EBXX-(BABY NAPSTER)COMPLETES FINANCING
EBUX, Inc. Announces Completion of Fundraising Obligations for Gnotella License
NEW YORK--(BUSINESS WIRE)--April 17, 2001--EBUX, Inc. (OTC BB: EBXX - news) announced today that it has now completed its fundraising obligations required under the deal by which it purchased the license to commercialize Gnotella from 3838421 Canada Inc. on February 22, 2001.
Pursuant to that deal, EBUX, Inc. was required to raise $2,000,000, $1,000,000 of which to be available as operating capital for EBUX and $1,000,000 of which to be paid to 3838421 Canada Inc. in part consideration for the sale of its exclusive license to commercialize Gnotella. 3838421 Canada Inc. has requested that that latter amount be paid to it in EBUX shares, which EBUX has undertaken to do, thus concluding EBUX Inc.'s fundraising obligations under the February 22, 2001 agreement.
About EBUX and Gnotella
EBUX identifies and commercializes market-ready P2P technologies. Its first product is Gnotella. Developed by Shaun Sidwall, Gnotella is a distributed realtime search and file sharing program that enables users to search for and share files of any type through the Gnutella Network. Fully customizable, Gnotella offers both the novice and the advanced user an intuitive, user-friendly and powerful tool for sharing data. Gnotella is available for free download at gnotella.com.
CONTACT:
Alexander Ogilvy Public Relations Worldwide
Annette Said, 212/901-3987
asaid@alexanderogilvy.com
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