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ERTOWN, Pa., April 23 /PRNewswire/ -- CitX Corporation of Quakertown
Pennsylvania and CBQ Inc., publicly traded as (OTC BB: CBQI), announced today
that they are in the process of completing a merger agreement and expect to
finalize the transaction within days. The merger will add management,
technical, and marketing talent to rapidly develop and deploy integrated B2B
e Commerce solutions, Internet-based e Business solutions, and to aggressively
move the CBQ bid4it B2B auction system into several vertical markets.
The primary terms of the transaction include the integration of CitX key
management people and technical staff, acquisition of CitX assets, technology
licenses, and 90% of CitX Stock, in exchange for a 66% equity stake in CBQ by
current CitX shareholders. Once the transaction has been approved by the
Boards of both companies, the Directors will move to change the publicly
trading name to CitX.
CitX plans to grow its staff to about 250 people over the next 12 months
and will continue to maintain its primary corporate offices in Quakertown, PA,
and three network operations centers/sales offices located in California,
Florida, and Texas.
CitX Corporation is a privately-held, leading high-tech company that
primarily develops and markets business-to-business e Commerce solutions,
Community-Centric Portals, and Network-Centric (Web-Hosted) software
applications, delivered securely across the Internet and private heterogeneous
networks.
Recently, CitX founders have formed the following two new companies: First
Portals Corporation, to focus on developing and marketing vertical B2B
Portals; and IntraMedX Corporation, to focus on developing and marketing
integrated Internet-based solutions for the Healthcare sector. This move was
made to better enable CitX to focus on its core competency, B2B e Commerce,
e Business solutions, and Internet-based Relationship Marketing solutions.
CitX has issued exclusive licenses to its e Commerce technology to each of
these new companies and has secured a 10% equity position in each company.
CitX CEO and founder, Bernie Roemmele, has formed strategic partnerships
with Redix, NCR Corp., Priority One ECC, Bell Atlantic, Alternative Link,
Zonics, and is in the process of forming additional strategic partnerships to
effectively drive B2B e Commerce solutions into specific vertical markets.
Revenue resulting form the combined active customer base of CitX and CBQ,
including new sales opportunities stemming from strategic partnerships, is
projected to exceed $60,000,000 over the next 6 to 12 months.
Commenting on the merger, Bernie Roemmele, CEO of CitX Corporation, said,
"We have been quietly executing our business plan and strategies, effectively
building a national infrastructure, robust technical resources, and core B2B
e Commerce/e Business technology for national deployment. Unlike most
companies in the Internet space, CitX has been a profitable company with
growing revenues, funded to date primarily by its founders and principal
shareholders. CitX is now ready to execute its national marketing plan, and
with the help of our strategic partners and supporting shareholders, we expect
to be world leaders in the B2B e Commerce/e Business space."
Earlier this week, CBQ purchased Priority One, a sister company of CitX.
Priority One is a leader in Internet electronic payment processing. Priority
One's proprietary Bill Collect(TM) system relieves sellers from the burden of
sending invoices, waiting for checks to arrive in the mail, and collecting
accounts receivables. Bill Collect is a high-tech, automated system that
handles electronic funds transfers (EFTs) and credit card payments for
Internet e Commerce businesses and traditional sales companies.
CitX has developed a unique, Web-enabled integrated B2B e Commerce
platform called Intrapay, to collect and disburse payments via the Internet.
The Intrapay platform is comprised of various service modules, which clients
may subscribe to, enabling cost-effective, enterprise-wide, EDI and Y2K
compliant e Commerce functionality and direct interface between their current
legacy systems and the Priority One Bill Collect service. CitX has also
released IntraEUROX, to enable international use of the Intrapay system for
enterprise-wide e Commerce transaction processing by multi-national
corporations.
Most of CitX's products and services are provided on a fee-for-use basis
and are available through its many strategic partners, system integrators,
independent representatives, and direct online users. The CitX management
team has more than 8 years experience in providing Web-Hosted software
applications, Electronic Commerce solutions, and Community-Centric Portals for
many vertical markets such as business-to-business, Healthcare, Insurance,
Banking, Retail, Organizations, and the Government.
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 Seller's "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(TM) integrates the best features of
securities trading with 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.
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 citx.net.
bid4it and CyberMarketMaker are trademarks of CyberQuest, Inc. CyberQuest
sub-licenses the bid4it software and related technologies to interested
parties. Intrapay is a trademark of CitX Corporation. Bill Collect is a
trademark of Priority One.
NOTE: All other trademarks are the property of their respective owners.
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