(COMTEX) B: WORLDWIDE WEB NETWORX AGREES TO ACQUIRE VISION TECHNOLOGI
B: WORLDWIDE WEB NETWORX AGREES TO ACQUIRE VISION TECHNOLOGIES
MT. LAUREL, N.J., March 30 /PRNewswire/ -- WorldWide Web NetworX
Corporation (OTC Bulletin Board: WWWX) has entered into an agreement in
principle to acquire privately held Vision Technologies, a producer of
advanced digital camera systems for approximately $11.5 million in cash
and approximately 6.3 million shares of WWWX restricted stock to be
issued upon the completion of certain performance criteria. The
acquisition is subject to the satisfaction of certain conditions.
Vision Technologies has developed a proprietary digital camera
technology which produces sharp images simultaneously in the distance
and in the foreground, as close as one inch. The cameras also can be
operated remotely over the Internet and transmit their data over the
Internet. This technology also provides a true one-to-one ratio
between the object being photographed and the image that appears
through the lens. Typically, images viewed through a lens appear to be
larger or smaller than the object being photographed. The first
applications for the advanced digital photographic system are expected
to be in the aerospace industry, transportation and security.
Lee Thompson, President and Chief Executive Officer of Vision
Technologies, said, "The ability to produce images that are the same
size of the objects being photographed is particularly important in the
aerospace industry because it allows airline operators to determine the
actual size of cracks or other defects that could be in an aircraft
engine or an airframe. The other advanced features of this system will
allow someone to photograph a subject and transmit it over the
Internet. The photographer can then leave the camera attached to a
computer and control its operation from a remote location over the
Internet, turning it into a security device. The proprietary camera
design also enables the lens to rotate 360 degrees and elevate,
providing additional versatility."
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.
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 judgment 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- 03/30/99 /CONTACT: Robert Kohn,
President and Chief Executive Officer of WWWX, 609-439-7499, Mike Dunn
or Elisa Mailman, both of The Financial Relations Board, 212-661-8030/
(WWWX)
CO: WorldWide Web NetworX Corporation ST: New Jersey IN: MLM SU:
TNM
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