1st Net Technologies Completes Acquisition of SSP Management Corp.; New Alliance will Expand Internet Presence.SAN DIEGO--(BUSINESS WIRE)--Dec. 31, 1998--1st Net Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: FNTT) and SSP (1) (Service Switching Point) The local exchange node in an SS7 telephone network. The SSP can be part of the voice switch or in a separate computer connected to it. Management Corp. announced today the completion of the acquisition of SSP Management Corp. by 1st Net Technologies. SSP Management Corp. is a publisher of fee-based Internet Financial Newsletters and has a subscriber database of more than 60,000 investors. In the process of building the subscriber base, SSP Management contracted for services with Yahoo (YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), Excite (XCIT), Go2Net (GNET GNET Global Network of Environment and Technology GNET General Information Network GNET Gigabit Network ), CBS (Cell Broadcast Service) See cell broadcast. Marketwatch and Sinanet. 1st Net disclosed that the acquisition was consummated in exchange for restricted common stock and the relief of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from SSP Management Corp. SSP management has been contracting the services of 1st Net for the past 12 months. 1st Net Technologies Inc., is a full service Internet design, creation and hosting company, catering specifically to publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. and the financial communities. 1st Net specializes in database capture, management and Internet marketing. The company owns and operates various online newsletters, a financial online community Web site and a well-established 3-year old Internet Mall. 1st Net has also acquired and developed software applications including client server community browsers and IP Telephony technology. Note: News releases and other information on 1st Net Technologies Inc. can be accessed at http://www.1stnettech.com on the Internet. The foregoing press release may include numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for certain forward-looking statements. Forward-looking statements in this press release relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason. |
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