More News!... 05/27 09:52 Priority One Establishes Sales office at CBQ Headquarters
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Priority One Establishes Sales office at CBQ Headquarters
FORT WORTH, Texas--(BUSINESS WIRE)--May 27, 1999--CBQ Inc. (OTC BB:CBQI) announced today that it has established a sales for Priority One Electronic Commerce Corporation (Priority One) at the CBQ, Inc. headquarters in Fort Worth, Texas. Priority One was recently acquired by CBQ in a stock transaction.
Priority One is a leader in the electronic payment processing industry. Servicing Internet e-commerce companies as well as more traditional sellers, Priority One utilizes its' proprietary Bill Collect(TM) system to alleviate the problem of sending out invoices, waiting for checks to arrive in the mail, and dealing with collecting accounts receivable. Bill Collect is a high-tech, automated system handling electronic funds transfers (ETF) and credit card payments, which enables businesses to collect their receivables electronically, via the Internet or Direct-Dial-up gateway, on the date due. Priority One is a three year-old leading high-tech company providing business-to-business electronic payment processing services. Priority One was founded in 1996 by Sidney Lieberman.
Senior management has nominated the following gentlemen to serve as the new Board of Directors for Priority One. Mr. Richard H. Williamson, President and CEO of Cyberquest and its parent company, CBQ, Inc. as Chairman; Mr. Sidney Lieberman, founder of Priority One; Mr. Thomas K. Goldman, President of Priority One; Mr. Richard Bergey, Senior Vice President of Downingtown National Bank; and Mr. Timothy Claussen, Vice President of Blue Ball National Bank. Messrs. Lieberman, Bergey and Claussen were members of the Priority One Board prior to Priority One's acquisition by CBQ, Inc. In response to the nominations Messr. Lieberman stated, "It is a pleasure welcoming back Messrs. Bergey and Claussen to our Board. The previous Board oversaw the initial development of the Priority One automatic payment process from its' earliest stages to a position of sustained growth and profitability. The acquisition of Priority One by CBQ, Inc. will allow Priority One to move into a position of eminence in the arena of e-commerce financial payment processing."
Management has also decided to supplement its' nationwide network of independent sales representatives through the addition of two senior sales executives. The sales executives will be located at Priority One's headquarters in Akron, Pa. and at its new satellite office located at the CBQ offices in the Bank of America building in Fort Worth, Texas. In addition to the new sales executives, Priority One will double the size of its processing staff in order to accommodate its increased volume. Messr. Goldman commented, "Since the acquisition of Priority One by CBQ, we have seen a tremendous increase in outside recognition of our automated financial transaction processing capabilities. In fact, CBQ has brought a number of very large customers to the table who have requested proposals for implementing Priority One into their systems. Any one of the proposals being accepted would result in dramatic increases in transaction volumes for Priority One."
Messr. Williamson responded, "We're very excited about Priority One's niche and its ability to increase gross sales substantially with little or no added infrastructure cost. Our client presentations in Ft. Worth clearly demonstrated the need and the receptiveness of the companies to Priority One's services. Priority One will provide a valuable supplement to CBQ's Bid4it virtual marketplace. "
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.
For more information about CyberQuest visit www.bid4it.com (bid4it Web site) and www.cbq.com (Corporate Web site).
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.
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CONTACT: CBQ Inc., Fort Worth
Rick Williamson, 817/737-6100
E-mail: rickcbq.com
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