Tuesday February 23, 4:03 pm Eastern Time
Company Press Release
SOURCE: WorldWide Web NetworX Corporation
WorldWide Web NetworX
Corporation Agrees to Sell
E-Commerce Operations To Artra
Group
MT. LAUREL, N.J., Feb. 23 /PRNewswire/ -- WorldWide Web NetworX Corporation (OTC
Bulletin Board: WWWX - news) announced today that it has agreed to sell entrade.com and a
25% stake in asseTrade.com Inc. to Artra Group Inc. (NYSE: ATA - news) for two million shares
of Artra common stock and $5.4 million of funding. The acquisition is subject to the approval of
shareholders of both companies.
entrade.com, a business solution Internet e-commerce and on-line auction company, owns
proprietary e-commerce and on-line auction technologies. It utilizes these technologies to create
on-line business communities and virtual distribution centers for the purchase and sale of corporate
assets including inventories, products and services. Entrade.com initially is targeting, through its
utiliparts.com website, the multi-billion dollar utilities industry.
asseTrade.com is an on-line auction company, which also provides asset management capabilities.
Established in December 1998, its investors include Henry Butcher and Michael Fox International,
Inc., who are ranked among the world's leading auctioneers of industrial equipment, providing asset
evaluation, recovery, disposal, and consulting services worldwide.
Robert Kohn, President and Chief Executive Officer of Worldwide Web NetworX, said, ''Our
ability to develop and realize value for innovative e-commerce businesses such as entrade.com and
asseTrade.com validate the business model that we have created for Worldwide Web NetworX.
The transactions announced today advance us toward our goal of becoming a significant incubator
of leading-edge electronic commerce Internet based business solutions. It is our intention to
continue acquiring, developing and possibly spinning off these types of businesses, while
simultaneously becoming an operator of e-commerce businesses.''
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 not affect the accuracy of such forward-looking statements.
For more information, visit WorldWide Web NetworX' website at www.wwwnx.com.
SOURCE: WorldWide Web NetworX Corporation
More Quotes
and News:
Artra Group Inc (NYSE:ATA - news)
WRLDWIDE WEB NET (OTC BB:WWWX - news)
Related News Categories: banking, internet
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