Cars Online.com, the latest E-commerce Acquisition of Quest Net Corp.FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 27, 1999--Quest Net Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: QNET) (http://www.ipquest.com) has announced the purchase of Cars Online (http://www.carsonline.com) for an undisclosed amount of cash and stock. Quest plans to add it to its other E-commerce sites Wings Online (http://www.wingsonline.com) and Boats Online (http://www.boatsonline.com) creating a one-stop E-commerce transportation site for those people surfing the net for information on cars, boats, airplanes and other modes of transportation. As with other sites, Cars Online will operate as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Globalbot, a Quest Net Corp. subsidiary. On this recent acquisition, Camilo Pereira, Quest's 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. stated, "Transportation is just one of many industries that we will be exploring for future expansion and development. I see the potential for our model to be applied in many different areas." Quest Net Corp. is not the only company making acquisitions. Recently the following companies have made major acquisitions or merged with other companies: Excite Inc. (Nasdaq: XCIT), Verio Inc. (Nasdaq: VRIO VRIO Virtual Reality Input Output ), America Online Inc. (NYSE NYSE See: New York Stock Exchange : AOL), AT&T Corp. (NYSE: T), IBM Corp.'s (NYSE: IBM6A28), PSINet Inc. (Nasdaq: PSIX PSIX Port State Information Exchange ) and @Home Network (Nasdaq: ATHM ATHM Excite@Home (NASDAQ symbol) ATHM Alternative Therapies in Health and Medicine ATHM American Textile History Museum (Lowell, MA) ). The company will continue to pursue other acquisition candidates to fulfill its expansion design. Based in Fort Lauderdale, Fla., Quest Net (OTC BB:QNET) is a provider of secure, full-service global Internet and Intranet broadband digital networking solutions for businesses and individuals. It also has its own Frame Relay 45 Mbps connection into the Internet Cloud. Quest Net is one of the largest regional Internet Service Providers with Dialup POPs (point-of-presence) in 228 cities. It also offers dedicated high-speed Internet access, metropolitan and wide area network data transport services, including virtual private networks, to several commercial clients and other ISP's, and Wireless Internet Connection at a speed of up to 3 Mbps to a distance of 8 miles on a license free spectrum. Quest Net offers one of the fastest and cleanest routing systems for the transfer and delivery of voice, video and data streams at several speed ranges. This press release may contain forward-looking statements 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. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, subscriber growth, product demand, competition, and other risks and uncertainties. |
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