(BSNS WIRE) CBQ, Inc. Announces the Acquisition of 1st inhealth.com for
CBQ, Inc. Announces the Acquisition of 1st inhealth.com for $80 Million
Business Editors
ADDISON, Texas and HASBROUCK HEIGHTS, N.J.--(BUSINESS WIRE)--
Jan. 26, 2000--CBQ, Inc. (OTC BB:CBQI) The E- Business Marketplace
announced today that it has acquired 1st inhealth.com, which is
located in Hasbrouck Heights, N.J.
Under terms of the transaction, CBQ will acquire 51% of the stock
of 1st inhealth in an exchange involving $80 million dollars worth of
common stock in CBQ. As part of the transaction CBQ will also acquire
the following Internet companies: 1st inhealthstore, Inc., 1strxplus,
Inc., fitnessbiz, Inc, stareyes, Inc. and contactlensstore, Inc.
1st inhealth has a nation-wide network of over 500,000
participating health, nutrition, and fitness providers including over
250,000 physicians who have agreed to accept the 1st inhealth card for
payment for 1st inhealth card members. Through the use of the
Preferred Price Advantage(R) provided by the 1st inhealth card,
consumers are able to obtain Preferred Price Advantage(R) ranging from
20% to 50% when purchasing health, nutrition, and fitness goods and
services from participating 1st inhealth providers. 1st inhealth will
provide its Preferred Price Advantage(R) through purchases on the
Internet and directly through retail providers.
"Through 1st inhealth, consumers are being provided with an
opportunity to reduce the costs of their medical care, cover purchases
not covered by many health insurance policies and provide faster cash
flow payments to health, nutrition, and fitness providers," said John
Harris, CEO, CBQ, Inc. "We have expanded the coverage of the 1st
inhealth card to cover those not covered at all by healthcare
insurance to cover many health wellness and fitness items that are
currently not being covered by insurance policies. Operating as part
of the CBQ family will provide 1st inhealth with the financial and
management resources required to revolutionize the way health care is
being provided to the American consumer," Harris added.
"We are looking forward to the synergy provided by our
relationship with CBQ," said Susan Kaplan, Executive Vice President,
1st inhealth.com. "Through support in areas such as online e-payments
CBQ can make us a more efficient participant in the rapidly changing
health, nutrition and fitness fields."
About CBQ
CBQ, Inc. The E-Business Marketplace is a total end-to-end
provider for implementing customer driven e-business solutions.
Through its subsidiaries, Reliance Technologies, Inc. and Priority One
Electronic Commerce Corp. it can design, implement, host, build
traffic and process payments for its customer's e-business
initiatives. ChinaSoft, Inc. is a wholly owned subsidiary of CBQ,
Inc., that is affiliated with Beijing Zhongruan Zhixun Technology
Development Co. Services include Software Development services for
Enterprise computing and Internet Development Services. China
Partners, Inc. is a wholly owned subsidiary of CBQ, Inc. Its primary
focus is facilitating trade and investment opportunities between U.S.
and Chinese companies through its trade portal Chinapartners.net.
For more information, visit www.cbq.com
This news 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, see the company's filings with the Securities 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--na/da*
CONTACT: VGS Marketing Group, Inc.
Valerie Gabriel-Swenson, 972/395-9034
(Direct Line, 972/741-4400)
vgs@onramp.net
or
China Partners, Inc./ChinaSoft/Capital House, LLC
Joan Worden, 202/337-5411 or 202/342-8113
or
CBQ, Inc.
John Harris, 972/732-1100
investors@cbq.com
KEYWORD: TEXAS NEW JERSEY
INDUSTRY KEYWORD: INTERNET MEDICAL MERGERS/ACQ
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