DENVER, Jan 7, 2000 /PRNewswire via COMTEX/ -- Vertical Computer Systems, Inc. (OTC Bulletin Board: VCSY) announced on November 11, 1999 that it had acquired Externet World, Inc. ("Externet"). VCSY has issued 21,176,471 shares of its common stock under the acquisition terms and now owns sixty-five percent (65%) of Externet, making Externet a wholly-owned subsidiary of VCSY. Thirty five percent (35%) of Externet will be held by one minority shareholder. Externet is a Global E-Corporation Solutions company comprised of four segments -- Internet services (including web hosting, custom website development and design), turnkey software design, development of proprietary software for the online casino industry and development of international e-commerce solutions such as ShoppingInternet.com (www.shoppinginternet.com).
With the acquisition of Externet, Mr. Richard Wade was appointed President of VCSY, Inc.
"By acquiring a simple majority interest in Externet, we have given VCSY access to Externet's valuable human resources to help develop the new business direction of the Company" stated Richard Wade.
About Vertical Computer Systems, Inc. VCSY, Inc. is a multi-lingual portal provider, and e-commerce solutions company, based in the United States. VCSY provides a full range of Internet services that: build e-commerce solutions nationally and internationally (www.ExternetWorld.com) distribute content via its multi-lingual portal networks (www.ShoppingInternet.com) and provide proprietary online gaming software (www.WelcomeCasino.com). VCSY is committed to building communities allowing the development of the Internet in the Americas, Europe, Asia and Pacific Rim.
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform 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 to buy or sell the securities.
SOURCE: Vertical Computer Systems, Inc.