ComTech Signs Letter of Intent to Acquire Patent Pending Real Time Upload Technology and MusicStack.com.Business Editors/High-Tech Writers HOUSTON--(BUSINESS WIRE)--June 20, 2000 ComTech Consolidation Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCGI CCGI Coventree Consulting Group International ) today is pleased to announce that the company has signed a letter of intent to acquire a Patent Pending Upload Technology and MusicStack.com from Senior Web developer Dave Stack. Stack is an expert in database design and back-end Internet programming and brings with him years of experience in Web design and development having developed numerous high-profile Web sites from ground up to final completion. In addition to being the visionary and lead programmer A lead programmer is a software engineer in charge of one or more software projects. Alternative titles include Development Lead, Technical Lead, Senior Software Engineer, Software Design Engineer Lead (SDE Lead), Software Manager at MusicStack.com, Stack played a key role in the development of buyitnow.com as lead developer. While at buyitnow.com Stack helped grow the company from only 5 employees in 1997, to over 200 in 2000. Patent Pending Real-Time Database Upload Technology: With the growing significance of e-commerce there is a need for buyers and sellers alike to upload product to various Web sites, this process is simplified considerably with the use of the invention. The invention allows the customer to upload their entire database in varying formats and eliminates the need to convert database formats before uploading data into a centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. database in real time. Revenues are generated through licensing fees and commissions. www.MusicStack.com: MusicStack was founded in 1997 as a community where people buy and sell each other used music, it has become the largest online store dedicated to used recorded music recorded music n → música grabada and related items. The site currently has over 1,000,000 used music items listed, the entire growth of Music Stack has occurred through organic growth only, the site does not carry the excessive marketing expenses of a typical Internet start-up. MusicStack's business model is very similar in nature to that of Half.com, which recently sold to eBay Inc. for over $300 million. ComTech chairman and chief executive officer Walter D. Davis commented, "We are extremely excited to have this signed agreement with Stack. His extensive experience in Web site design and development will be an invaluable asset to our technology division going forward. We were most impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: by his numerous accomplishments while at buyitnow.com and other high-end e-commerce Web companies." Davis went on to say, "This marks the first significant potential acquisition for our technology division in years, we are committed to building shareholder value and this is our first major step." MusicStack.com founder and Database technology Inventor INVENTOR. One who invents or finds out something. 2. The patent laws of the United States authorize a patent to be issued to the original inventor; if the invention is suggested by another, he is not the inventor within the meaning of those laws; but in that Dave Stack had this to say, "I'm looking forward to working with ComTech and taking the ideas we share to the next level. With my expertise in Web development and ComTech's talented management team, I believe we will be creating a powerful combination that will truly build shareholder value." About ComTech Consolidation Group Inc. ComTech Consolidation Group Inc. is a Houston based holding company whose primary focus is to acquire and develop Internet and Technology related companies. ComTech trades on the Over the Counter Bulletin Board under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CCGI and is a fully reporting company. The company currently owns two Technology related company's, Enhanced Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. and Networks Online both located in Houston and has health care operations in Louisiana and Texas. The companies Web site is www.ccg.net, www.nol.net and ComTech SEC filings can be found at www.freeedgar.com. Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in 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. The company intends that such statements about the company's future expectations including future revenues and earnings, and all other forward looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Since these statements (future operational results and sales) involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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