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Exhibit 99.1
CONTACT:
Mary McCarty, WWWX Corp.
Investor Relations
(212) 632-0103
WORLDWIDE WEB NETWORX RESTRUCTURES
INVESTMENT IN NAI DIRECT, INC.
WORLDWIDE WEB NETWORX RELEASED FROM $2.7 MILLION FUNDING
OBLIGATION,
PROVIDING GREATER FLEXIBILITY FOR FUTURE INVESTMENTS
MOUNT LAUREL, NJ - OCTOBER 2, 2000 -- WorldWide Web NetworX Corporation (OTCBB:
WWWX) today announced that it has restructured its relationships with NAI
Direct, Inc. and New America Network, Inc. As a result of the re-structuring,
the Company has been released from its obligation to provide an additional $2.7
million of further funding to NAI Direct.
Prior to the re-structuring, WorldWide Web NetworX owned a 64 percent
indirect interest in NAI Direct. The Company has exchanged its ownership
interest in NAI Direct for a four percent equity interest in New America
Network, which, as a result of the transaction, now owns a controlling interest
in NAI Direct.
Carol C. Knauff, Chairman, President, and Chief Executive Officer of
WorldWide Web NetworX, said, "The restructuring of our investment will provide
us with greater financial flexibility and enable us to earmark funds for future
investments and other Company growth initiatives. Combined with the recently
announced closing of a $3.6 million loan, we have significantly enhanced our
financial position so that we can continue to pursue opportunities in the
marketplace."
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WorldWide Web NetworX creates and develops Internet-based
business-to-business companies. Each WWWX Internet company is designed to be a
partnership with a B2B market leader to leverage their traditional offline
business, clients and expertise to create a B2B Internet company using WWWX's
e-commerce platform. For more information, visit HTTP://WWW.GOWWWX.COM.
NAI is a global network of more than 3,000 commercial real estate
service providers with more than 230 offices in the United States, Canada, Latin
America, Europe and Asia Pacific. NAI provides international real estate
services from multi-market transactions to major portfolio management. NAI's
services include extensive demographic analysis, site searches, subleasing,
tenant representation, financial arrangements for major expansion programs,
multi-site acquisitions, dispositions and market intelligence.
NAIDirect.com is the single online source for fully integrated online
commercial real estate services. NAIDirect.com is the e-commerce arm of NAI, a
leading international commercial property brokerage. For more information, visit
HTTP://WWW.NAIDIRECT.COM or call 609-448-4700.
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FORWARD-LOOKING STATEMENTS
Statements contained in this press release, which are not historical facts, are
forward-looking statements. Such forward-looking statements are necessary
estimates regarding the best judgement of the party making such statements based
upon current information and involve a number of risks and uncertainties.
Forward-looking statements contained in this press release or in other public
statements of the parties should be considered in light of those factors. There
can be no assurances that such factors or other factors will affect the accuracy
of such forward-looking statements.
