To: Joe Copia who wrote (16995 ) 6/24/1999 12:33:00 PM From: ErnestPoe Respond to of 25711
VDOT.NEWS VirtualSellers.com to Acquire E-commerce Shopping Cart Software VANCOUVER, B.C., Jun 24, 1999 (BUSINESS WIRE via COMTEX) -- VirtualSellers.com Inc. (OTC BB: VDOT) Thursday announced that it has entered into an agreement to acquire a proprietary e-commerce shopping cart software system called "GoldPaint Shopping Cart" as part of its purchase of assets of Clickshop, a Washington state-based software developer. These assets include the Tag Activated Markup Enhancer (TAME) operating system and associated shopping software. The acquisition was made for 600,000 VirtualSellers.com shares, of which 300,000 shares are to be issued on closing of the acquisition and 300,000 shares are to be issued one year from closing if certain conditions are met. Additionally, VirtualSellers.com will retain the consulting services of the primary developer of the software for a period of one year for a consulting fee of $60,000. Shopping cart software tracks an Internet consumer's purchases within an Internet Web site. Just like a shopping cart at a grocery store, the consumer's selections are added to the cart until they are finished shopping. At "check out" the consumer enters payment and shipping information within a secured environment. The information is then verified and the transaction iscompleted. With the purchase of this proprietary software, VirtualSellers.com has exclusive ownership rights to the dynamic software engine and language interpreter, which conforms to XML syntax and is used to construct the TAME-based shopping software. This will allow VirtualSellers.com to modify the software over time as technology and customer needs change. "Over the next several months, we will focus on becoming the leading service bureau for retailers and catalog merchants as we assist them in transitioning into full-scale Internet sales. Owning the shopping cart software will yield a significant competitive advantage as we launch our marketing efforts next month," said Dennis Sinclair, Ph.D., president and chief executive officer of VirtualSellers.com. Closing of the purchase, which is still subject to due diligence and certain other conditions, is scheduled for June 30, 1999. VirtualSellers.com provides turnkey electronic commerce transaction processing services to small and mid-size companies wishing to grow their businesses and expand market reach by offering their products for sale over the Internet. Through recent strategic acquisitions, VirtualSellers.com has created a state-of-the-art service bureau geared to launch merchants safely and quickly into the world of e-commerce. VirtualSellers.com offers a variety of secure transaction processing services to assist merchants with their e-commerce requirements, including integrated on-line marketing, product ordering, billing and payment collection. For more information, visit the company Web site at www.virtualsellers.com. Safe Harbor Statement Included in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. There are certain important factors that could cause results to materially differ from those described in the statements made above. These factors include, but are not limited to, the performance of VirtualSellers.com Inc. and its subsidiaries; the success of the company's strategic plans; the vigor of Internet commerce in general; fluctuations in worldwide economic conditions; and others. Although the company believes that the expectations reflected in such forward-looking statements are reasonable it can give no assurance that such expectations will prove to have been correct. Copyright (C) 1999 Business Wire. All rights reserved. -0- CONTACT: VirtualSellers.com Inc., Vancouver Cary Berman (investor relations), 312/920-9999 or Market Pathways Shannon T. Squyres (media & investor relations) 949/955-1860 WEB PAGE: businesswire.com GEOGRAPHY: INTERNATIONAL CANADA WASHINGTON INDUSTRY CODE: COMPUTERS/ELECTRONICS COMED INTERACTIVE/MULTIMEDIA/INTERNET MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.