NEWS OUT: CBQ
I see nothing at all about CitX in there.
Monday May 17, 7:19 pm Eastern Time
Company Press Release
CBQ Relocates Its Corporate Headquarters
DALLAS--(BUSINESS WIRE)--May 17, 1999--The new management of CBQ (OTC BB:CBQI - news) has decided to shift CBQ's Headquarters to the Bank of America building in Fort Worth, Texas, including the operations of its wholly-owned subsidiary, CyberQuest. It is anticipated that the move will be completed within 2 weeks. Further, the new management infrastructure has now been completed and will propose an aggressive growth plan to the board of directors of CBQ shortly after the Memorial Day Weekend.
CBQ has initiated an active program to implement CBQ's bid4it system domestically and internationally. This process will involve uploading large quantities of surplus oil and gas industry equipment, as well as machinery from the manufacturing sector. The system implementation will involve, in part, a rollover of the customer base of GLOBAL LOGISTIC PARTNERS, L.L.C. 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. CBQ acquired an equity interest in GLP and agreed to name Richard Williamson as President and CEO of CBQ and its subsidiary, CyberQuest. ''We are estimating that the initial inventories would involve between 30 and 50 million USD over the next 90 days,'' said Rick Williamson CEO/ President of CBQ Inc.
Priority One, a wholly owned subsidiary of CBQ, continues to show healthy growth in the new year. ''It is clear that CBQ's initiatives to ramp-up bid4it on two fronts i.e. business-to-business and consumer-to-business will be complimented and enhanced by Priority Ones' electronic payment system,'' Williamson continued. Priority One provides a sophisticated electronic payment mechanism; well-suited to Internet transactions.
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 for 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(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.
For more information about CyberQuest visit www.bid4it.com 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.
--------------------------------------------------------------------------------
Contact:
CyberQuest Inc.
Rick Williamson, 817/737-6100
--------------------------------------------------------------------------------
More Quotes and News: CBQ Inc (OTC BB:CBQI - news)
Related News Categories: computers, internet, oil/energy
--------------------------------------------------------------------------------
|
