WWWX ALERT: UP ON WEB NEWS,STILL RELATIVELY UNKNOWN
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) 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. |
