CBQ Completes Acquisition of Reliance Technologies Inc.

DALLAS--(BUSINESS WIRE)--March 8, 1999--CBQ Inc. (OTC BB:CBQI) Monday announced that it has reached agreement and completed the acquisition of Reliance Technologies Inc. ("Reliance").

Reliance is a full-service Internet Web site and e-commerce consulting and development firm; profitable, with 1998 revenues of $815,000. Reliance has projected that it will produce in excess of $1.2 million in revenues in 1999.

Reliance's services include consulting, Web-page integration with corporate information systems and custom software services for Internet-related applications. Reliance has a subsidiary, TopherNet Inc., which provides Internet-access service and Web hosting to a variety of corporate and consumer clients.

The creation of Reliance resulted from the merger of two companies owned by the president of Reliance, Greg Allen, and by Reliance's chief technology officer, Tony Benton, in early 1998.

Allen and Benton have been in the business of providing Internet e-commerce solutions since 1993. To date, their clients have included such companies as United Media, Texas Trial Lawyers Association, Mattress Giant, Snelling Personnel Services, and a variety of manufacturing and distribution companies.

Michael L. Sheriff, chief executive officer of CBQI, stated: "In the highly competitive environment for Internet talent, Greg and Tony add real value to our organization, especially considering their Internet history. Adding them, as well as their talented people, to our team is a real coup.

"The acquisition of Reliance, along with our planned acquisition of Priority One Electronic Commerce Corp. and their Bill Collect(tm) electronic check-clearing system, are steps forward in our strategy to become a dominant provider of Internet-based, e-commerce solutions.

"In addition, their experience as an Internet service provider will prove invaluable as we move forward with Y-PAY? and our planned launch of free Internet access."

CBQ's wholly owned subsidiary, CyberQuest Inc., is the developer of www.bid4it.com, a virtual, Internet-based marketplace based on the principles of securities trading. bid4it is a completely automated electronic marketplace that produces a "true" market price of products based on the open market interaction between bidders and sellers.

Bidders electronically bid ("Bid") on desired products and may modify or delete their bids at any time before the Bid matches a seller's "asking price" ("Ask"). The seller may accept any Bid at any time and may modify or delete his or her Ask at any time before it matches a Bid. bid4it allows sellers to compete in a worldwide market for the buyers of all types of products.

CyberQuest's CyberMarketMaker(tm) integrates the best features of securities trading and an auction market. Bidding activity is continually analyzed and asking prices moved up or down in response to market activity. When a "bid" and "ask" match, the transaction is electronically completed, and the product is ordered and shipped to the buyer with instant notification to all parties.

CBQ, through its subsidiary Net Access Exchange Inc., under the Y-PAY? brand, plans to offer free Internet service and e-mail to users in the United States. Based upon the successful model for commercial radio and TV, Net Access Exchange will provide free Internet access in exchange for the subscribers viewing TV-like advertisements.

"Reliance's experience in providing Internet access will help us this year as we plan for Y-PAY?'s launch," said Sheriff.

For more information about CyberQuest visit www.bid4it.com (bid4it Web site) and www.cbq.com (corporate Web site).

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. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations.

NOTE TO EDITORS: bid4it and CyberMarketMaker are trademarks of CyberQuest Inc. CyberQuest sub-licenses the bid4it software and related technologies to interested parties. All other trademarks are the property of their respective owners.