(BSNS WIRE) CBQ, Inc., The E-Business Infrastructure Company, Announces an
CBQ, Inc., The E-Business Infrastructure Company, Announces an Update On the
Company's Recent China Mission, Focus, Financing and Revised Business Plan
Business Editors
WASHINGTON--(BUSINESS WIRE)--Jan. 3, 2001--CBQ, Inc. (OTCBB: CBQI)
The E-Business Infrastructure Company, announced today an update on
the company's recent China mission, focus, financing and revised
business plan, which should be published in part on CBQ's web site
this month.
Referring to the recent mission to China as a complete success,
CBQ CEO Bart Fisher reported today that the China mission undertaken
by himself and CBQ President, John Moran, the first week of December
had more than fulfilled their expectations. "We had two primary goals
targeted," said Mr. Fisher. "First of all was to complete our
diligence on software programming resources in China and, secondly, to
explore a potential source of new investment capital for CBQ from
China. The Company has focused on software and related Information
Technology industry infrastructure since CBQ acquired Quantum
Technology Group, Inc. last August. The trip convinced us that we have
a singular opportunity to be a leader in software development and
outsourcing if we focus our complete attention on the resources we are
developing in China in concert with our sales and marketing effort
here."
With regard to investment capital from China, Mr. Fisher remarked,
"We conducted negotiations with an interested party while in Beijing
and established due diligence follow up for them to take place here in
the US on our return. Even though there is additional due diligence to
be completed, we believe the negotiations have progressed exceedingly
well and believe we can look forward to obtaining a minimum of $5
million - $10 million in new financing during the first quarter of
2001."
"After we returned from China, we performed follow up due
diligence on both the programming resource side and potential
investment side, which had to be addressed prior to making this
announcement," said John Moran. "We are please that we were able to
complete both follow ups late last week and we are now aggressively
moving forward on these fronts."
"The potential investor group we met with in China is uniquely
positioned from both US and Chinese vantage points to understand and
support our software and IT integration strategy." Moran continued,
"They believe with us that it's critical to CBQ's success that we
eliminate any distraction to our core business plan. We must focus on
our software and related infrastructure strength in the Information
Technology industry. Currently, we are very close to launching our
biggest project to date utilizing our software resources in China."
"As a consequence of our core business focus, we are exploring
options for the disposition of our interests in Priority One, China
Partners and China Wireless to others who have the time and resources
to devote to these ventures. A summary of our software and related IT
industry infrastructure strategy will be published on our web site
later this month," Moran said.
About CBQ, Inc.
CBQ, Inc. The E-Business Infrastructure Company is an end-to-end
provider for implementing customer-driven e-business solutions.
Through its subsidiaries, Quantum Technology Group, and ChinaSoft it
provides a full range of network integration services, software
development, and web-based solutions, as well as information
technology outsourcing resources. For more information on Quantum
Technology Group, visit qnettech.com. ChinaSoft, Inc. is a
wholly-owned subsidiary of CBQ, Inc. Its services include Software
Development for Enterprise computing and Internet development. For
more information about CBQ, Inc., visit 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.
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CONTACT: Marketex for CBQ Inc.
Gary G. Swancey, 770/389-5645
KEYWORD: DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: E-COMMERCE INTERNET NETWORKING SOFTWARE
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