August 08, 2000 08:19
CBQ, Inc. To Acquire Quantum Technology Group; Acquisition Will
Bolster China Software Initiatives
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WASHINGTON--(BUSINESS WIRE)--Aug. 8, 2000--CBQ Inc. (OTCBB: CBQI-news) the E-Business
Marketplace, announced today that it has acquired Quantum Technology Group (www.qnettech.com), a
Baltimore-based, rapidly growing, regional full service provider of Information Technology and e-Business
infrastructure.
Quantum is the third largest e-Business provider in the Baltimore area. The acquisition will position CBQ
as a major competitor in the e-business infrastructure market, which is projected to reach $204 billion this
year and $348 billion by 2003, and the IT outsourcing market, which is projected to reach $110 billion in
2003.
Quantum Technology Group provides a full range of network services, software development, and
web-based solutions, as well as information technology outsourcing resources. As an infrastructure
service provider designing and marketing custom software and services to businesses enagaged in the
wider Internet world, Quantum will bolster the software development efforts of CBQ, Inc. in China and other
markets. Quantum also possesses proprietary software solutions that have national markets.
Quantum anticipates that its annualized revenue will exceed $14 million for 2000. Quantum services large
corporate clients primarily in the Mid-Atlantic region and throughout the United States.
CBQ, Inc. will acquire 100 percent of the shares of Quantum for shares of CBQ common stock.
"We are delighted with the acquisition of the Quantum Technology Group," said Bart S. Fisher, Chairman
of CBQ, Inc. Our goal is to become the number one full service provider for the e-Business/e-Enterprise
market in the mid-Atlantic region," Fisher said. "The larger presence of CBQ in the U.S. software market
will enhance our ability to execute our business plan in China, and provide a competitive edge in the U.S.
marketplace," Fisher said.
"The acquisition should allow CBQ, Inc., under current projections, to enter a profitable position by the
first quarter of 2001," Fisher said.
"Quantum Technology Group is looking forward to becoming the operating engine that will take advantage
of CBQ's vast intellectual property in China. Moreover, we are aggressively pursuing additional acquisition
targets to expand CBQ's range of e-Business services," said John Moran, President of the Quantum
Technology Group.
About CBQ, Inc.
CBQ, Inc. The E-Business Marketplace is a total end-to-end provider for implementing customer-driven
e-business solutions. Through its subsidiaries, Quantum Technology Group, Reliance Technologies, Inc.
and Priority One Electronic Commerce Corp., it provides a full range of networking services, software
development, and web-based solutions, as well as information technology outsourcing resources. For
more information on Quantum Technology Group, visit www.qnettech.com. ChinaSoft, Inc. is a
wholly-owned subsidiary of CBQ, Inc. that is a joint venture partner with CCSoft Technology Developing,
Ltd. Its services include Software Development for Enterprise computing and Internet development. For
more information about CCSoft, visit www.ccsoft.com.cn. China Wireless, Inc. is a subsidiary that is
developing telecommunications projects in China. China Partners is a subsidiary that facilitates
international trade and investment opportunities between companies in the United States and China. For
more information on CBQ, Inc., visit www.cbq.com.
This news release includes forward-looking statements related to CBQ Inc. that involve risks and
uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth,
market acceptance of certain products and other risks. These forward-looking statements are made in
reliance on the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further
information about these factors that could affect CBQ's future results, see the company's filings with the
Securities and Exchange Commission (the "Commission"). Prospective investors are cautioned that
forward-looking statements are not guarantees of future performance. Actual results may differ materially
from management expectations.
CONTACT: CBQ Inc.
by
Joan Worden Public Relations
Joan Worden, 202/337-5411 |
