CBQ, Inc. Investment Holding, Global Logistics, Acquired by World Leader in Energy Publications.

Business Editors

ADDISON, Texas--(BUSINESS WIRE)--June 1, 2000

CBQ, Inc. (OTCBB:CBQI) The E-Business Marketplace announced today that one of its investment holdings, Global Logistics Partners, LLC, has been acquired by PennNet, Inc., a wholly-owned subsidiary of PennWell Publishing Corporation of Tulsa, Oklahoma. Global Logistics is a major player in asset management worldwide for the energy industry.

CBQ held a 19 percent ownership interest in Global Logistics. The terms of the Global Logistics agreement include purchase of all Global Logistics Partners, LLC. assets and a four-year revenue earn out that could value the transaction in excess of $20 million.

Global Logistics will see its efforts to move into the B2B marketplace significantly enhanced by the unparalleled reach of PennNet and PennWell, which publish industry leading energy journals. The PennWell Publishing group includes an estimated 50 magazines and the world famous Oil & Gas Journal. PennWell serves more than 300,000 monthly subscribers and 50 tradeshows in more than 160 countries.

About CBQ, Inc. - CBQ, Inc. The E-Business Marketplace is a total end-to-end provider for implementing customer driven e-business solutions. Through its subsidiaries, Reliance Technologies, Inc. and Priority One Electronic Commerce Corp., it can design, implement, host, build traffic and process payments for its customers' e-business initiatives. ChinaSoft, Inc. is a wholly-owned subsidiary of CBQ, Inc. that is a joint-venture partner with CCSoft Technology Developing, Ltd. (formerly, Beijing Zhongruan Zhixun Technology Developing Co.). Services include Software Development for Enterprise computing and Internet Development. For more information about CCSoft, visit www.ccsoft.com.cn. China Partners, Inc. is a wholly-owned subsidiary of CBQ, Inc. that focuses on facilitating trade and investment opportunities between companies in the United States and Chinese through its trade portal, Chinapartners.net. For more information on CBQ, Inc., visit www.cbq.com.

This news release includes forward-looking statements related to CBQ Inc. that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect CBQ's future results, see the company's filings with the Securities and Exchange Commission (the "Commission"). Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations.