Interesting news:
biz.yahoo.com
Tuesday March 9, 11:31 am Eastern Time
Company Press Release
MBT International Retains Silicon Graphics To Develop And Test Video Streaming Live Auction Software
CASTLE ROCK, Colo.--(BUSINESS WIRE)--March 9, 1999--MBT International, Inc. (OTC BB: MBTI - news) announced today that the Company has retained Silicon Graphics, Inc. (NYSE: SGI - news) for technological development.
The first phase of the agreement calls for the development of an alpha site to test MBTI's proprietary online auction software applications.
''To the best of our knowledge, we are the first and only Internet company aiming to provide a full interactive video solution to this vast market,'' stated Andy McKinnon, CEO of MBTI. ''The agriculture industry supports over $25 billion in cattle, horse and equipment auctions. Our system will feature live electronic auctions with state- of-the-art streaming video. Electronic auctioneers and ring men will accept bids in real-time. Instead of limiting our market to an arena or showroom, our audience will span the World Wide Web. Further, the technology will carry a complete e-commerce contract settlement function that will generate revenues to MBTI of between 3 - 6 1/2 percent of gross sales.''
Mr. McKinnon continued, ''The customer will have the same experience as if attending a live auction, absent all the inherent complications of physically being there. Selection will dramatically increase while procurement costs plunge. We are currently in active discussions with some of the largest cattle, horse and equipment auction houses in the nation, all of which have expressed a high level of interest in using our technology.''
Silicon Graphics is recognized as the world leader in computer graphics and high-speed servers which deliver advanced 3D and video graphics capabilities. Silicon Graphics reported revenues well in excess of $2 billion for the preceding twelve months.
MBTI has over 400,000 subscribers and is the parent company of AgriMall.com (www.agrimall.com), HorseNet.com (www.horsenet.com), LifeAtHome.com (www.lifeathome.com) and BookStable.com (www.bookstable.com). MBTI's strategy is to acquire high content, value-added, sophisticated yet navigable websites and become a leader in the $300 billion agricultural industry. MBTI continually evaluates highly focused acquisitions that will further increase both the traffic and volume of e-commerce at its AgriMall.com site. MBT applies methodologies currently in use by online auction and marketing houses such as Amazon.com (NASDAQ: AMZN - news) and eBay (NASDAQ: EBAY - news). MBTI is positioning itself to file an application for listing on the Nasdaq Small Cap Market in the first half of 1999 and has engaged Arthur Anderson as auditor.
Certain statements in this release are forward-looking. Although MBT International, Inc. believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from its expectations. For factors that may cause actual results to differ materially from expectations and underlying assumptions, see reports by MBT International filed with the Securities and Exchange Commission.
Contact:
MBT International, Inc.
Andy McKinnon, CEO
303/688-0244 |
