2TheMart.com Enters Into Letter of Intent to Merge With GoToWorld.com.Business Editors & High-Tech Writers IRVINE, Calif.--(BUSINESS WIRE)--March 29, 2000 2TheMart.com (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:TMRT TMRT Mean Radiant Temperature TMRT Total Mean Retention Time TMRT Taipei Mass Rapid Transit TMRT Tactical Medical Response Team TMRT Table Mountain Race Team (Saskatchewan, Canada) TMRT The Museum of Retro Technology ), an Internet e-commerce company, Wednesday announced that it has entered into a Letter of Intent to merge with GoToWorld.com, Inc. ("GoToWorld.com"), the global communication super portal that pays its members to surf and shop on the Internet. 2TheMart.com will merge with GoToWorld.com. GoToWorld.com.'s portal, which currently receives more than approximately 10 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. per month, has a current registered user base of approximately 2 million users. This relationship will provide an instant base of traffic and users for the 2TheMart.com e-commerce engine. Subject to the preparation of definitive documentation and approval by each companies' respective board of directors and shareholders, 2TheMart.com will acquire all of the issued and outstanding shares of the common stock of GoToWorld.com in exchange for shares of common stock of 2TheMart.com. Pursuant to the proposed merger, Ian S. Simpson, GoToWorld.com's current chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will become the president, CEO and co-chairman of the board of the merged company. Steven W. Rebeil, 2TheMart.com's current CEO and chairman of the board will resign as CEO but continue as co-chairman of the board of the merged company. Additionally, Dominic J. Magliarditi, 2TheMart.com's current president, COO, CFO See Chief Financial Officer. , secretary and a director has relinquished his positions with 2TheMart.com. 2TheMart.com is currently in the process of recruiting additional officers and directors. "We anticipate that this merger will provide our company and GoToWorld.com with a world-class Internet portal and business e-commerce solution built on one of the largest supercomputing infrastructures in the world," said Steven Rebeil, 2TheMart.com's CEO. "This will enable the combined entities to provide their business-to- business and business-to-consumer turn-key e-commerce solution to all of the world's merchants," said Rebeil. "We are excited to begin working with our new partners. With the synergy of our two companies and utilizing the supercomputer infrastructure of 2TheMart.com and the Universal Translator The universal translator is a fictional device common to many science fiction works, especially on television. Its purpose is to offer an instant translation of any language. (R) technology of GoToWorld.com's parent company, Language Force Inc., we believe the combined new company will be well positioned to become a dominant player in the trillion dollar business-to-business global e-commerce market," said Simpson, chairman and CEO of GoToWorld.com. In an unrelated matter, Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , 2TheMart.com's current independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. have resigned and have been replaced with the accounting firm of Corbin & Wertz, LLP LLP - Lower Layer Protocol . Corbin & Wertz, LLP will serve as 2TheMart.com's ongoing independent accountant. About 2TheMart.com Founded in January 1999, 2TheMart.com is an innovative online product portal where merchant partners sell their products on a fee-per-transaction basis. Consumers are offered a vast selection of specialty and brand-name products to create a compelling one-stop-shopping destination that is next generation in product merchandising, with world-class customer care for consumers and merchants alike. With headquarters in Irvine and a satellite office in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , 2TheMart.com can be reached on the World Wide Web at www.2TheMart.com or by calling 949/477-1200. About GoToWorld.com GoToWorld.com is one of the fastest-growing search portals in the world, thanks to its language translation capabilities, powerful meta search engine, rich content and unique revenue-sharing arrangement with its members. GoToWorld.com members are paid by the hour while they are surfing the Web, chatting using the GoToWorld.com Browser and Instant Messenger AOL's instant messaging service. See AIM and instant messaging. (TM) and shopping at GoToWorld.com; in addition, each member earns a referral fee for each hour their referrals surf the Internet and chat. Members also earn a fee when their referral base shops. The referral system extends for three levels, with no limit on the total number of referrals possible. GoToWorld.com is able to pay its members because advertising revenue is shared with users when they view banner ads. Powered by proprietary Universal Translator(R) technology, GoToWorld.com expresses the corporate mission "Bringing the World Together." Founded in 1999, the company is currently privately owned and is represented by Deloitte & Touche as its accounting firm. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements. |
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