DENVER, CO--(Marketwire - October 23, 2009) - Worldwide Strategies, Inc. (
OTCBB:
WWSG) and
NewMarket Technology, Inc. (
PINKSHEETS:
NWMT) released a joint, on-demand
Webcast yesterday to present a detailed overview and status update on a
previously announced agreement to merge NewMarket's operations
headquartered in Brazil with Worldwide. Today, Worldwide released a letter
to shareholders from James Samuels, CEO of Worldwide, to further discuss
the agreement.
This week, James Samuels and Philip Verges, CEO of NewMarket, met in Dallas
with legal and accounting teams to finalize terms for the definitive
agreement expected to be executed by the end of the year. The Webcast
presentation includes the bigger picture objective to combine additional
NewMarket operations into Worldwide following a successful listing of
Worldwide on a national exchange. In the Webcast introduced by former
Dallas Federal Reserve Chairman and Retired Major General Hugh G. Robinson,
the Worldwide and NewMarket CEOs outline a plan to build a
national-exchange listed company with $1 billion in revenue and a share
price aligned with fundamental financial performance. A link to the Webcast
is available on both the NewMarket corporate website homepage and investor
relations page at
www.newmarkettechnology.com titled 'NewMarket --
Worldwide Strategies Webcast.'
Mr. Samuels' letter to shareholders is included in its entirety below.
Dear Fellow Shareholders
I am just finished with my week in Dallas working on the merger agreement
with NewMarket Technology, Inc. I am pleased and enthusiastic about our
progress. I encourage you to listen to the webcast that Philip Verges, the
CEO of NewMarket, and I conducted together. It is available on the
homepage of the NewMarket corporate website at
www.newmarkettechnology.com.
This letter here is to supplement our status communication on the merger
and to alternatively provide information to anyone that might not be able
to access the webcast.
I am confident that the terms we discussed in our meetings are the right
steps for achieving a national exchange listing that can align the
underappreciated fundamental financial value of NewMarket's operations with
an improved share price and build a foundation for accessing the strategic
capital to empower accelerated growth. The terms we agreed to outline a
public company with an uncomplicated capital structure and a manageable
balance sheet. I believe a straight forward capital structure and
financial statement will optimally situate a post merger Worldwide for a
national exchange listing application process. The operations to be
combined into Worldwide are sustainable and do not need capital to survive.
Under the terms agreed to by the respective management teams we do not have
any pressing debt obligations. With no need for capital to sustain
operations and no debt obligations that exceed the operations capacity to
service, there is no need to issue new stock. With the magnitude of the
existing operation to be combined into Worldwide that is free from an
immediate need for additional capital and, in combination with the business
plan potential for growth in 2010 and beyond, we can reasonably achieve the
minimum share price requirement to qualify for a national exchange listing.
In my experience, the resources available to achieve the stated objective
are adequate for the task at hand and in fact, I have achieved more in the
past with less. I am confident the strategy agreed to in our meetings can
work to deliver the stated objective, and I am confident the meetings this
week have laid the ground work for an execution of our first step together
before the end of this year -- the NewMarket Latin American operation
merger with Worldwide.
Thank you,
James Samuels
CEO
Worldwide Strategies, Inc.
About NewMarket Technology, Inc. (
www.newmarkettechnology.com)
NewMarket is a reporting company with audited financial reports filed with
the SEC. NewMarket provides systems integration, technology infrastructure
services and emerging technology worldwide. NewMarket has a focus on
providing technology and support services to rapidly growing economies
where technology purchasing is on the rise. In addition to its base of
operations in North America, NewMarket has operations today in the growing
economies of China, Southeast Asia, Brazil and Northern Latin America. Last
year the Company reported over $40 million in revenue from Asia and over
$20 million in revenue from Latin America. Overall, NewMarket reported over
$95 million in revenue for 2008.
Across the globe, NewMarket is a Microsoft and Oracle partner, distributes
various computer hardware and peripherals from brand partners such as Dell,
HP, IBM, Cisco, Sony, Epson, Canon and Sanyo and is also an authorized
reseller of operating systems and various software from companies such as
Red Hat, Sybase, IBM, BEA, Veritas and others. Additionally, the Company
works with emerging technologies such as mobile computing, various security
and wireless broadband technologies.
NewMarket's rapid growth since 2002 has placed the Company on the Deloitte
Technology Fast 500 for 5 consecutive years. NewMarket was recognized as
the third fastest growing technology company in the United States in 2006
and the number one fastest growing technology company in North Texas for
two years in a row.
About Worldwide Strategies, Inc.
Worldwide Strategies, Inc. is a development tool stage business that has
built a proprietary affinity marketing process and system to provide
clients with outsourced services including multi-language capabilities. The
affinity market business has signed several substantial contracts but has
not established significant revenue.
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995
This press release contains forward-looking statements that involve risks
and uncertainties. The statements in this release are forward-looking
statements that are made pursuant to safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results, events and
performance could vary materially from those contemplated by these
forward-looking statements. These statements involve known and unknown
risks and uncertainties, which may cause the Company's actual results in
future periods to differ materially from results expressed or implied by
forward-looking statements. These risks and uncertainties include, among
other things, product demand and market competition. You should
independently investigate and fully understand all risks before making
investment decisions.
Contact Information: Contact:
Worldwide Strategies, Inc.
303-991-5887
NewMarket Technology, Inc.
Investor Relations
214-733-3065
ir@newmarkettechnology.com