VENTURA, Calif., Dec. 3 /PRNewswire/ -- Interactive Buyers Network International, Ltd. (OTC Bulletin Board: IBNL) announced today that certain principal shareholders have agreed to surrender one million shares of the Company's common stock back to the Company. The stock is being surrendered on a voluntary basis, and those shareholders will not receive any compensation as a result. The shares will be retired and returned to authorized but unissued shares, available for re-issue at a future date.
Mr. Robert ("Jay") McShirley, President of IBNL, stated, "This reduces the number of shares outstanding by 8.5%, and provides us with the opportunity to re-issue these shares to raise capital. Ideally, we would like to find a corporate investor who can also strategically add to the Company's human and operational resources, setting the stage for a more rapid roll-out of the Virtual SOURCE(TM) network."
IBNL also reported a net loss for the nine months ended October 31, 1997 of $0.06 per share, on approximately 11,500,000 shares outstanding (fully diluted, but before the 1,000,000 share reduction). The net loss for the year ended January 31, 1997 was $0.23 per share on approximately 4,200,000 shares outstanding (fully diluted).
Commenting on the financial results, Mr. McShirley said, "Our losses this fiscal year are running significantly less than in the last fiscal year, and each month the results keep getting better. At the same time revenues are increasing, we have been taking steps to decrease our expenses, such as relocating our offices to Ventura, CA, which we expect will reduce monthly operating expenses by 20%. Based on current trends, we fully expect to be profitable on a monthly basis by the second quarter of 1998."
In other news, the Company announced that Georgia-Pacific has subscribed to Virtual SOURCE(TM) after taking part in the INSTANT ACCESS program provided by Virtual SOURCE(TM) as a courtesy that keeps suppliers in the information loop during the initiation phase when one of one of their customers come on- line as a buyer. Georgia-Pacific is the seventh major lumber supplier to subscribe to Virtual SOURCE(TM) in the last 45 days.
IBNL, with its Virtual SOURCE(TM) network, is now working on a pilot project with a major worldwide corporation. This project would introduce features enabling the client's purchasing department to locate at least three high-quality sources for any product or service requested, a current Virtual SOURCE(TM) feature, but then allow the buyer to issue a paperless purchase order and pay on-line with a credit card. These new features are designed to reduce paperwork in the accounting department and free the buyer to purchase from the supplier offering the best value.
IBNL operates Virtual SOURCE(TM) network, a proprietary software system designed to enhance business-to-business electronic commerce. Buyers use the Virtual SOURCE(TM) network to obtain competitive bids in response to RFQs. Sellers use the Virtual SOURCE(TM) network to enhance sales opportunities and provide product and pricing information to customers. The system can be operated through modem or Internet access. Users of the system pay a nominal yearly subscription fee. Current subscribers include industry leaders such as Warner Brothers, B.F. Goodrich, Xircom, Time Warner's WEA Manufacturing, Stone Container, Great Western Malting (division of ConAgra), Monogram Aerospace Fasteners and Earle M. Jorgensen Company.
SOURCE Interactive Buyers Network International, Ltd.
-0- 12/03/97
/CONTACT: Samuel Bradt, CFO of Interactive Buyers Network International, Ltd., Milwaukee Office, 414-966-7691, or Ventura office, 805-677-6720; or Michael Manahan, Partner in Coffin Communications Group, 818-789-0100/
(IBNL)
CO: Interactive Buyers Network International, Ltd. ST: California IN: CPR MLM REA SU: ERN JVN
JE-SF -- LAW018 -- 5831 12/03/97 09:30 EST http://www.prnewswire.com
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