Business Web Merges with NEWGOLD to Form New Internet Commerce Company.

SOUTH LAKE, Texas--(BUSINESS WIRE)--April 19, 1999--

Company Announces Management Team and $5.1 Million in Funding

Business Web, Inc., a cyber-developer of Internet real estate, today announced the management team for the company formed by the anticipated merger of Business Web and former gold mining company, NEWGOLD, Inc. (OTC BB:NGLD).

The company also announced it has received $5.1 million in private placement funding from a group of venture capitalist investors led by IBK Capital.

The company will retain the name Newgold for the short term. Chris Meaux, co-founder of Business Web, becomes Newgold's chairman and CEO, both titles which he held at Business Web. Meaux has more than 14 years of high-tech industry sales, marketing and management experience. Most recently, Meaux was the director of e-commerce for Network Associates.

Former Newgold executives will remain with the new combined company. President Scott Doctor will take on the role of vice-chairman and will act as senior executive in charge of business relations. Bob Morris will remain as CFO and Michael Kessler as corporate council.

James Cutburth is now COO and an executive vice president of Business Web, Inc. and will be responsible for the day-to-day operation of the company. He will continue his responsibilities as vice president of sales and marketing as well as GMs from each business unit will now be reporting to him directly. Cutburth joined the company in 1998 after 20 years of high-tech experience with Rockwell Semiconductor Systems, Diamond Multimedia, 3Com/US Robotics and Intel.

Jes Engelmann has been appointed GM of the International business unit. He will be responsible for its day-to-day operations and future expansion into Latin America, Europe and Asia. Engelmann joined the organization in March of 1999 as vice president-sales and business development, with the specific responsibility of developing new and lasting customer and partner relationships around the world. In this position, Jes will draw on his more than 16 years of sales and marketing experience in the communications, CTI and multimedia industries, including companies such as GeoTel Communications, Paradyne Corp. and Lucent.

Larry Miller will remain vice president of Support Services and general manager of CyberMovers.net to lead the company's vital customer service and product support operation. Miller brings 20 years of high-tech customer service, operations, sales and support experience to the department from his work at companies such as Acacia Teleservices International, Symantec Corporation and Digital Research, Inc.

The software development and network IT support team will be led by Jeremy Goodell, director of information services and development. Goodell has 15 years of experience with diverse technology including Internet/web development, UNIX and NT open systems, client-server architecture and relational databases. Goodell gained his experience from ICL North America, InfoGenesis, Quest Software, and as an independent consultant.

Business Web was founded in 1998 with the launch of its Cybermovers service. Cybermovers helps companies and individuals move into their web sites by creating custom front-end templates for easy site updates, registering the site's domain name, listing the site with the most popular search engines, helping create a custom look and feel, including scanned images and links, so the site is ready for the first visitor and providing support 24 hours a day, seven days a week to ensure the site's success. In 1999, Business Web launched BusinessWebNow.com, a service designed for companies requiring hundreds, thousands or even millions of web sites to service their customers or business partners more effectively via the net. To date, companies such as Netscape, Netopia and BellSouth.net have effectively taken advantage of the Business Web Now technology. Business Web is currently developing a new, broader Internet and e-commerce offering which will be the focal point of the Newgold company.

Newgold had been a gold mining company since 1995 until closing the operation and merging with Business Web. Newgold will exit the mining industry by divesting itself of its remaining mining assets and investing those proceeds into the new venture with Business Web. The Proposed Merger, which involves a proposed 12-for-1 stock consolidation plan, is subject to shareholder and regulatory approval.

For more information regarding this announcement or the merger of Newgold and Business Web, please contact James Cutburth at 817/312-5956, [e-mail] or Jill Ballo of Imagio Public Relations at 206/625-0252, [e-mail]. For more information about Business Web, please visit the web site http://www.businessweb.com.

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