for its
full range of services. For more information, please call 877-391-TIME (8463).
About MyBizOffice
MyBizOffice, the online service of Netplex's Contractors Resources, Inc.
subsidiary, is a Business Services Provider (BSP) designed to provide the
financial infrastructure, resources, and business services that help
professionals build careers as independent contractors. MyBizOffice serves as a
"virtual corporate office" (e-office) for its member contractors by providing
the services of a corporate administration staff-such as contract review, time
sheet administration, billing and collections, online account management,
liability insurance, health benefits, retirement plans, wealth- building
financial strategies, and tax administration-while helping them keep abreast of
developments that affect their independent life and work style.
About The Netplex Group, Inc.
The Netplex Group, Inc. (Nasdaq: NTPL) (www.netplexgroup.com) creates e-
business solutions that combine industry-specific business strategies;
interactive digital marketing; user-centric applications and data systems; and
secure, high-performance Internet systems infrastructure. Netplex's complete
spectrum of "industrial-strength" e-solutions positions customers to confidently
take advantage of the new digital economy.
MyBizOffice, Netplex, and the Netplex logo are trademarks of The Netplex Group,
Inc.
Except for historical information, all of the statements, expectations and
assumptions contained in the foregoing are "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of 1995) that
involve a number of risks and uncertainties. It is possible that the assumptions
made by management-including, but not limited to, those relating to contracts,
awards, service offerings, market opportunities, results, performance or
expectations-may not materialize. Actual results may differ materially from
those projected or implied in any forward-looking statements. In addition to the
above factors, other important factors include the risks associated with meeting
contract performance requirements, unforeseen technical difficulties, changes in
technology and standards, dependencies on key employees, availability of
technical talent, dependencies on certain technologies, delays, market
acceptance and competition, as well as other risks described from time to time
in the Company's filings with the Securities Exchange Commission, press
releases, and other communications.
SOURCE Netplex Group, Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Misty Moyse, 214-747-5400, or misty@tractorbeam.com, of Tract
r
Beam for Netplex; or Investors, Joe Zappulla, 301-709-4090, o
JZappulla@WallStreetIR.com, of Wall Street Investor Relations
Corp.
KEYWORD: Virginia
INDUSTRY KEYWORD: MLM
CPR
SUBJECT CODE: CON
URL: netplexgroup.com
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