(BSNS WIRE) CBQ Board of Directors Authorizes Buyback of Common Stock
CBQ Board of Directors Authorizes Buyback of Common Stock
Business Editors
HUNT VALLEY, Md.--(BUSINESS WIRE)--April 27, 2001--The Board of
Directors of CBQ, Inc. the E-Business Infrastructure Company
(OTCBB:CBQI) announced today that it has authorized the purchase of up
to 5 million shares of its common stock by the company on the open
market over the 365-day period commencing on May 1, 2001. Any common
stock purchased will be used primarily to fund stock options that have
already been issued to limit the amount of future dilution. Five
million shares of CBQ stock amounts to 6.5% of the issued shares of
CBQ.
This is the first time in CBQ's history that the Company has
initiated a stock buyback plan. This follows on the heels of recently
completed acquisitions of EasySoft, and the assets purchases of
Technet and Networkland. These acquisitions have significantly
enhanced CBQ's in-house ability to execute software contracts in both
China and India, as well as broadening the company's marketing and
execution capabilities in the Washington/Northern Virginia technology
corridor.
"It is the view of the Board of Directors of CBQ that there could
be no sounder investment by CBQ over the next year than the redemption
of its own shares in the open market to provide an inventory for the
existing stock option plan," said Bart S. Fisher, Chairman and CEO of
CBQ, Inc. "We believe that CBQ shares are at a very attractive price,
are a sound investment in the future of CBQ, and in the best interests
of all shareholders. We expect CBQ to now begin to generate sufficient
cash flow to support such a buyback program while funding the growth
of the business."
About CBQ, Inc.
CBQ, Inc. is a full service, end-to-end e-Business solution
provider through its software-outsourcing subsidiary EasySoft
International Inc., Beijing, China and Miami, Fl., provides technology
and network Integration engineering services subsidiary Networkland,
Rosslyn, Virginia, software programming and development subsidiary
Technet Computer Services, Inc., India and Tyson's Corner, Virginia,
and network integration subsidiary, CBQ NETSERV, Hunt Valley, MD. The
Company has state-of-the-art offshore software development facilities
located in China that enable it to provide high quality,
cost-effective services to clients in a resource-constrained
environment. The Company's services, which may be offered on a
fixed-time frame, fixed-price or time-and-materials basis, include
custom software development, maintenance, testing and re-engineering
services as well as dedicated offshore software outsourcing for
certain clients. The company also provides U.S. based information
technology outsourcing resources to its clients. For more information
on 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.
--30--law/mi*
CONTACT: Marketex, Coral Springs, Fla.
CBQ Investor Relations:
Gary Swancey, 954/757-0582
KEYWORD: MARYLAND FLORIDA
INDUSTRY KEYWORD: E-COMMERCE NETWORKING SOFTWARE
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