And here's the news;
LOS ANGELES--(BUSINESS WIRE)--May 4, 1999--Commercial Labor
Management Inc. ("CLMI") Tuesday announced that it has entered into a
plan and agreement of reorganization with Zeros & Ones Inc. ("ZOI or
the Company") on May 3, 1999.
Founded in 1994, Zeros & Ones is engaged in the business of
providing technical consulting services to major technology developers
in the areas of the Internet, digital television and electronic
commerce. It has become one of the nation's leading Internet
development partners.
The Company also specializes in creating quality Web sites,
providing direct-to-consumer retailing solutions, and formulating core
technologies that other software and hardware developers can integrate
into their own products.
Zeros & Ones maintains top-tier affiliations with the most
prominent and influential companies in the Internet industry. The
Company maintains current affiliations with Netscape Communications,
Inc. (Nasdaq:NSCP/AOL), Microsoft Inc. (Nasdaq:MSFT), Javasoft/Sun
Microsystems Inc. (Nasdaq:SUNW), Open Market Inc. (Nasdaq:OMKT), WebTV
Networks Inc., Macromedia Corp., and NeXT Software Inc.
Zeros & Ones has several wholly owned subsidiaries. One
subsidiary, FineItems.COM (http://www.fineitems.com), an online
executive gift site, played a key role in the introduction of
Amazon.com's (Nasdaq:AMZN) new online auction market place --
Amazon.com Auctions (News Release 4/6/99, Internet News Bureau).
Another division of Zeros & Ones, Studio Subzero, was formed in
1996 to design and develop original Web content such as animation,
music and interactive services. The technology group focuses on the
convergence of traditional media such as television and radio with
communications tools such as telephony and fax.
The company is positioned as a strategic inventor in the areas of
e-commerce, multimedia, image compression, Web site development and
digital television. The company is also in the process of building
Movieshopping.com, a ground breaking e-commerce Web site designed for
movie-buffs. Studio Subzero's clients include Moviefone.com, EMI
Classics and many others.
In early 1999, Zeros & Ones entered into a plan and agreement of
reorganization with each of the following technology companies, which
are scheduled to close when the plan and agreement of reorganization
between CLMI and ZOI closes: Quantum Arts Inc., a California
corporation; EKO Corp., a Delaware corporation; KidVision Inc., a
California corporation; Wood Ranch Technology Group Inc., a Delaware
corporation; and Polygonal Research Corp., a Delaware corporation.
As a result of the reorganization, Zeros & Ones will own
100% of each of the companies.
Commercial Labor Management Inc., President and Chief Executive
Officer Edward L. Torres stated: "Zeros & Ones displays a meaningful
and successful future for CLMI. Its ability to align some of the
high-tech industry front-runners in the key areas that are defining
the future: Advanced Media production, Image Compression, Digital TV
technologies, Multimedia interfaces, Web site development, and Virtual
Communities.
"Zeros & Ones Inc. has successfully created the most significant
unified brain trust of technology experts ever assembled."
"If your customers are the most leading-edge companies in the
world, you've got to become a trail-blazer, establishing strategic
pathways that solve real world problems for your clients even before
those problems are in front of them," stated Robert Holtz, CEO and
chairman of Zeros & Ones.
"Fortunately, we have a track record of successfully providing
expertise and the technologies people want when they want it . . .
time and time again."
More information on Zeros & Ones can be found at
zerosones.com.
Pursuant to the plan and agreement of reorganization, the
shareholders of Zeros & Ones Inc., a Delaware corporation, will
receive from Commercial Labor Management Inc., a Nevada corporation
("CLMI"), 6,000,000 newly-issued shares of CLMI's common stock in
exchange for 100% of the outstanding shares of Zeros & Ones Inc.
The 6,000,000 shares represent approximately 90% of the
outstanding shares of the common stock of CLMI on a fully diluted
basis. Shareholders of CLMI have agreed to surrender and return
3,800,000 outstanding shares to facilitate the transaction.
Upon the completion of this merger Commercial Labor Management
plans to change its name to Zeros & Ones Inc. The Company plans to
make an immediate application to the Nasdaq Small Cap Market.
The Company intends to continue to remain current in its
reporting with the Securities and Exchange Commission.
Commercial Labor Management Inc. trades on the OTC Bulletin Board
under the symbol CLMI.
--30--jap/la* ls/la
CONTACT: Commercial Labor Management Inc.
Ed Torres, 323/933-0565
or
Zeros & One Inc.
Charlie Overton, 818/380-0256 |
