It's been a long time comin'
But some news, is better news, than some other news!!!
Acquisition and Merger Offers Considered by Worldwide E-Commerce, Inc.
September 5, 2000 09:23 AM Eastern Time
LAS VEGAS--(BUSINESS WIRE)--Sept. 5, 2000--Worldwide E-Commerce, Inc. WEWC , formerly Worldwide Energy, Inc., confirmed today that the company is considering offers to merge or be acquired. Worldwide owns coal reserve assets with an appraised value of $266,863,000. The company is now negotiating with an actively traded OTC Bulletin Board company that was formerly listed on the NASDAQ Market. Worldwide believes that a successful completion of a merger/acquisition would be instrumental in enabling this corporation to return to NASDAQ trading status, greatly enhancing the stock's market appeal.
These developments are a result of Worldwide's recent activities soliciting buyers for their premium grade low sulfur steam coal deposits located in the Western United States. Worldwide's management is relying 100% on an engineering valuation of these assets.
A $266,863,000 appraisal value has been placed on the very low sulfur and low ash content coal reserves owned by Worldwide. The appraisal was performed by American Association of Petroleum Geologists member John S. Berge.
Based on this asset valuation, Worldwide stock would have an appraised value of $11.40 per share. With approximately 13,217,583 of their 15,058,583 outstanding shares being restricted, Worldwide has a small estimated public float of only 1,841,000 free trading shares.
Worldwide is a diversified holding company currently focused on increasing shareholder values by taking advantage of the highly favorable conditions that now exist in the coal and power industry. With oil and natural gas prices running at record highs, electric utilities are switching to cheaper coal-fired plants to meet growing power demands. Power companies require more coal to meet their base-load capacities. Increased demands for low sulfur coal have recently been reflected in the stock market with many coal companies producing strong upward share value movements. Power company deregulation and power shortages in some parts of the country are also fueling a surge in the performance of coal stocks.
Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects are subject to certain risk and uncertainties that could cause actual results to duffer materially from those indicated in the forward-looking statements.
CONTACT: Worldwide E-Commerce, Inc. Fred Young, 702/792-8404
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