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AcuBid.com Inc. Announces That PT. Jaring Data Interaktif EngagesBank of America as Investment Banki

Writer :AcuBid.com Inc / JDI
Publisher :Dow Jones News Wire
Updated :24.03.2000 00:00

Dow Jones News Wire
click here for : Acubid press release March 23, 2000

CARLSBAD, Calif., March 23 /PRNewswire/ -- AcuBid.com Inc. (OTC Bulletin Board: EBID - news) of Carlsbad California, and PT. Jaring Data Interaktif (JDI) of Indonesia are pleased to announce that JDI has retained the services of Bank of America to provide investment banking services and to initially structure and place a private offering in the amount of $20 million U.S. dollars. Terms of the placement will be announced shortly.

The proceeds from the offering will be used to expand the services of JDI into the entire South East Asia region and to develop e-commerce business as well. It is intended that expansion will occur though acquisition as well as internal development.

Mr. Sanjay Chowdhry of Bank of America states that ``We are looking forward to working with AcuBid and JDI and helping to make JDI a major integrated ISP media e-commerce portal in South East Asia.''

In addition, Dicky Iskandar di Nata, President of JDI, stated that this engagement of Bank of America clearly shows that the world's major financial institutions and individual investors are looking at Indonesia and the region as a very important economic area, and that technology will ultimately play a major role in its development.

AcuBid, as previously announced, is purchasing 90% of JDI's stock in exchange for 44 million shares of its Common Stock. This transaction is subject to regulatory and shareholder approval. Upon completion of the transaction, AcuBid plans to change its name to Asia Web Holdings.com.

Note: Certain statements in this press release constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the combined companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Reference is made to the Company's Annual Reports on Form 10-K for the 1998-year and subsequent reports filed with the Securities and Exchange Commission for additional information concerning such risks and uncertainties.

SOURCE: AcuBid.com Inc.

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