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pennNET Acquires Global Logistics Partners

E-marketplace provider pennNET acquired Global Logistics Partners LLC, an international broker of used and surplus oil and gas and electric power equipment.

pennNET said the acquisition expands its e-commerce offerings for the energy industry through its soon-to-launch Oil & Gas Journal Exchange, an e-commerce and e-media portal for oil, gas and power markets worldwide.

Financial terms were not disclosed.

The Oil & Gas Journal Exchange site will include Oil & Gas Journal Online, a daily news and technology service for the oil industry since 1996.

As part of pennNET's Oil & Gas Journal Exchange, Global Logistics Partners will create e-commerce transactions to link buyers and sellers in remote locations. Through its worldwide network of buyers and sellers, Global Logistics Partners increases liquidity and resale value for used and surplus equipment.

"This acquisition will further help pennNET revolutionize the way professionals in the petroleum and electric power industries do business," said Jim Casella, president and chief executive officer of pennNET.

"The addition of Global Logistics Partners is a major step in our effort to build a complete e-commerce solution for both the petroleum and electric power industries"

pennNET was formed in the spring of 1999 to leverage, in the electronic marketplace, the resources of PennWell Corp., which publishes 46 business-to-business magazines and conducts over 40 major conferences and exhibits worldwide.