(BSNS WIRE) CBQ Announces Further Initiatives in China and New Capital Eval
CBQ Announces Further Initiatives in China and New Capital Evaluation; Trip by
Fisher and Moran To Bolster Strategic Objectives
Business Editors/Hi-Tech Writers
HUNT VALLEY, Md.--(BUSINESS WIRE)--Dec. 2, 2000--CBQI (OTCBB:CBQI)
announced today that on the 2nd of December John Moran (CBQI
President) and Bart Fisher (CBQI CEO and Chairman) will depart for
China on a new initiative to further CBQI's strategic objective to
become a world-class off-shore software development concern.
"The purpose of this trip is to add new resources and strategic
partners to the ChinaSoft team in order to meet the demand for custom
software development and outsourcing that the Company anticipates in
the coming year," said Bart Fisher.
"Currently, we have several software projects that we expect to
have developed in China at a significant cost savings vs. our cost
here in the US," said John Moran. "These projects validate our
initiatives of utilizing Chinese software developers to produce a
high-quality, on-time software applications for US-based companies at
the lowest cost available anywhere. We are currently in negotiations
with an acquisition candidate that will add significantly to our
strategic objectives here," Moran said.
Separately, the company disclosed its evaluation efforts to secure
additional financing which would allow it to accelerate its business
plan. "In the past week we have received an offer for investment of
$5.0 million. We are currently reviewing the terms and comparing them
to other similar investment opportunities, however, we expect to
finalize this round of financing by year-end," Moran stated.
"Management is committed to the success of the company's
initiatives both here and in China and creating value for its
shareholders. We believe we are building a solid foundation for CBQI
which will position us to enjoy accelerated growth and profitability
as we aggressively execute our business plan in China," Fisher said.
About CBQ, Inc.
CBQ, Inc. is a full service, end to end E-Business solution
provider. Through its subsidiaries, led by Quantum Technology Group,
Inc., CBQ provides custom web-based software, including web portal
design and development, networking services and security, as well as
many other web-based solutions. The company also provides information
technology outsourcing resources to its clients. 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.,
Beijing, China. Its services include Software Development for
Enterprise computing and Internet development. For more information
about CCSoft, visit www.ccsoft.com.
China Partners is a subsidiary that is developing an Internet
portal between the United States and China to facilitate international
trade and investment opportunities between private sector companies as
well as facilitating trade between the private sector and government
owned industries in China.
China Wireless, Inc. is an early stage subsidiary that is
developing telecommunications projects in 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.
--30--DS/ph*
CONTACT: CBQ, Inc.
by
Joan Worden Public Relations
Joan Worden, 202/337-5411
KEYWORD: MARYLAND CHINA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
NETWORKING SOFTWARE
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
