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WORLDWIDE WEB NETWORX CORPORATION ACQUIRES 49% STAKE IN ENTRADE.COM AND Simultaneously Launches UtiliParts.com MT. LAUREL, N.J., Feb. 2 /PRNewswire/ -- WorldWide Web NetworX Corporation (OTC Bulletin Board: WWWX) announced today that it has acquired from Global Trade Group Ltd. its entire 49% interest in entrade.com for 1,500,000 shares of common stock and an undisclosed amount of cash and other considerations. WWWX previously announced that it had entered into an agreement to purchase a portion of the remaining 51% interest in entrade.com. When completed, WWWX will own an approximate 67% equity interest in entrade.com. entrade.com is a business-to-business Internet e-commerce and on-line auction company focused on sales, marketing and asset disposition solutions for utilities and other large industrial manufacturing sectors. Through a selective blend of strategic marketing partners in defined industry sectors, entrade.com plans to build a leadership position in the next generation of the Internet: large business-to-business affinity groups. Although entrade's initial commercial focus is principally in heavy industry, the Company can replicate its systems for asset recovery and inventory management applications for a diverse range of industrial and commercial sectors. WWWX also announced the official launch of UtiliParts.com, a real time e-commerce Internet web site providing asset recovery and inventory disposition services for the utility industry. UtiliParts.com's menu of products and services will also include entrade's on-line auction applications. Gary Lerman, Chief Executive Officer of entrade.com, stated, "Deregulation and industry consolidations in the electric utility sector necessitate that electricity generators aggressively seek cost efficiencies and operating synergies. entrade.com, through UtiliParts.com, offers utilities the opportunity to enhance their bottom line through synergized multiple site procurement and inventory management solutions, external global distribution of non-productive capital investment assets and excess inventories. As utilities begin to actively list and/or auction through UtiliParts.com, we expect it to become the industry's first comprehensive Internet after-market for multiple OEMs in what is a multi-billion dollar electric generation parts and equipment market." Benjamin Kafka, Executive Vice President of Business Development of WorldWide Web NetworX and a former principal in Global Trade Group, stated, "Following two years of development and working closely with a major utility, we are very pleased to have developed the first comprehensive Internet real time corporate investment asset management system solution which satisfies an important economic need for this industry. We are currently developing and look forward to introducing similar service values in other industrial and commercial sectors." Visit our utility web site at utiliparts.com. A brief summary follows. By combining proprietary technology with proven off-line commercial methodologies, entrade will also provide clients with the ability to integrate comprehensive Internet e-commerce applications into their core global procurement, marketing and inventory management operations, through: -- Open Bid Internet On-line Auctions - Internet -- Internal Inventory Management Systems - Intranet -- Corporate Asset/Investment Recovery Programs -- Community Development for Intra-Industry Product Exchange and Trading - Extranet -- Direct Corporate Procurement -- Competitive Marketing -- Just-In-Time Product Distribution -- World Wide off-line Auction Management and -- After-Market Parts and Equipment Redistribution WWWX is a provider of direct marketing services including on-line Internet auctions and e-commerce integrating Internet, interactive media and database/supply chain management technologies. Forward-Looking Statements Certain statements in this release, including statements relating to WorldWide Web NetworX Corporation's ability to complete the acquisition of an additional 17% of entrade.com and penetrate the energy and telecommunications market on behalf of UtiliParts.com are forward-looking statements. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from its expectations. SOURCE WorldWide Web NetworX Corporation -0- 02/02/99 /CONTACT: Robert Kohn, President and Chief Executive Officer of WWWX, 609-439-7499; or Mike Dunn of The Financial Relations Board, 212-455-0958/ (WWWX) CO: WorldWide Web NetworX Corporation; Global Trade Group Ltd. ST: New Jersey IN: CPR MLM SU: TNM | ||||||||||||||
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