<PAGE> 1
CT CONTACT: STEVEN B. SOLOMON, CEO
214.521.3443
RIVER LOGIC CONTACT: DOUG PRESLEY, PRESIDENT
978.921.4889 EXT. 5004
PRESS CONTACT: DIAN GRIESEL, PH.D.
INVESTOR RELATIONS GROUP
212.736.2650
CT HOLDINGS ANNOUNCES THE CLOSING OF INETZE TRANSACTION
CT ACQUIRES AND CONTRIBUTES THE ESRN NETWORK, THE LEADING DECISION SUPPORT
NETWORK FOR K-12, FROM EBSCO INDUSTRIES. COMBINED BUSINESS TO BE CALLED RIVER
LOGIC, INC.
DALLAS, TX, May 9, 2000 - CT Holdings, Inc. (NASDAQ: CITN), a business to
business (B2B) incubator, today announced that it has closed an investment in
River Logic pursuant to which it acquired approximately 21% of the shares of
River Logic. The company retains an option to acquire additional shares of River
Logic in the future. In connection with the transaction, CT acquired the EBSCO
School Resource Network (ESRN) (www.esrn.com) from EBSCO Industries and
contributed the Network to River Logic. As a result, River Logic now owns and
operates one of the largest educational networks catering to K-12. The Network
provides the most comprehensive set of proprietary decision support tools and
content available for K-12 over the Internet today. This Network is designed to
support school administrators, teachers, students and parents by providing them
with a comprehensive set of tools and resources targeting their specific needs.
This Network is comprised of learning applications that integrate EBSCO
Industries' exhaustive database of content relating to K-12. The Network also
enables online curriculum management. To better reflect its new direction,
iNetze changed its name to River Logic.
River Logic, headquartered in Beverly, Massachusetts, creates and operates
integrated decision support networks for industries such as K-12 Education,
Utilities, Forest Products, Healthcare and others. These networks are designed
to leverage the flow and processing of knowledge and information to provide a
decisive competitive advantage. River Logic has several industry-specific
networks in development. Additionally, River Logic develops and licenses its
technologies to key industry partners.
"We are very excited about finalizing our initial investment in River Logic,
Inc. We believe that River Logic's focus on providing companies with the ability
to more fully leverage knowledge, information and expertise for their
competitive advantage through their proprietary technology, is ideally suited
for today's New Economy," said Steven B. Solomon, CEO of CT Holdings. Solomon
added, "this investment expands the company's blueprint into one of the fastest
growing segments of the market today, Internet infrastructure."
"We are fortunate to have CT Holdings as a major investor in River Logic. We
believe that by combining our technology and expertise with CT Holdings'
resources, we will be able to exploit our combined strengths and deliver great
value to our customers and partners," said Doug Presley, President of River
Logic, Inc. Presley added, "we believe our technology is poised to reshape the
way decisions are made in businesses today."
<PAGE> 2
About CT Holdings
CT Holdings is an incubator for early stage B2B companies (www.ct-holdings.com).
CT Holdings' Internet subsidiary How2.com (www.how2.com ) provides online,
outsourced post-purchase customer care solutions.
About River Logic
River Logic (www.riverlogic.com), headquartered in Beverly, Massachusetts,
creates and operates integrated networks of decision support tools, eLearning
solutions, and eCommerce capabilities that revolutionize the manner in which
decision-makers leverage knowledge and information to gain decisive competitive
advantage. By providing the knowledge databases needed to leverage it's
proprietary, web-enabled, industry standard decision support tools (COR
Vantage(TM), River Logic, offers one of the world's most comprehensive and
technologically advanced value-added decision support networks.
Forward-Looking Statements: This news release contains forward-looking
statements, which involve risks and uncertainties. Accordingly, no assurance can
be given that the actual events and results will not be materially different
than the anticipated results described in the forward-looking statement. There
are a number of important factors that could cause actual results to differ
materially from those expressed in any forward-looking statements. These factors
include uncertainties related to the closing of the proposed acquisition and
integration of the business and operations of acquired companies; availability
of suitable incubator companies; and the availability of capital on terms
acceptable to the Company. Investors are also directed to consider other risks
and uncertainties discussed in documents with the Securities and Exchange
Commission.
CT Holdings undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
