BidCrawler.com, an online B2B e-marketplace aggregator, today announced the repositioning of the Company as a B2B e-commerce software and services provider.
As the first step in this transition, BidCrawler.com has entered into a Letter of Intent to acquire the e-commerce assets of Enterprise Automation Technologies Canada Limited, a privately held, Alberta-based software development and consulting firm.
Effective today, EATC’s CEO, James Coke will become the chief technology officer at BidCrawler.com. Coke has extensive experience with the development of enterprise software and implementation of electronic data interchange.
We have been evolving a comprehensive vision with BidCrawler for several months now, and are actively working to combine our assets,” says James Coke. “EATC’s core technology will be an integral part of a new generation of Company products that address an emerging market space.”
According to company officials EATC will bring to this union expertise in peer-to-peer e-commerce and emerging XML-based technologies.
“By joining forces, we will be able to deliver innovative applications and services more quickly and efficiently to make buying and selling online more widely available to the business Internet user,” says Greg Stone, president and CEO of BidCrawler.com. “With expertise in electronic sales and procurement software and services, we will be able to radically accelerate our ability to develop and deploy applications that solve real-world business problems, resulting in new revenue streams for the organization in early 2001.”
BidCrawler.com’s acquisition of EATC’s assets includes all the intellectual property associated with its Electronic Commerce Division, all related vendor and customer relationships, and the source code for the software “Trade Central.”
Under the terms of the acquisition, EATC will receive 1,200,000 common shares in BidCrawler.com, 1 million share purchase warrants in BidCrawler.com to acquire one additional common share exercisable at $0.30 per share, and $100,000 to be paid out of future financings.
