CyberAmerica Corp. sells Internet virtual mall for $11.5 million.SALT LAKE CITY--(BUSINESS WIRE)--July 11, 1996--CyberAmerica Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CYAA)(BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). :CYA CYA Cover your ass. See Defensive medicine. ), has entered into an agreement to sell CyberFootball Inc., a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , to BRIA Communications Corp., a New Jersey corporation (OTC BB:BRIAA). CyberFootball Inc. was originally formed by CyberMalls Inc., 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 CyberAmerica Corp. CyberAmerica will provide various consulting services for BRIA Communications Corp., and also provide an Internet mall through which CyberAmerica will seek to obtain the right to market and promote products and services related to football on the World Wide Web portion of the Internet. Under the terms of the agreement, CyberAmerica will sell CyberFootball Inc. to BRIA for $11.5 million. The sale price is to be paid to CyberAmerica through CyberFootball's execution of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payable to CyberAmerica over a three year period. The promissory note can be paid in cash or, at CyberAmerica's discretion, in 19.9 percent of CyberFootball's common stock. This arrangement is contingent upon CyberFootball meeting certain benchmark requirements as stipulated in the sales agreement. CyberFootball has the opportunity to create virtual shops for placement in its mall, relying on mall design and creation help from CyberMalls' experts if they desire. Products and services customers might find in the CyberFootball virtual mall could include football-related souvenirs, ticket sales, team statistics and schedules, clothing and much more. Because of its association with CyberMalls, customers will have access to CyberFootball's shops through WebSafari(TM), a new Internet search engine developed by CyberMalls. Customers will also benefit by being able to purchase products in different CyberFootball shops, as well as other CyberMalls-associated virtual malls, and pay for all their selections with a single, highly secure transaction. CyberAmerica, through CyberMalls, develops Internet virtual malls for all types of entities, and maintains a comprehensive marketing program aimed at advertising and selling goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. on the Internet. CyberAmerica is a diversified public company specializing in the development of cyber products, financial consulting and real estate investments. CONTACT: CyberMalls Inc. 800/745-6467 E-mail: mall@cybermalls.net |
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