CyberAmerica Corp. sells third Internet virtual mall.SALT LAKE CITY--(BUSINESS WIRE)--June 24, 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. ), through its 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. CyberMall Inc., has entered into an agreement to sell the new virtual mall, Traveler's Outpost, to TravelNet International Corp., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. . Traveler's Outpost will be located on the information superhighway, and will be constructed and developed by CyberMall. Pedro Camejo is president of TravelNet International, which is located in Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla., and offers a full range of travel services. Another wholly owned subsidiary of CyberAmerica, Canton Financial Services Corp., will provide various consulting services for TravelNet International, including the incorporation of Traveler's Outpost. CyberMall will then seek to obtain the right to market and promote products and services relating to the travel business. This is the third virtual mall that CyberMall has sold. Under the terms of the agreement, CyberMall has agreed to sell Traveler's Outpost, to TravelNet International for up to $550,000 cash and 19.9 percent of Traveler's Outpost stock. CyberMall will also receive 3 percent of the gross profits of Traveler's Outpost, and 15 percent of retailers' payments to Traveler's Outpost for any shop CyberMall acquires for placement in the mall. In addition to CyberMall's development of virtual malls for all types of entities, it also develops, implements, and maintains comprehensive marketing programs to promote and advertise 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. Through CyberAmerica's subsidiary CyberMall Inc., Traveler's Outpost will be able to create web pages, logos, all graphics, any and all related text, corporate profiles, press releases, maintenance, service, and much more. As a CyberMall member, Traveler's Outpost will have full access to CyberMall's revolutionary new search engine, WebSafari(TM), which is projected to enter the Alpha testing phase shortly. The marketing and sale of airline tickets, cruise tickets, hotel accommodations, travel services, schedules, and travel related products are just a few of the many opportunities available. The Traveler's Outpost virtual mall is projected to have the ability to accept virtually any type of payment, including credit card and electronic funds transfers See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. . CyberAmerica is a diversified public company specializing in the development of cyber products, financial consulting and real estate investments. CONTACT: CyberMall Inc., Salt Lake City Nathan Tibbetts, 800/745-6467 or CyberAmerica Corp., Salt Lake City Richard Surber, 800/745-6467 or E-mail: canton@cybermalls.net or TravelNet International Inc. Pedro Camejo, 800/682-4318 |
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