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IBNL Elects Chairman, Initiates Stock Buyback

Interactive Buyers Network International Ltd. in Ventura, CA elected a new chairman and several new board members and announced a stock buyback.

Sam Bradt was elected chairman of IBNL's board of directors, along with new board members Robert ("Jay") McShirley, who continues as CEO and president, Scott Behan, P. Scott Turner, and Robert Schwartz.

Behan is vice president of new business development for AML Communication in Camarillo, CA. Turner, a graduate of the Milwaukee Institute of Engineering, has an extensive background in stereo lithography and parametric technology, the science used for rapid prototyping. Schwartz is a visiting professor of physics at UCLA and a research scientist for the Hughes Research Laboratories.

Of the stock buyback plan, Bradt said, "We have hundreds of stockholders who have less than 100 shares. This plan is designed to help those shareholders and reduce the number of outstanding shares."

IBNL operates Virtual SOURCE network, a proprietary software system designed to enhance business-to-business electronic commerce. Buyers use the network to obtain competitive bids in response to RFQs. Sellers use it to enhance sales opportunities and provide product and pricing information to customers.