To: Blitz who wrote (6777 ) 4/9/1999 10:33:00 AM From: Wayne Rumball Read Replies (2) | Respond to of 13776
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 9, 1999--Convergent Cos. Inc. (NASD BB:CVGTD) announced Friday that it has acquired controlling interest of WebCash Corp. and Galaxy.NET Telecom Inc., both private companies, located in Campbell, Calif. for an undisclosed amount of cash and stock. These acquisitions represent the completion of Convergent Cos. initial acquisition program to offer E-Commerce (one stop for credit card, electronic checks, 1-900 billing and 1-800 credit), solutions to websites and Broadcast capabilities to website hosted by the company. WebCash is presently offered to its E-Commerce web site hosted customers. Prime Video, a wholly owned subsidiary of Convergent Cos., will provide proprietary video technology to the web hosting customers to provide the best video possible. The company plans to announce and exhibit this new service at the National Associations of Broadcasters show in Las Vegas April 19-21, 1999. The company has completed a 24 month beta test of its WebCash service in which 300 web sites were enabled to use WebCash. During the beta test over 400,000 transactions with $4 million of commerce were successfully completed. The company has development work and testing on going with major corporations and expects to be able to announce in the near future the launches for these new customers. The company currently hosts web sites for 300 customers and does web site development for 50 customers. Some of the customers use multiple company services. Convergent Cos. and its acquired companies currently employ 24 full and part time people. Convergent Cos. will expand its board of directors to seven persons. Michael Lindsay, CEO and president of Galaxy and WebCash will join the board. Forward looking statements in this release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission. BPN has received compensation for the preparation of this report. --30--jd/mi* CONTACT: Buying Power Network, Boca Raton, Fla. Terry Joyce, 561/361-9277 561/361-9217 (fax)