Flexxtech Corp. Enters Into Letter of Intent to Acquire B2B Online Auction House Ubid4it.com; Ubid4it.com to Become 100% Owned by Flexxtech.Business Editors LOS ANGELES--(BUSINESS WIRE)--Sept. 8, 2000 Flexxtech Corp. (the "company") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FLXT FLXT Flex Turn ) today announced that it has entered into a Letter of Intent to acquire 100 percent of Ubid4it.com and its parent company, IBA Group IBA Group or International Business Alliance is an alliance of IT companies that perform offshore, near-shore and on-shore projects with more than 2,000 IT and business professionals. Inc. Ubid4it.com will become 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 Flexxtech Holdings Inc. Flexxtech Holdings is a 100 percent-owned subsidiary of Flexxtech Corp. Ubid4it.com is a business-to-business (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 ) online wholesale auction site used by computer and electronics dealers. The acquisition is anticipated to close on Sept. 29, 2000. "We are very pleased and excited about adding Ubid4it.com as one of our subsidiaries. The uniqueness of Ubid4it is that it is the only B2B auction site we have found that is profitable, and this is a major plus. The management of Ubid4it is very effective and experienced in acquiring quality merchandise and getting top dollar on its auctions. With the infusion of additional capital into Ubid4it, sales and earnings should increase exponentially," stated Greg Mardock, president of Flexxtech. Feroz Jadhavji, president of Ubid4it.com, added: "I am very pleased to be getting the recognition our company has earned as a profitable auction site. As a part of Flexxtech, we will be able to build our company to compete with the major B2B auction sites. The resources that Flexx brings, in both capital and depth of management, will enable us to manage and grow our company effectively." About Ubid4it.com Ubid4it.com is an online wholesale auction site used by computer and electronics dealers and corporate customers to buy and sell a wide range of computers, consumer electronics and electronic toys. These business customers visit the Internet auction site, where they browse the company's continuously evolving inventory of products and compete with other buyers by bidding on these products, similar to a live auction. There is also a Quick Buy Program designed for individual consumers. Available items include excess, refurbished, close-out and limited-edition merchandise. About Flexxtech Corp. Flexxtech's investment objective is to build a $1 billion holding company in the next 36 months by investing primarily in emerging growth technology companies and those companies positioned to benefit from the growth of the Internet and the Intranet -- the next major wave of growth. The company's strategy also promotes opportunities for investment in undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. situations and synergistic business relationships among the companies in which it has investments. Flexxtech, through its wholly owned subsidiary, Flexxtech Holdings Inc., currently owns 100 percent of Mardock Inc.; 67 percent of Primavera pri·ma·ve·ra 1 or pri·ma ve·ra n. 1. A tree (Cybistax donnellsmithii) of Mexico and Guatemala, having opposite, palmately compound leaves, yellow flowers, and close-grained, light-colored wood. 2. Corp., the parent company of North Texas Circuit Board Co. Inc.; and large minority ownership in Accesspoint Corp. (OTC BB:ASAP (chat) asap - As soon as possible. ), Ameri-First Financial Services, Inc. (OTC BB:AMFR AMFR Autocrine Motility Factor Receptor ), Easyriders Inc. (AMEX AMEX See: American Stock Exchange :EZR EZR Ezra ), Infinite Networks Inc. (OTC BB:INCZ) and Opitv.com. The primary focus in technology and the Internet will include the internal development and investment in the following categories: -- E-Commerce -- 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. / Internet Portals -- Internet Infrastructure Companies -- Wireless Technologies -- Computer Software -- Computer Networking -- Semiconductor Equipment and Electronic Manufacturers and Services -- Telecommunications Networks / Equipment and Services -- Financial Services -- Data Storage Networks Flexxtech is engaged in the business of developing, operating and investing in emerging growth companies in technology and the Internet. The company's objective is to build long-term capital appreciation for its shareholders. Additional information on Flexxtech can be viewed at its Web site at: www.flexxtech.com. This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies. |
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