Updated: 28.03.2000 00:00
CARLSBAD, Calif.–(BUSINESS WIRE)–March 27, 2000–AcuBid.com Inc. (OTCBB:EBID) of
Carlsbad, Calif. is pleased to announce that the Indonesia Foreign Investment Board has approved PT. Jaring Data Interaktif (JDI) to operate under the Foreign Investment Law of Indonesia. This approval, required by Indonesian law, allows foreign investment in JDI, and was one of the steps necessary in the purchase by AcuBid.com of 90 percent of JDI Common Stock.
Dicky Iskandar di Dinata, president and chief executive officer of JDI, stated that “This is a major step forward for the new government of Indonesia, demonstrating a clear and convincing commitment to attract foreign investment capital and foreign companies into its telecommunications industry. It also demonstrates awareness of the importance that the Internet will play in the economic recovery ahead.”
AcuBid.com has entered into a formal agreement to acquire 90 percent of the outstanding stock of PT. Jaring Data Interaktif subject to regulatory and stockholder approval. AcuBid.com will, upon completion of the transaction with JDI, change its name to Asia Web Holdings.com, subject to
shareholder approval. JDI is on its way to becoming a leading ISP, broadband Internet access service provider, content provider and e-commerce site for ASEAN, Asia and in particular Indonesia.
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
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.
CONTACT: AcuBid.com Inc.
Michael Schaffer, 760/804-0023