IAT Resources Corporation Signs Definitive Agreement to Merge with Infolocity, Inc.

LOS ANGELES--(BUSINESS WIRE)--Sept. 23, 1999--

IAT Resources Corporation (NASDAQ:IATR) today announced that it has signed a definitive agreement to merge with privately held Infolocity, Inc., IATR's first significant Internet transaction.

Upon consummation of the merger, Infolocity will be a wholly owned subsidiary of IATR. Infolocity's shareholders will receive approximately 7.25 million shares of common stock of IATR, valued at $14 million. Following review and acceptance by the SEC, the proxy statement outlining the specific terms and conditions of the transaction will be sent to IATR's stockholders for their review and approval. The approval of IATR's and Infolocity's stockholders and the satisfaction of all the other standard conditions to closing is currently anticipated to take approximately six weeks.

Irwin Meyer, CEO of IAT Resources, stated, "It is very exciting to become associated with a group which so clearly understands the profound impact that the Internet will inevitably play in every imaginable industry sector. As we proceed with aggressive expansion of InvestorFacts, Infolocity's premier business-to-business Internet tracking service, we also look forward to sharing details on new and exciting Internet-based services that we currently have in development and are simply awaiting timely introduction to the market. As such, we are confident that this marriage will result in generating some industry-shaping dynamics that could have positive impact on IAT Resources' future financial performance."

Upon successful completion of the merger, Infolocity's current President Victor Holtorf will become Executive Vice President and Chief Operating Officer of IATR and James J. Cerna, Jr., CEO of Infolocity, will be named Executive Vice President, Strategic Planning. Both Holtorf and Cerna will be also appointed to the Company's Board of Directors.

Holtorf is an entrepreneur with an outstanding record of developing new business ventures in various industries, including commercial real estate, retail sales and high technology. Perhaps most notably is his tenure with Oracle Corporation where he initially created and headed the Oracle Real Estate Corporation, its commercial real estate development subsidiary, and where he later rose to the position of Vice President and Chief Financial Officer. Holtorf obtained two Master's Degrees from M.I.T. where he studied Business at the Sloan School of Management and Construction Management at the School of Civil Engineering.

Prior to founding Infolocity, Cerna served as the manager of GT Global/AIM Funds Performance and Risk Analysis Group in San Francisco. Prior to GT, Cerna was an international equity analyst with Bailard, Biehl and Kaiser in San Mateo, California. He has received five certificates of achievement from the Institute of Chartered Financial Analysts, and is honored by Strathmore's Who's Who for leadership and achievement in the securities industry.

Carlos Gonzalez, Infolocity's Chief Technical Officer, will bring to IATR a wealth of experience in research and development of Internet protocols, software development and mechanical engineering. Prior to joining Infolocity, where he has been instrumental in the development of the company's FIRST platform, Gonzalez served as a systems administrator at Lockheed-Martin Missiles & Space, where he focused his talent on a variety of satellite projects. Gonzalez has also successfully developed software in C++ and currently has two shareware products in beta testing. He earned a Bachelor of Science degree in Mechanical Engineering and a Master of Science degree in Aeronautics and Astronautics from Stanford University. As a result of Gonzalez's position with Infolocity, Dr. Barry Sandrew, Executive Vice President/CTO of IATR has resigned effective Sept. 30, 1999.

About IAT Resources, Inc.

Upon shareholder approval and satisfaction of the other conditions to closing, IAT Resources Corporation will merge with privately held Infolocity Inc., a Silicon Valley-based Internet company engaged in the operation of InvestorFacts, a unique business-to-business Internet service using Infolocity's proprietary search engine FIRST (Fast Internet Real-Time Search Technology). The Company is also engaged in the development of other Internet services dedicated to serving consumers and businesses on a global basis.

This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the satisfaction of all conditions to closing the transaction with Infolocity, general economic conditions and other risks that are discussed in the Company's filings with the Securities and Exchange Commission (including the Company's Annual Report on Form 10-KSB). The Company undertakes no obligation to publicly update or revise the forward-looking statements whether as a result of new information, future events or otherwise.