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.

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