Updated: 16.03.2000 00:00
CARLSBAD, Calif., March 15 /PRNewswire/ — AcuBid.com Inc. (AcuBid) (OTC Bulletin Board: EBID) of Carlsbad California, who recently entered into an agreement to acquire 90% of Jaring Data Interaktif (JDI) announces that JDI has entered into a letter of intent with Selim K. Zilkha of Los Angeles, California, whereby Selim K. Zilkha will invest $10 million in AcuBid through the purchase of 5 million shares of AcuBid common stock. The proceeds will be used to expand and develop JDI’s many Internet platforms.
This investment by Selim K. Zilkha is subject to the completion of the purchase by AcuBid of 90% of the outstanding stock of JDI within four months from today’s date. The terms of the AcuBid/JDI purchase were released on March 13, 2000.
Selim K. Zilkha is a prominent investor in the oil and gas industry. He is also an owner of the “Surf Channel” a lifestyle T.V. Cable channel and Internet portal.
AcuBid will, upon completion of the transaction with JDI, change its name to Asia Web Holdings.com, subject to shareholder approval.
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.
CO: AcuBid.com Inc.; Jaring Data Interaktif; Asia Web Holdings.com
IN: MLM OIL
03/15/2000 12:45 EST http://www.prnewswire.com