CBQI News OUT!!!! New Management ... glpllc.com
(BSNS WIRE) CBQ Signs Agreement With Global Logistics Partners, LLC.
CBQ Signs Agreement With Global Logistics Partners, LLC.
Business Editors & Technology Writers
DALLAS--(BUSINESS WIRE)--May 12, 1999--CBQ Inc. (OTC BB:CBQI)
announced today that it has signed an agreement with Global Logistics
Partners, L.L.C. (GLP). As part of this transaction, CBQ acquires an
equity interest in GLP and agrees to name Mr. Richard Williamson as
President and CEO of CBQ and its subsidiary, CyberQuest.
GLOBAL LOGISTIC PARTNERS formerly known as Thomassen Amcot
International, was formed in 1991 as a service and supply company in
the oil and gas industry. Its initial success was built on locating
and expediting huge quantities of oil field equipment needed following
the Gulf War. Through this process Mr. Richard Williamson, founder of
the company, recognized that the industry needed alternative supply
sources that might be readily available and at competitive prices. In
1996 he bought out his European partners and formed GLP LLC. GLP's
primary function was to introduce, initially, the oil and gas industry
to a business-to-business E-commerce approach as a means of making end
users more aware of the tremendous supply options available; and
likewise, sellers were made aware of a vast buyer market. GLP has
offices in the Middle East, South America and is headquartered in Fort
Worth, Texas.
"It has been our opinion that the most effective information
highway is one that brings the product closer to the business
environment. In business-to-business the dollar values are typically
much larger than the consumer market and through the use of digital
and advanced imaging the industrial buyers are more inclined to pursue
their purchases in far away places, than through conventional means.
GLP activities lacked the system in the form of bid4it to support a
broader base of operation," said Mr. Richard Williamson, founder of
GLP. "Cyberquest's bid4it system, with its CyberMaker(TM), is without
a doubt the most sophisticated we have seen yet. It is our goal to
provide the best business-to-business E-commerce service both
domestically and internationally."
Commenting on the transaction, Michael Sheriff, Chairman and CEO
of CBQ, stated, "We are pleased with the agreement with GLP. In
addition to international contacts and the potential of millions of
dollars of new inventory to bid4it, Mr. Williamson and GLP bring a
solid management team and infrastructure to CyberQuest. This
agreement, coupled with our previous acquisitions of Reliance
Technologies, Inc. and Priority One Electronic Commerce Corporation,
bring us closer to our goal of building a world class
business-to-business enterprise."
As previously announced, subject to completion of due diligence
and the approval of the board of directors of each company, CBQ is in
discussions leading to the acquisition of CitX Corporation,
www.citx.net, of Quakertown, PA. CBQ acquired a 10% equity interest
in CitX through its acquisition of Priority One Electronic Commerce
Corporation.
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.
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 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, at a board of directors meeting held
today, it has accepted the board resignation of Bernie Roemmele of
CitX, pending its completion of due diligence with CitX. It also
accepted the resignation of Lynn Elliott as a board member and
appointed Richard Williamson in his place. Michael Sheriff has agreed
to remain as a board member and will enter into a consulting agreement
with the Company.
For more information about CyberQuest visit www.bid4it.com
(bid4it website) and www.cbq.com (Corporate website).
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.
--30--SL/na*
CONTACT: CBQ Inc.
Michael Sheriff, 972/732-1100
sheriff@cbq.com
or
Investor Relations:
Magnum Financial Group
Michael Manahan, 213/488-0443
msmanahan@magnumfinancial.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET OIL/GAS MANAGEMENT CHANGES
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