Acquisition and Merger Offers Considered by Worldwide E-Commerce, Inc.Business Editors LAS VEGAS--(BUSINESS WIRE)--Sept. 5, 2000 Worldwide E-Commerce, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : WEWC), formerly Worldwide Energy, Inc., confirmed today that the company is considering offers to merge or be acquired. Worldwide owns coal reserve assets Noun 1. reserve assets - capital held back from investment in order to meet probable or possible demands plural, plural form - the form of a word that is used to denote more than one with an appraised value of $266,863,000. The company is now negotiating with an actively traded OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. company that was formerly listed on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Market. Worldwide believes that a successful completion of a merger/acquisition would be instrumental in enabling this corporation to return to NASDAQ trading status, greatly enhancing the stock's market appeal. These developments are a result of Worldwide's recent activities soliciting buyers for their premium grade low sulfur steam coal deposits located in the Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Worldwide's management is relying 100% on an engineering valuation of these assets. A $266,863,000 appraisal value has been placed on the very low sulfur and low ash content coal reserves owned by Worldwide. The appraisal was performed by American Association of Petroleum Geologists The American Association of Petroleum Geologists (or AAPG) is one of the world's largest professional geological societies with over 31,000 members as of 2007. The AAPG works to advance the science of geology (especially in regard to exploration for and production of member John S. Berge. Based on this asset valuation, Worldwide stock would have an appraised value of $11.40 per share. With approximately 13,217,583 of their 15,058,583 outstanding shares being restricted, Worldwide has a small estimated public float of only 1,841,000 free trading shares. Worldwide is a diversified holding company currently focused on increasing shareholder values by taking advantage of the highly favorable conditions that now exist in the coal and power industry. With oil and natural gas prices running at record highs, electric utilities are switching to cheaper coal-fired plants to meet growing power demands. Power companies require more coal to meet their base-load capacities. Increased demands for low sulfur coal have recently been reflected in the stock market with many coal companies producing strong upward share value movements. Power company deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. and power shortages in some parts of the country are also fueling a surge in the performance of coal stocks. Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the 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. provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to the Company's future business prospects are subject to certain risk and uncertainties that could cause actual results to duffer materially from those indicated in the forward-looking statements. |
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