WWWX up on the following news.
up .21 at .950 b 1.000 a on 195900 vol
was 2 or 3 dollars last summer/ have been watching it a while/
-Madly
SOURCE: WorldWide Web NetworX Corporation
WorldWide Web NetworX
Corporation Acquires 49% Stake In entrade.com And
Simultaneously Launches UtiliParts.com
MT. LAUREL, N.J., Feb. 2 /PRNewswire/ -- WorldWide Web NetworX Corporation (OTC
Bulletin Board: WWWX - news) announced today that it has acquired from Global Trade Group
Ltd. its entire 49% interest in entrade.com for 1,500,000 shares of common stock and an
undisclosed amount of cash and other considerations. WWWX previously announced that it had
entered into an agreement to purchase a portion of the remaining 51% interest in entrade.com.
When completed, WWWX will own an approximate 67% equity interest in entrade.com.
entrade.com is a business-to-business Internet e-commerce and on-line auction company focused
on sales, marketing and asset disposition solutions for utilities and other large industrial
manufacturing sectors. Through a selective blend of strategic marketing partners in defined
industry sectors, entrade.com plans to build a leadership position in the next generation of the
Internet: large business-to-business affinity groups. Although entrade's initial commercial focus is
principally in heavy industry, the Company can replicate its systems for asset recovery and
inventory management applications for a diverse range of industrial and commercial sectors.
WWWX also announced the official launch of UtiliParts.com, a real time e-commerce Internet
web site providing asset recovery and inventory disposition services for the utility industry.
UtiliParts.com's menu of products and services will also include entrade's on-line auction
applications.
Gary Lerman, Chief Executive Officer of entrade.com, stated, ''Deregulation and industry
consolidations in the electric utility sector necessitate that electricity generators aggressively seek
cost efficiencies and operating synergies. entrade.com, through UtiliParts.com, offers utilities the
opportunity to enhance their bottom line through synergized multiple site procurement and
inventory management solutions, external global distribution of non-productive capital investment
assets and excess inventories. As utilities begin to actively list and/or auction through
UtiliParts.com, we expect it to become the industry's first comprehensive Internet after-market
for multiple OEMs in what is a multi-billion dollar electric generation parts and equipment
market.''
Benjamin Kafka, Executive Vice President of Business Development of WorldWide Web
NetworX and a former principal in Global Trade Group, stated, ''Following two years of
development and working closely with a major utility, we are very pleased to have developed the
first comprehensive Internet real time corporate investment asset management system solution
which satisfies an important economic need for this industry. We are currently developing and
look forward to introducing similar service values in other industrial and commercial sectors.''
Visit our utility web site at utiliparts.com. A brief summary follows.
By combining proprietary technology with proven off-line commercial methodologies, entrade will
also provide clients with the ability to integrate comprehensive Internet e-commerce applications
into their core global procurement, marketing and inventory management operations, through:
-- Open Bid Internet On-line Auctions - Internet
-- Internal Inventory Management Systems - Intranet
-- Corporate Asset/Investment Recovery Programs
-- Community Development for Intra-Industry Product Exchange and Trading - Extranet
-- Direct Corporate Procurement
-- Competitive Marketing
-- Just-In-Time Product Distribution
-- World Wide off-line Auction Management and
-- After-Market Parts and Equipment Redistribution
WWWX is a provider of direct marketing services including on-line Internet auctions and
e-commerce integrating Internet, interactive media and database/supply chain management
technologies. |
