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To: GARY P GROBBEL who wrote (300)	12/1/1998 10:32:00 AM
From: caly	Read Replies (1) \| Respond to of 1530

What we've been waiting for...IBNL news out today! Tuesday December 1, 9:30 am Eastern Time Company Press Release Virtual Source Network Moves to the Web E-Commerce Solution Gives Company Strong Internet Presence VENTURA, Calif.--(BUSINESS WIRE)--Dec. 1, 1998--Interactive Buyers Network International Ltd. (OTC BB:IBNL) Tuesday announced that the company's Internet commerce application is now in use by several of IBNL's major customers. The Virtual SOURCE network (http://www.vsource.net) has operated for the past 18 months as a private network using a software interface to connect buyers and sellers of goods and services. After proving the viability and demand for this network, the firm decided that due to costs involved in supporting a software-based network, an Internet-based solution was required for the company's long-term success. After structuring a stock surrender agreement that reduced the outstanding common shares in IBNL by 1 million shares, Robert ''Jay'' McShirley, president of IBNL, sought to acquire a company that would bring IBNL the expertise necessary to develop the Web-based solution. Earlier this year, the company acquired WPG Inc., a Seattle, Wash.-based company with the programming skill and first-class Internet infrastructure in place that the Web-based Virtual SOURCE Network would require. The company has now built a product that gives clients the flexibility they need to implement a solution with the confidence that it will meet their specific requirements. The initial cost is as low as $1,000 for a buyer to access suppliers, and IBNL has added a purchase order, along with several features that are charged on a ''per-transaction'' basis, to the system. Suppliers are free as long as they have a valid URL. For those who do not have a URL, the company provides its Virtual SOURCE Publisher at $29.95 a month for an E-commerce-ready Web site. ''Over the past few months we have had interest from many major corporations in using VSN. We have selected 10 companies for our roll out,'' said McShirley. ''These companies will use the system and see for themselves the kind of improvements VSN offers in procurement controls and reducing costs. The VSN Design incorporates both an open and close network, meaning buyers have three choices on how they do business. ''First, they can select to only allow existing suppliers to bid their requests; second, they can send requests to both their existing suppliers and the open system; and third, just to system suppliers. The design also enables companies to modify the application to fit their needs. ''Our solution not only interfaces to legacy systems, it allows the user to import parts lists, send a complete product for quotation with a single entry, and create and send an electronic purchase order. The system also creates bills of material and can use the company's existing MRP system to trigger the entire process,'' added McShirley. To view the actual application call Virtual Source Inc. at its Ventura office and ask for a demonstration. Office hours are 8 a.m. to 5 p.m., Monday-Friday.