AcuBid.com Inc. to Acquire Jaring Data Interaktif and Enter Into the Indonesian Internet Market.Business Editors/High-Tech Writers CARLSBAD, Calif.--(BUSINESS WIRE)--Jan. 31, 2000 AcuBid.com Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EBID EBID Elephant Butte Irrigation District ), a Carlsbad, Calif. based Internet company, announces that it has entered into a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to acquire 90% of Jaring Data Interaktif, (JDI JDI Just Do It JDI Job Description Index JDI Journal Descriptor Indexing JDI Java Driver Interface JDI Jetdirect Internal JDI Joint Declaration of Intent JDI Jouyssance des Instruments (Manhattan Beach, California period music ensemble) ), a Jakarta based media company. JDI and its related affiliates have extensive licenses in satellite, wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 , and other areas that relate to Internet service and content. Senior executives from both companies were present in Jakarta, Indonesia to sign the memorandum. According to terms, AcuBid.com Inc. will issue to JDI shareholders 33 million shares of its common stock in consideration for 90% of certain ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. contracts, licenses and assets owned by JDI. An additional 11 million performance-related warrants will be escrowed and granted to JDI contingent upon pre-agreed performance criteria for obtaining its initial 500,000 Internet subscribers. JDI provides both dial-up and broadband Internet services for Indonesian customers. JDI also has licenses and contracts to exclusively market a wide range of content from media sources, including TV stations, radio stations, cable TV, and newspapers. More specifically, JDI has the Internet marketing rights for: 15 radio stations across Indonesia; Datakom Asia, Indonesia's largest Direct TV company; SCTV SCTV Second City Television SCTV Slow Scan Television SCTV Sea Cadet Training Vessel (Canada) SCTV Separation and Control Test Vehicle , Indonesia's third largest national television station; Indonesia TV guide and other national media publications, including Indonesian Observer, one of the largest English-Indonesian daily newspapers. In addition, JDI owns Asia Connect, a start-up ISP, and Mesana Investments, a stock brokerage company. A Web site devoted to the Jakarta stock market, as well as other Web sites are currently under development which will further increase focus on the content market for Indonesia. &uot;This transaction represents a milestone in the history of Indonesian and United States Internet companies. According to our information, AcuBid.com will become the first company to purchase an interest in an Indonesian Internet company,&uot; stated Michael Schaffer chief executive officer of AcuBid.com Inc. This new business combination intends to become a leading ISP, content provider, and e-commerce company for ASEAN ASEAN: see Association of Southeast Asian Nations. ASEAN in full Association of Southeast Asian Nations International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in and, in particular, Indonesia. The new company will provide the following services:
1. Dial-up and/or cable modem and satellite based Internet services
2. Web development, Web hosting and server colocation services
3. Business-to-consumer and business-to-business e-commerce
solutions
4. International and Indonesian content derived from Datakom Asia
media sources
Indonesia, with a population of 210 million, is the fourth most populous country in the world. Research indicates that Indonesia currently has about 300,000 Internet subscribers. These users are divided among 15 small Internet companies. Indonesia currently has one of the lowest population-to-computer-user ratios at 0.14%. According to recent surveys, an estimated 5 million people will have computers and have online access by 2003. After the completion of the transaction, Peter F. Gontha shall be named as the chairman of the board of directors. Gontha is currently 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. of JDI. Over the last 20 years, Gontha has helped found a number of leading media companies in Indonesia, including, SCTV, the third largest national station in Indonesia; RCTI RCTI Rajawali Citra Televisi Indonesia RCTI Recipient Created Tax Invoices (Australia) RCTI Reserve Component Training Institution , the largest national TV station and Datakom Asia, Indonesia's largest direct satellite to TV broadcasting company. Gontha was previously vice president of operations for Asia with American Express Bank. Michael A. Schaffer of AcuBid.Com will continue to be CEO of the combined company. Schaffer, an attorney, has over 30 years of experience in the management and public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most of public companies. This agreement is subject to the approval by the Board of Directors and shareholders of AcuBid.com Inc. and subject to all required regulatory approvals. |
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