Re: 2/12/01 - [CBQI] CBQ, Inc. Takes Steps To Investigate Cybersmear Campaign Against The Company
CBQ, Inc. Takes Steps To Investigate Cybersmear Campaign Against The Company
HUNT VALLEY, Md., Feb 12, 2001 (BUSINESS WIRE) -- CBQ, Inc. (OTCBB-CBQI) the E-Business Infrastructure Company, announced today that it is taking steps to address and investigate a 10-month long Internet Cybersmear campaign by certain Internet posters to wrongfully undermine and discredit the company, its services, and its executives.
In an open message to shareholders of CBQ, Inc. Bart S. Fisher, Chairman and CEO of CBQ, Inc. is issuing the following statement.
"I know that many of our loyal CBQ shareholders are concerned, as I am, about the artificially depressed stock price of CBQ, Inc. We all know that it is a lot more exciting to see your stock price go upwards than plummet downwards. From a high of $16.50 in January 2000, the share price of CBQ has been beaten down to a low of 19 cents per share. Management is, of course, interested in the explanations possible for this low stock price. While many other technology stocks have also declined, the fall in the price of CBQ's shares seems odd, in light of the growth of the company.
"In 1999, CBQ had gross revenues of $700,000; in 2000 it will have gross revenues above $10 million, for a percentage growth increase of over 1,000 %. How could it be that while CBQ grew rapidly over 2000, the market punished the stock?
"While it might be tempting to blame other factors for CBQ's low share price such as a generally bad NASDAQ, a depressed OTCBB market, Alan Greenspan's Federal Reserve policies, or the stock structure of CBQ, it is clear that one constant negative cloud purposely cast over the stock has been a Cybersmear campaign aimed at market price manipulation.
"In February, 2000, CBQ began to undertake the acquisition of 1stinheatlh, and began its due diligence towards closing. Management decided, based on its due diligence, to not acquire 1stinhealth. Since the proposed acquisition of 1stinhealth by CBQ in March 2000, did not close, CBQ's stock price has been manipulated downwards. By April, 2000, a concerted Cybersmear campaign was launched against CBQ.
"CBQ has undertaken an investigation of the Cybersmear campaign against the stock, and is in the process of turning over its findings to the Securities and Exchange Commission. Clearly a malicious party intending to harm CBQ, Inc. launched a cynical Cybersmear campaign over the last year.
"Let no stockholder, market maker, or interested parties doubt the will of management to defend the integrity of trading in shares of CBQ through appropriate legal proceedings. The Internet is a powerful new tool that can be used by malicious parties; however, the law of defamation is keeping pace with the Internet, and many companies are starting to fight back against malicious posters on the Internet.
"Apart from Cybersmear and defamation made by the same malicious party, management is concerned about possible violations of other SEC rules and regulations.
"CBQ will sue the malefactors of market price manipulation in appropriate judicial forums, and see to it that the SEC and the National Association of Securities Dealers stops the Cybersmear campaign against CBQ.
"We will not be a passive punching bag any longer.
"Management has an obligation to protect its shareholders, and we will do so. That is our solemn pledge. We will keep our shareholders posted as events develop."
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 Net Technologies and ChinaSoft, it provides a full range of network integration and infrastructure services, software development, and web-based solutions, as well as information technology outsourcing resources. For more information about CBQ, Inc., visit cbq.com.
Quantum Net Technologies Inc. ("QNT"), - located in Hunt Valley, Maryland is one of the leaders in web-based and database application development, and strives to provide enterprises with the highest quality of infrastructure necessary to operate efficiently in the Internet and e-business economy. For additional information on Quantum Net Technologies, Inc. or services offered, visit qnettech.com or contact QNT at 800/296-9670.
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 ccsoft.com.cn.
Safe Harbor: 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:
Marketex for CBQ, Inc.
Gary Swancey, 770/389-5645
siliconinvestor.com
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Note: Gary Swancey posts on SI and Raging Bull under the alias of "Ga Bard" and "Ga+Bard" respectively. He also started the SI CBQI thread (http://www.siliconinvestor.com/subject.aspx?subjectid=32179) and is a frequent contributor to the Raging Bull CBGI thread (http://ragingbull.lycos.com/mboard/boards.cgi?board=CBQI). |
