LOS ANGELES--(BUSINESS WIRE)--Feb. 24, 2000--Vertical Computer Systems, Inc. (OTC:VCSY) announced today that it now owns 100% of Externet World, Inc., and as a result, owns a 25.2% interest in French shopping portal provider Externet World Sarl, a French Corporation.
Externet World Sarl's primary French shopping portal is Chrono-shop.com located at http://www.chrono-shop.com and is also available from Shopping Internet.Fr located at http://www.shoppinginternet.com. Externet World Sarl currently employees 65 people in France, and had approximately US $2,000,000 in unaudited revenues for the period ending December 31, 1999. Richard Wade, president, stated: "Developing a relationship with an established shopping portal in France is a major accomplishment for Vertical Computer Systems and will aid the Company in bringing its own French portal into the marketplace in the near future. France is currently one of the most difficult regions in the world to establish an Internet presence due to the country's laws and specific selling restrictions. We felt it necessary to enter now before other portals attempt penetration and felt Externet World Sarl was the proper vehicle due to their large Internet staff and established French presence."
Vertical Computer Systems, Inc. is a multi-lingual portal provider, and e-commerce solutions company, based in the United States. The Company provides a full range of Internet services that include building e-commerce solutions nationally and internationally, distributing content via its multi- lingual portal network (http://www.TheChinaBridge.com); and Internet services (http://www.thepostmaster.net). Through its majority-owned subsidiary, Externet World, Inc., the Company provides online shopping services (http://www.ShoppingInternet.com) and proprietary online gaming software (http://www.ccpsoftware.com). Vertical Computer Systems is committed to building e-commerce communities on the Internet in the Americas, Europe, Asia and Pacific Rim.
Forward-looking statements in this release are made pursuant to the Safe Harbor provision of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation.
SOURCE: Vertical Computer Systems, Inc.