EBUX, Inc. Announces Definitive Agreement With Gnotella's Licensee.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 23, 2001 EBUX, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EBXX), a Florida corporation, announced today that it has entered into a definitive agreement with 3838421 Canada Inc. whereby EBUX, Inc. acquired the exclusive license for the software known as "Gnotella". Steps will now be taken to replace EBUX, Inc.'s board of directors with nominees of 3838421 Canada Inc. "Gnotella" is a distributed real time search and file sharing Copying files from one computer to another. See peer-to-peer network, file sharing protocol and file and printer sharing. client that is employed by users wishing to search for and share digital content via GnutellaNet and other proprietary and non-proprietary peering services. Due to overwhelming demand for the software, it is no longer available at http://gnotella.nerdherd.net but can instead be obtained at http://www.gnotella.com and at http://www.gnotelladownload.com. In consideration for the sale of the said license, EBUX, Inc. shall pay 3838421 Canada Inc. U.S. $1,000,000. EBUX, Inc. shall also pay 3838421 Canada Inc. 20% of revenues generated by the commercialization of the software, and other consideration including 10% of subsequent financings. The agreement also calls for the issuance of warrants to purchase 20 million voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. of EBUX, Inc. at an exercise price of $1.625. EBUX, Inc. will be modifying its business model to focus on peer-to-peer computing See grid computing. , and will change its name and 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 appropriately. Included in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors. |
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