(COMTEX) B: WORLDWIDE WEB NETWORX ACQUIRES 50% STAKE IN INTERNET APPL
B: WORLDWIDE WEB NETWORX ACQUIRES 50% STAKE IN INTERNET APPLICATIONS OF
Jencom Digital Technologies
MT. LAUREL, N.J., March 11 /PRNewswire/ -- WorldWide Web NetworX
Corporation (OTC Bulletin Board: WWWX) and Jencom Digital Technologies,
LLC (Jencom) announced today that WWWX has acquired a 50% interest in
Jencom's proprietary cutting edge WebCamera, SNapp(TM) PowerBroker(TM)
and TrueSound(TM) products for 2,000,000 shares of restricted common
stock and an additional 3,000,000 shares of restricted common stock on
a performance incentive basis and $900,000 of funding. This Agreement
adds a set of powerful e-commerce capabilities and products to WWWX's
growing portfolio of Internet assets.
As part of the Agreement, WWWX also received a private equity
investment from a major venture capital investor of $3,000,000 for two
million (2,000,000) restricted shares of it common stock. These funds
will be used for acquisition to further the Company's strategy of
developing Internet business.
Jencom, based in New York City with offices in Israel, is an innovator
and developer of unique Internet software systems and state of the art
hardware products. Jencom develops web products and software solutions
from initiation through completion and employs expert programmers and
an award winning team of graphic designers. A team of support
engineers, hardware technicians and system administrators that enables
them to deliver exceptional products and service maintains their high
tech work environment.
WWWX, is an incubator of leading-edge e-commerce solutions with direct
e- commerce marketing operations. The Company acquires and develops
advanced technologies, which it either develops into operating
businesses or spins off to maximize shareholder value.
Robert Kohn, President and CEO of WWWX stated, "certain of the recent
transactions that WWWX completed have advanced our Internet incubator
business model. These include: the purchase of entrade.com and a 25%
interest in asseTrade.com with their subsequent sale to Artra Group
Inc. (NYSE: ATA) in exchange for 2,000,000 shares of the company's
common stock, which is subject only to shareholder approval; the
acquisition of the ATM Internet Technology with the purchase and launch
of a 50% interest in ATMcenter.com; the development of Internet Auction
technology and the acquisition of the 50% interest in Jencom. These
transactions position WWWX in the forefront of e- commerce
consolidation.
Henry Kauftheil, Chairman of Jencom, stated that "the synergies between
WWWX and Jencom are unique in that we both have cutting edge technology
products and are interested in combining our marketing talents to
promote leading internet solutions for distribution in niche markets.
This Agreement will allow us to focus our energies on revenue
generation, marketing and mass market penetration."
Forward Looking Statements
Statements contained in this press release, which are not
historical facts, are forward-looking statements. Such forward-looking
statements are necessary estimates reflecting the best judgement of the
party making such statements based upon current information and involve
a number of risks and uncertainties. Forward-looking statements
contained in this press release or in other public statements of the
parties should be considered in light of those factors. There can be
no assurances that such factors or other factors will affect the
accuracy of such forward-looking statements.
SOURCE WorldWide Web NetworX Corporation
-0- 03/11/99 /CONTACT: Robert Kohn,
President and Chief Executive Officer of WWWX, 609-439-7499; or Henry
Kauftheil, Chairman of Jencom Digital Technologies, LLC, 212-647-0500;
or Elisa Mailman of The Financial Relations Board, 212-661-8030/
(WWWX)
CO: WorldWide Web NetworX Corporation; Jencom Digital Technologies
ST: New Jersey IN: MLM SU: TNM
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