Go Online Networks Corp. Sells/Divests of Auctionomics Subsidiary; Management to Focus on Three Core Businesses & Acquisition Strategy
BUENA PARK, Calif.--(BUSINESS WIRE)--May 17, 2000--Effective May 10, 2000, Go Online Networks Corp. (OTCBB:GONT) sold its 75% interest in Auctionomics Inc. back to its original founders, Harvey Turrel and Nathan Wolfstein.
Turrel and Wolfstein will remain with the company as consultants for three months to assist in the divestiture. Exact terms of the transaction were not released.
Auctionomics.Com was an e-commerce auction site, that gives buyers through a referral site developed with Classified Auctions.com, the power to research and locate specific assets being auctioned throughout the United States, many of which are not currently being offered for sale on the Internet.
"We are looking to focus are corporate resources on our rapidly expanding remaining businesses, the Kiosk Division, ShopGoOnline.Com and Go-Online B2B Division. We are also stepping up the pace on our acquisition strategy," stated Joseph Naughton, chairman of Go Online Network's Corporation.
About Go Online Networks Corp.
Go Online Networks Corp. is a Buena Park Internet technology and marketing concern, consisting of core Internet divisions, Go Online Kiosk Division, Shop Go Online, and its Business to Business subsidiary Go-Online.com.
Shop Go Online Division:
Shop Go Online is an e-commerce business, offering a wide variety of consumer products for purchase online. Many products are displayed using state-of-the-art streaming video and audio technology, along with Panoscan and IBM Hot Media, enhancing the shopping experience.
GoOn-line.com B2B Division:
GoOn-line.com's B2B division offers unsurpassed designs for e-commerce sites for companies, in either business to business (B2B) or business to consumer (B2C) realms, utilizing the latest in technology available on the Web today.
Go Online Kiosk Division:
The Go Online Kiosk Division owns and operates audiovisual Internet Kiosk systems custom designed to provide consumers access to the Internet from public locations throughout the United States. The current focus is on obtaining multi-year exclusive site agreements from national hotel franchisees. Consumers can access the Internet by paying with cash or credit card and can surf the World Wide Web or send and receive e-mails. Additional revenues can be obtained by selling screen saver, banner ads and popup advertisements.
For more corporate information visit gontinvestor.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Expression of future goals and similar expressions reflecting something other than historical fact involve risks and uncertainties. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
CONTACT: Go Online Networks
Joseph Naughton, 714/736-9888
joe@gontinvestor.com
www.gontinvestor.com
or
PMR and Associates
Patrick M. Rost, 760/942-0015
PMRandCO@AOL.com
or
Charterbridge Financial Group Inc.
Travis Christ, 619/696-8000
tchrist@charterbridge.net
www.charterbridge.net |
