CitX Opts Out of CBQ Merger and Contracts Capital House for Private Placement and Help with IPO of IntraMedX Subsidiary.QUAKERTOWN, Pa.--(BUSINESS WIRE)--June 14, 1999-- CitX Corporation of Quakertown, PA, today announced that its Board of Directors has canceled the merger between CitX and CBQ See traffic engineering methods. Inc., publicly traded as (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB:CBQI) of Dallas, TX. The decision was made after the results of CitX's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. on CBQ indicated the merger would not fully promote the current business strategies and objectives of CitX; and, overall, not be in best interest of CitX shareholders. Instead, with the help of Capital House of Washington, D.C., CitX will focus on securing capitalization through private placements, and advancing the potential IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of its recently formed subsidiary, IntraMedX Corporation. Capital House has agreed to infuse an initial equity investment of up to $2.2 million to help capitalize the deployment and expansion of its core e-Business and e-Commerce technology into other vertical markets. Capital House will also help formulate an additional private placement, as well as strategic partnerships for CitX, and its subsidiaries. Commenting on the merger, Bernie Roemmele, 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. of CitX Corporation said, "After careful review of the CBQ deal by our Board of Directors, it was determined that a merger would consume CitX resources and divert the CitX management from its core focus of building a world-class B2B e-Commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. company. In addition, CitX's new subsidiary, IntraMedX, is now ready to make a major entry into the healthcare market and needs the full attention of its founders. "Priority One, a new subsidiary of CBQ, will remain a strategic partner of CitX and function as an exclusive backend Payment Processing service of EFT's and Credit Card transactions, to our Intrapay Internet-based e-Commerce platform, and related services. "Additionally, as part of an ongoing partnership agreement, CitX will operate the Internet payment-gateway for CBQ and Priority One, exclusively, and will provide them with all their Internet based e-Commerce needs, such as shopping cart systems, money collection and disbursement services, EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. translation, document exchange, and other electronic commerce related services," Roemmele continued. "We will continue to support Priority One as one of our e-Commerce partners, and wish the new CBQ management success with their new focus on their Bid4It Action service." IntraMedX Corporation is a subsidiary of CitX that provides subscription-based integrated Web-Hosted e-Business Solutions including Practice/Patient Management, Automated Insurance Eligibility/Claims Processing, EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. , and other unique e-Commerce services delivered via the Internet, to physicians, hospitals, insurance companies, and others in the healthcare sector. IntraMedX also operates HCSIN, an Internet-based healthcare network that connects physicians, healthcare professionals, hospitals, payors, and other healthcare entities to a virtual world of healthcare, fitness, and medical information, services, and tools. HCSIN has been operating since 1996 and currently services more than 50,000 healthcare providers. Recently, CitX and its strategic partner Alternative Link of Las Cruces, New Mexico Las Cruces is a city in Doña Ana County, New Mexico, United States. As of the 2000 census, the city had a total population of 74,267. The population was 86,268 as of the 2006 census estimate, making it the second largest city in the state. , announced its plans to launch an integrated e-Commerce enabled Internet-based Practice Management system for Alternative Medicine practitioners. In addition, the partners are launching a unique Vertical healthcare Portal to become the information and services gateway for practitioners and consumers interested in Alternative Medicine. The launch of this Portal was delayed to enable CitX to spin-off IntraMedX and better position additional strategic partners and content alliances. The Portal and Practice Management system is scheduled to go live during July and August of this year. About CitX CitX Corporation is a privately held, leading high-tech company that develops and markets integrated Web-EDI and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. enabled, B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business (Business-to-Business) and C2B C2B Consumer to Business (consumers naming their price for various products or services) C2B Command and Control Battlelab C2B Consulting to Business C2B Commerce to Business C2B Customer to Business C2B Client to Business (Consumer-to-Business) e-Commerce and e-Business solutions, Community-Centric Vertical Portals, and Network-Centric Web-hosted Applications. CitX provides its products and services via the Internet, VPN's, and corporate Intranets, through a unique subscription-based e-Business Platform, resulting in zero-cost-of-ownership, fast implementation, and enterprise-wide scalability. CitX has proven the success and profitability of its subscription-based fee-for-service revenue model for the past 3 years, in supplying robust Internet-based B2B and B2C e-Commerce B2C e-commerce The conducting of commerce by companies, government agencies, and institutions with consumers over the Internet. Amazon.com is typical of a company engaged in B2C e-commerce. services, to small businesses, as well as multi-national corporations. Specific focus has been placed on providing integrated enterprise wide solutions to the healthcare, insurance, banking, legal, and retail-trade sectors. Services include, Internet-based Electronic Payment Collection/Disbursement Services, Integrated Bill Presentment Services, Electronic Messaging, Automated Procurement/Order Fulfillment Platforms, Middleware Enterprise Crosswalks, Secure International Transaction Processing Services, Web-based B2B Platform Monitoring Services, EC-Enabled Vertical Auction Platforms, Vertical B2B Portal Platforms, and Web-based Business-Centric Software Application Platforms. CitX has developed a unique, Web-enabled integrated B2B e-Commerce platform called Intrapay, to collect and disburse dis·burse tr.v. dis·bursed, dis·burs·ing, dis·burs·es To pay out, as from a fund; expend. See Synonyms at spend. [Obsolete French desbourser, from Old French desborser payments via the Internet. The Intrapay platform is comprised of various service modules, which clients may subscribe to, enabling cost-effective, enterprise-wide, EDI and Y2K compliant e-Commerce functionality, and direct interface between a client's current legacy system and the Priority One Bill Collect service. CitX has also released IntraEUROX, to enable international use of the Intrapay system for enterprise-wide e-Commerce transaction processing by multi-national corporations. CitX's management team has more than 8 years experience in providing Web-Hosted software applications, Electronic Commerce solutions, and Community-Centric Portals. Most noteworthy, is a unique e-Commerce enabled Vertical Portal, featuring an integrated Network-Centric software application designed for use by Medical Societies, Hospitals, Physicians, and others in the Healthcare sector. CitX has formed strategic relationships with Redix, NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers Corp., Priority One ECC (1) (Error-Correcting Code) A type of memory that corrects errors on the fly. See ECC memory. (2) (Elliptic Curve Cryptography) A public key cryptography method that provides fast decryption and digital signature processing. , Bell Atlantic, Alternative Link, Zonics, and others to effectively deploy secure Internet-based, Business-to-Business Electronic Commerce, Community-Centric Portals, and Web-hosted software applications, for small businesses as well as the corporate enterprise. Primary markets serviced are B2B, Healthcare, Insurance, Banking, Legal, Retail, Organizations, and the Government. For more information, contact CitX Corporation at 215/538-3535, by email at bernie@citx.net, or visit the CitX Web Site at http://www.citx.net. |
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