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Exhibit 99.1
PRTI Purchases eCommerce Software Suite
and other Intellectual Property and Assets of IBuyLine
Mountain View, California - November 10, 2000 - Phoenix Resources Technologies,
Inc. (OTCBB: PRTI), (FSE:PHU), today announced the purchase of the eCommerce
system and the related intellectual property including patents and trademarks
from IBuyLine. The acquisition of IBuyLine is another step in management's
ongoing process to execute its core strategy to provide an industry leading
portfolio of XML based, cross-application integration software
Under the terms of the deal, PRTI will transfer 625,000 shares of restricted
common stock in exchange for the various assets from IBuyLine. The deal was
valued at $5,000,000 and is an all stock purchase of the certain assets of
IBuyLine, and includes the granting of a right to use license for the eCommerce
technology back to IBuyLine. The closing of the acquisition is subject to
IBuyLine Shareholder approval and customary closing conditions. PRTI estimates
that the transaction will affect the 4th quarter 2000 fiscal earnings of the
company.
IBuyLine's eCommerce technology, which was purchased by PRTI, includes
capabilities and unique features such as, X.509 digital certificates that allow
the sale and distribution of various types of digital asset over the internet,
multiple supply chain integration adapters that work with XML, EDI, FTP or flat
file based systems, and patented Test Drive(R) and virtual installation
technology that permits a user to try software without having the installation
affect any of the user's directories. As part of the deal, PRTI will take over
IBuyLine's fully equipped office located in the Silicon Valley.
"IBuyLine's solution provides for integration with suppliers and partners,
eliminating the manual trading processes by allowing internal applications of
different companies to directly exchange information. ," stated Michael Lamb,
PRTI's Chief Operating Officer. "This application is synergistic to the
company's vision of reducing the complexity of dynamically interchanging and re-
using on-line information. We are driving to deliver on our vision of providing
infrastructure products and services, based on leading edge technologies such as
XML, targeting the high growth, multi-billion dollar B2B market segment."
"We were excited about the prospect of teaming up with PRTI to provide them with
the benefit of our years of development and experience in dealing with online
supply chain issues and eCommerce reselling. We are completely behind the vision
of PRTI's management team," stated Ed Lauing, IBuyLine's President. "The
company's focus on
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enabling information flow between portals, applications, exchanges and processes
is compelling, and I believe the portfolio PRTI is building will be a leader in
the industry."
Phoenix Resources Technologies, Inc. plans on being a leading provider of
Internet infrastructure and XML based e-Business application software for
reducing the complexity of dynamically interchanging and re-using on-line
information.
Contact: Mr. Derek Jones
Investor Relations
Phoenix Resources Technologies, Inc.
Phone: (866) 343-1100
Fax: (775) 628-6017
Certain information included in this press release contains statements that are
forward looking, such as statements related to the future anticipated direction
of the Internet industry, plans for future expansion, various business
development activities, planned capital expenditures, future funding resources,
anticipated sales growth and potential contracts. These forward-looking
statements are subject to a number of known and unknown risks and uncertainties
that could cause actual operations or results to differ materially from those
anticipated.
