AcuBid.com Inc. Announces Stockholder Approval of Stock Purchase Agreement With PT. Jaring Data Interaktif and Name Change to Asia Web Holdings Inc.Business Editors CARLSBAD, Calif.--(BUSINESS WIRE)--May 23, 2000 AcuBid.com Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EBID EBID Elephant Butte Irrigation District ) ("AcuBid" or the "Company") announced today that at its Annual Meeting of Stockholders held yesterday, May 22, 2000, the stockholders approved and adopted the Amended and Restated Stock Purchase Agreement (the "Agreement") dated March 24, 2000, by and among the company, AcuBid Acquisition Corp., PT. Jaring Data Interaktif and Adisatrya Suryo Sulisto and the transactions contemplated thereby. In addition, the stockholders approved the proposed amendments to the company's Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to increase the number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of common stock from 50,000,000 to 100,000,000 and to change the name of the company to Asia Web Holdings Inc. The stockholders elected the following nominees to the company's Board of Directors to hold office until the next annual meeting and until their successors are elected and qualified: Michael A. Schaffer, Waddy wad·dy 1 Australian n. pl. wad·dies A heavy stick, especially a war club. tr.v. wad·died , wad·dy·ing, wad·dies To strike with a waddy. Stephenson, Gordon C. Holterman, Terry Giles, Raj Singam, Tjahjono Soerjodibroto, Bosko Djordjevic, and William H. Millard. Messrs. Holterman, Giles, Singam, Soerjodibroto, Djordjevic and Millard were nominated pursuant to the Agreement and will only serve on the Board of Directors of the company if the transactions contemplated by the Agreement are consummated. The following additional matters were ratified by the stockholders at the Annual Meeting: -- The approval of 1999 Incentive Equity Plan -- The approval of 1999 Stock Option Plan for Non-Employee Directors -- The appointment of Israeloff, Trattner & Co., P.C. as independent public accountants for the fiscal year ending Aug. 31, 2000. The company expects to consummate the transactions contemplated by the Agreement no later than June 10, 2000. Note: Certain statements in this press release constitute "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. " within the meaning of the 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 combined companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. |
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