BELLEVUE, WAOctober 30, 2000 BidCrawler.com, an online B2B e-marketplace aggregator, is repositioning itself as a B2B e-commerce software and services provider. As the first step in this transition, BidCrawler.com has entered into a Letter of Intent to acquire the e-commerce assets of Enterprise Automation Technologies Canada Limited (EATC), a privately held, Alberta-based software development and consulting firm. Effective today, EATCs CEO, James Coke will become the Chief Technology Officer (CTO) at BidCrawler.com.
Under the terms of the acquisition, EATC will receive 1,200,000 common shares in BidCrawler.com, 1 million share purchase warrants in BidCrawler.com to acquire one additional common share exercisable at $0.30 per share, and US$100,000 to be paid out of future financings.
To coincide with todays announcement, BidCrawler.com has announced a non-brokered private placement of 2,000,000 units at a price of $0.25 per unit. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to acquire one additional common share of the Company at the minimum acceptable price in accordance with the Canadian Venture Exchange policies for a term of one year.
New BidCrawler.com CTO, James Coke, brings over 15 years of experience managing the development of enterprise software and implementing electronic data interchange (EDI) systems in both the public and private sectors. From 1989 to 1997 he served as CEO of software developer Medipay, Inc., and prior to that as a consultant for Management Technology Associates, both of Portland, Oregon. He brings extensive experience with the development of enterprise software and implementation of electronic data interchange (EDI).
The acquisition blends BidCrawler.coms foundation in aggregation services with EATCs expertise in peer-to-peer e-commerce and XML-based technologies. By joining forces, we will be able to deliver innovative applications and services more quickly and efficiently to make buying and selling online more widely available to the business Internet user," said Greg Stone.
BidCrawler.coms acquisition of EATCs assets includes all the intellectual property associated with its Electronic Commerce Division, all related vendor and customer relationships, and the source code for the software Trade Central. "We have been evolving a comprehensive vision with BidCrawler for several months now, and are actively working to combine our assets, said James Coke.
