Auctionfirst.com Acquired by International Internet.BOCA RATON, Fla.--(BUSINESS WIRE)--June 4, 1999--
International Internet, Inc. (OTC OTC
See over-the-counter market (OTC). BB:IINN IINN International Institute for Neuroscience of Natal ) announced today that it has acquired a majority interest in Auction Concepts, Inc.
Auction Concepts owns and operates the website located at http://www.auctionfirst.com. Auction Concepts, Inc. was acquired by International Internet Ventures I, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control for an undisclosed amount of cash and restricted stock. Auctionfirst.com is an online person-to-person general auction site that serves as a venue for Internet users to buy and sell products online. Users can browse for items arranged by topic and bid through an automated, easy to use online service. Auctionfirst.com generates revenue from various listing fees charged to sellers and a commission based on the final selling price of an item. Unique features of the site include Billsite.com's online payment service I3T which allows for individual-to-individual payment through the internet without credit card numbers having to be given to an unknown party. Billsite.com facilitates the transaction. Auctionfirst.com was launched in June 1998.
Auctionfirst.com is in direct competition with other leading online Internet auction sites that offer general merchandise such as ebay (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 :EBAY), Go2net's Haggleonline (NASDAQ:GNET GNET Global Network of Environment and Technology
GNET General Information Network
GNET Gigabit Network ), globe auctions @ theGlobe.com (NASDAQ:TGLO TGLO Turbine Generator Lube Oil (submarines) ), At Home Networks, formerly Excite auctions (NASDAQ:ATHM ATHM Excite@Home (NASDAQ symbol)
ATHM Alternative Therapies in Health and Medicine
ATHM American Textile History Museum (Lowell, MA) ), Yahoo auctions (NASDAQ:YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ), Amazon Auctions (NASDAQ:AMZN AMZN Amazon.com (NASDAQ symbol) ) and ubid Inc. (NASDAQ:UBID).
On May 10, 1999 International Internet, Inc. announced that they adopted a strategy of forming separate subsidiaries or joint ventures to affiliate with strategic investment partners who can offer management opportunities and investment capital to expand into new Internet arenas and increase the Company's presence within the world wide web. The investment in Auction Concepts, Inc., is the first for International Internet Ventures I LLC. The Company believes its strategy provides the ability to significantly increase shareholder value as well as provide management with additional expertise and capital to support the growth of the Company's subsidiaries and investments. Additionally, International Internet will continue to develop and refine new products and services with the goal of significantly increasing revenues as these are commercially introduced. Management intends to invest or acquire interests within several other Internet properties throughout the coming months.
International Internet, Inc. develops and operates Internet and direct retail marketing companies as well as venture funds focused on the Internet. The International Internet Group includes majority-owned subsidiaries StogiesOnline.com, Inc.(www.stogiesonline.com), Stogiesauction.com (www.stogiesauction.com), Goldonline.com (www.goldonline.com) and Mr. Cigar, Inc. International Internet also holds a minority interest in Wowstores.com, Inc. (OTC BB:WOWS) (www.wowstores.com) an online shopping guide. International Internet's symbol formally ININ ININ Interactive Intelligence, Inc. (Indianapolis, Indiana)
ININ Instituto Nacional de Investigaciones Nucleares (Spanish)
ININ Islamic News and Information Network
ININ Mexican Nuclear Institute has been changed and now trades under the symbol IINN.
Forward looking statements in this release are made pursuant to the Safe Harbor provisions 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. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. For more information, contact: The Hawke Group, Inc. Phone (954) 564-7114 Fax (954) 564-9848 Visit our website at www.hawkegroup.com.
This material was prepared and disseminated by The Hawke Group, Inc. ("Hawke") for the Company discussed herein, based upon Company supplied information or other sources believed to be reliable. The information is not guaranteed by Hawke for accuracy or to be all inclusive. This material is information only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in these securities. The Hawke Group has been compensated by the Company.