WelcomeTo Search Engine Inc. completes acquisition of Xceedx Technologies Inc.
VANCOUVER, Jan. 27 /CNW/ - WelcomeTo Search Engine, Inc. (OTCBB:
WKWG)
announced today that, further to its news release of Jan. 11, 1999, its
acquisition of Xceedx Technologies Inc. has been completed. WelcomeTo Search
Engine Inc. has acquired all the outstanding shares of Xceedx, a private
company, in exchange for 6,250,000 restricted shares of WelcomeTo Search
Engine.
Using the Xceedx suite of scalable e-commerce products, WelcomeTo will
now provide businesses with the ability to quickly build storefronts through
which they can sell their products and services on the Internet. The Xceedx
line of e-commerce products allow companies to establish an e-commerce
presence, while the WelcomeTo search engine provides the means of driving
buyers to regional vendor's sites.
Under the terms of the acquisition agreement, Phil Dubois has been
appointed President and CEO of WelcomeTo Search Engine, Inc. Dubois was
President and CEO of Xceedx since its inception in 1996. Prior to founding
Xceedx, Dubois was President and CEO of Modatech Systems Inc., a leading
developer of sales force automation systems in the early 1990s.
''The acquisition is a major and important step in WelcomeTo's strategy
to build a solution that will allow small businesses to take full advantage of
the Internet. We now provide the tools for companies who wish to sell products
on the Internet to build a storefront and the means for them to be quickly and
readily located geographically and through their product categories,'' Dubois
said.
Brent Forgeron has assumed the position of Executive Vice-President,
Search Engine Division. Forgeron was previously the President of WelcomeTo
Search Engine, Inc. Ken Bradley has been appointed Executive Vice-President,
E-Commerce Division. Bradley was formerly Vice President, Business Development
at Xceedx. Greg Beaudin continues as Vice President and Director of Sales and
Marketing for WelcomeTo.
The four executive officers constitute the new board of directors of
WelcomeTo. Under the terms of the acquisition, the four directors will appoint
another three outside directors to the board. ''Our board was unanimous in
their approval of the acquisition,'' Forgeron said. ''The restructuring of
the board following this announcement is an integral step in the future of
WelcomeTo Search Engine, Inc. The four founding directors of WelcomeTo served
the company well through its early stages of growth but agreed that the
Company would be best served by broadening the experience of its board.''
WelcomeTo has developed a complete Search Engine solution for businesses
and consumers in a point and click, geographically focused search environment.
WelcomeTo will list only business related web sites, searchable by specific
geographic region and business categories, on its Search Engine. The Search
Engine will be launched on a city by city basis beginning in the first quarter
of 1999.
Xceedx was founded in 1996 to develop applications that would shorten e-
commerce development cycles by allowing users with little or no programming
experience to build and maintain full-function storefronts. The Xceedx product
line offers companies and organizations a number of entry points to
implementing an increasingly comprehensive e-commerce presence.
On Behalf of the Board of Directors
Phil Dubois, President and CEO, WelcomeTo Search Engine, Inc
For further information: Dunhill International Communications Corp.
(800) 930-3242, Email dunhill@ican.net, website www.welcometosearch.com
********************************************* |
