LOS ANGELES, Apr 7, 2000 (BUSINESS WIRE) -- Vertical Computer Systems, Inc. (OTCBB:VCSYE,VCSY) announced today that it has entered into a stock purchase agreement to acquire 100% of Globalfare.com, a Nevada corporation.
The closing date is scheduled for April 23,2000 and it is an all-stock transaction. Globalfare.com is a travel and destination vertical portal that offers travel information, products and services on the web.
Richard Wade, Vertical's President, stated, "Globalfare.com is an exciting acquisition for Vertical since it will offer multiple revenue streams and may be easily positioned with our in-country international partners. It is Vertical's intention to launch a Globalfare in each country in the respective language to create the strongest travel information source for each country and then link it to Globalfare.com. This connection will result in strong information and choices for the travelers in each country. The founder of Globalfare.com has extensive travel industry experience and will continue to operate Globalfare.com."
About Globalfare.com (http://www.globalfare.com) was founded as an Internet company engaged in the travel and tourism industry. The Company's current business is conducted through the distribution and sale of travel products, including scheduled and discount airfares, auto rentals, hotels, cruises, tours and special events to business and leisure travelers. Globalfare's wired world strategy is to use the power of the Internet and state-of-the-art technology to provide buyers and sellers of travel products and services with a vast array of features tailored to meet their individual needs. Apart from "GlobalfareCompare", allowing subscribers to easily compare all published and private airfares, one of the company's most important features will be "GlobalFareSearch", an online directory of travel services that will allow millions of users to easily find, evaluate and confirm transportation, lodging and dining worldwide.
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.
SOURCE: Vertical Computer Systems, Inc.