NEWS RELEASE ... CBQ SIGNS AGREEMENT WITH CITX
For Immediate Release
April 23, 1999
DALLAS, TX - April 23, 1999 -- CBQ Inc. (OTC:BB: CBQI) announced today that it has signed a letter of agreement and begun discussions leading to the acquisition of CitX Corporation, www.citx.net, of Quakertown, PA., subject to completion of due diligence and the approval of the board of directors of each company. CBQ acquired a 10% equity interest in CitX through its acquisition of Priority One Electronic Commerce Corporation, which closed into escrow earlier this week.
Priority One's flagship service, Bill Collect™, enables businesses to collect their receivables electronically, via the Internet or Direct-Dial-up gateway, on the date due. The Bill Collect system can be fully integrated with the retailer's software so that information on credit card charges and EFT authorizations can be combined in the same batch transaction and uploaded directly and simultaneously to Priority One, through the phone lines or via the Internet, without any additional data entry. CitX, along with Priority One, jointly developed Bill Collect as well as additional technology and software used in Priority One's Payment Processing Center. In addition, CitX has developed a unique Web-enabled integrated, business-to-business, e-commerce platform, Intrapay™, to collect and disburse payments via the Internet.
CitX Corporation is a privately-held, innovative high-tech company that develops and markets business-to-business Electronic Commerce solutions, Community-Centric Portals, and Network-Centric (Web-Hosted) software applications, delivered securely across the Internet and private heterogeneous networks.
CitX's products and services are provided on a fee-for-use basis, and made available through its many strategic partners, system integrators, independent representatives, and direct online users. CitX's management team has more than 9 years experience in providing Web-Hosted software applications, Electronic Commerce solutions, and Community-Centric Portals for Medical Societies, Hospitals, Physicians, and others in the Healthcare sector.
CitX has developed a specialized medical Community-Centric Portal and Extranet called HCSIN.NET that currently services more than 50,000 healthcare professionals throughout the United States. CitX has formed strategic partnerships with Redix, NCR Corp., Priority One ECC, Bell Atlantic, Alternative Link, In House Legal Group, MCSS, and others to effectively deploy secure Internet-based, business-to-business Electronic Commerce, Community- Centric Portals, and Web-hosted software applications, for small businesses as well as the corporate enterprise. Primary markets serviced are business-to-business, Healthcare, Insurance, Banking, Retail, Organizations, and the Government.
CBQ's position in the fast growing area of business-to-business e-commerce is significantly improved by the talent and technology of both Priority One and CitX. In addition, CBQ's potential marketshare is increased due to an exclusive agreement between the three companies to jointly market each others services to each companies' customer base. The joint marketing of integrated Intrapay / Bill Collect services could potentially produce strong additional revenues in 1999 for CBQ.
CBQ's wholly owned subsidiary, CyberQuest Inc. is the developer of www.bid4it.com, a virtual, Internet-based marketplace based on the principles of securities trading. bid4it is a completely automated electronic marketplace that produces a ''true'' market price of products based on the open market interaction between bidders and sellers. Bidders electronically bid (''Bid'') on desired products and may modify or delete their bids at any time before the Bid matches a Sellers ''asking price'' (''Ask''). The Seller may accept any Bid at any time and may modify or delete their Ask at any time before it matches a Bid. bid4it allows sellers to compete in a worldwide market for the buyers of all types of products.
CyberQuest's CyberMarketMaker™ integrates the best features of securities trading and an auction market. Bidding activity is continually analyzed and asking prices moved up or down in response to market activity. When a ''bid'' and ''ask'' match, the transaction is electronically completed, and the product is ordered and shipped to the buyer with instant notification to all parties.
CBQ also announced that it has given notice for a special meeting of shareholders to be held on Friday, April 30, 1999 at 9:00 A.M. in Dallas, Texas at the Company's corporate offices. The purpose of the meeting is to elect five directors to serve until the next annual meeting, and discuss any other new business properly presented.
For more information about CyberQuest visit www.bid4it.com (bid4it website) and www.cbq.com (Corporate website).
For more information about CitX call 215-538-3535, email bernie@citx.net, or visit the CitX website at www.citx.net.
bid4it and CyberMarketMaker are trademarks of CyberQuest, Inc. CyberQuest sub-licenses the bid4it software and related technologies to interested parties. NOTE: All other trademarks are the property of their respective owners.
This press release includes forward-looking statements related to CBQ, Inc. that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect CBQ's future results, please see the Company's filings with the Security and Exchange Commission (the "Commission"). Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations.
CONTACTS: At the Company: Investor Relations:
Michael Sheriff, CEO Michael Manahan
CBQ, Inc. Magnum Financial Group
972.732-1100 213.488-0443
sheriff@cbq.com msmanahan@magnumfinancial.com
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