IBUI Announces Next
Phase of Restructuring; Company
Focused on Expanding Wireless and Lending Businesses
LAS VEGAS,
April 2, 2002 - Internet Business International Inc. (OTCBB:IBUI), the
Internet communications, commerce and financial services company, today
announced the next phase of the company's restructuring process.
IBUI plans to
focus on building up its wireless and lending businesses and selling off its
e-commerce properties. The company is close to divesting the e-commerce sites it
owns to an unspecified seller.
IBUI has also
been in the process of negotiating new sources of funding for the capital to
expand IBUI's wireless broadband communications network into more
high-opportunity demographic markets and build up the company's online lending
division.
"We have
made the decision to focus on expanding our wireless and online lending
businesses and sell our e-commerce properties in order that we may apply our
resources where we will produce the most benefit for our shareholders,"
stated Al Reda, IBUI's CEO.
"Our
e-commerce properties hold significant potential but we want to bring all our
efforts to bear on areas where we have established the most traction to date. We
are also talking with several lenders regarding raising capital above and beyond
what we might gain from the sale of our e-commerce properties to further expand
our wireless and online lending businesses. We will update the financial
community on an ongoing basis regarding the sale and funding as we
progress."
Additional
Updates
In addition, IBUI received notice that Judge Jed S.
Rakoff had approved the transfer of a pending case filed by IBUI against Ronald
Friedman to a change of venue from New York District Court to the Central
District of California, Southern Division.
IBUI has also
indicated that there has been a delay in its application to list its shares on
the German Stock Exchange in Frankfurt. IBUI intends to fulfill listing
requirements as soon as possible and resubmit its application.
About
IBUI
Internet Business International (www.ibui.net)
conducts business over the Internet through two operating divisions: 2xAccess
(wireless high-speed Internet and data communications for business and
consumers, dial-up access, Web design and hosting services) and Lending On Line
(real estate loans and equipment leasing). IBUI has six U.S. and one European
office and more than 40 employees worldwide. For additional information, contact IBUI Investor
Relations toll-free: 866/441-8901 or via e-mail: info@ibui.net.