More Priority One DD items:
FOR IMMEDIATE RELEASE:
July 24, 1997
Bernie Roemmele, CitX Corporation
Voice: 215-538-3510
bernie@citx.net
citx.net
Sidney Lieberman, Priority One Corp.
Voice: 561-967-6363
sidney3@juno.com
TWO ELECTRONIC TECHNOLOGY COMPANIES BUY STOCK IN EACH OTHER TO FORTIFY THEIR STRATEGIC PARTNERSHIP
PHILADELPHIA PA - CitX Corp. of Quakertown, PA and Priority One Corp of Lititz PA, today jointly announced a strategic partnership that includes an equity investment in each others company. The mission of this relationship is to combine their expertise and provide simple low cost business-to-business Electronic Commerce solutions to the world business market. According to International Data Corp of Framingham, MA, business-to-business electronic commerce will be a $63 Billion market by the year 2000.
Over the past 3 years both companies have privately invested more then $1,000.000 in developing proprietary software and building a unique network infrastructure that will provide simple low cost business-to-business Internet electronic commerce solutions. Principals, Sidney Lieberman, Chairman of Priority One and Bernie Roemmele, CEO of CitX, said they are ready to provide additional personal funds and if needed, may seek private placement of
$5,000,000 of additional capital to capture a sizable portion of this Electronic Commerce market.
"There is so much specialized technology unique to individual companies that companies must partner with each other to attain leadership positions" said Bernie Roemmele. "The Internet Electronic Commerce industry is extremely vertical, requiring expertise in data communication and computer technology plus banking and payment processing. Priority One. who clears through with Farmers First Bank, Lititz, Pa., brings years of payment technology and banking systems to the venture. This is a perfect complement to our computer and Internet expertise."
Roemmele said that over the last 5 years CitX has developed proprietary Internet transaction-processing software and is establishing a unique distributed infrastructure of county-based community networks to provide effective secure electronic commerce and communications services to businesses, communities, and consumers. Additionally, CitX builds and operates Intranets for businesses, schools and healthcare organizations within these community networks.
Roemmele explained that most of its competitors usually operate one central network operations center to service the entire United States. If their single center is down or the Internet crashes, typically their users can't access their web site or their email. By contrast, the unique CitX distributed infrastructure enables businesses and residents within a county to conduct business independent of the condition of the Internet. If a county mail, web or
application server is down, the artificial intelligence built-in to the CitX Network will automatically route that county's traffic to a nearby county network.
Sid Lieberman, founder of Priority said "This partnership is a big step forward in combining our financial expertise in electronic money transfers with the Internet experience of CITX. Together we have developed SETX (Secure Electronic Transaction Exchange) System and the PRIORITY INTRAPAY service. Businesses use SETX, PRIORITY INTRAPAY and the Internet to submit EFT or credit card payment orders directly to Priority One for processing. The result is that the money is collected and transferred to the vendor on the due date automatically and with high security and low cost".
According to Lieberman there are about 10 million electronic transactions a month by consumers paying their household bills. "Priority is different in that it does not work with consumers to pay household bills outward to the creditor. All of Priority's expertise is devoted to working with businesses to collect their receivables and loan payments from customers all over USA and bring the money into the company bank account on the due date", said Lieberman.
Lieberman said Priority also operates an older payment system via conventional phone lines which is suitable for smaller companies requiring only payment processing and no electronic commerce via Internet. |
