CBQ, INC. Profile
CBQ, Inc. (CBQI)
10923 McCormick Road
Hunt Valley, MD 21031
Exchange: OTC Ticker: CBQI
Industry: Software & Programming
Sector: Technology
Accounting / Auditor: Grant Thornton, LLP
Phone: (410) 568-4000
Transfer Agent: American Securities Transfer, Inc.
Fax: (410) 568-4021
Employees: 40 Sales/Employee (TTM) 202,050
Contracted Investor Relations:
Gary Swancey (770) 389-5645
Stock Structure
Outstanding Shares: 69M Float: 44M
CBQ, Inc. The E-Business Infrastructure Company is an end-to-end provider for implementing customer-driven e-business solutions. Through its subsidiaries, Quantum Technology Group and ChinaSoft provide a full range
of network integration services, software development, web-based solutions and information technology outsourcing resources. For more information on
Quantum Technology Group, visit ttp://www.qnettech.com/ . ChinaSoft,Inc. is a wholly-owned subsidiary of CBQ, Inc. Its services include Software Development for Enterprise computing and Internet development.
COMPANY OVERVIEW
Since CBQ's founding, a key part of our growth strategy has been the formation and acquisition of new enterprises to enhance our e-business offerings and to seize opportunities for worldwide growth. At the end of
1999 CBQ became an e-business pioneer by accessing the technical talent of The People's Republic of China with the acquisition of ChinaSoft, Inc. CBQ offers customers in multiple industries a wealth of business and
technology experience, and a full line of Internet services focusing on custom software
development, IT outsourcing and network services.
ChinaSoft's Chinese affiliate is CCSoft Technology Developing Co., Ltd. (CCSoft) which is an affiliate of China National Software and Technology Service Corporation (CS&S). ChinaSoft is a joint venture partner with
CCSoft. ChinaSoft will market CCSoft and CS&S services in the U.S. and abroad. ChinaSoft also has an agreement to market CCSoft off-the-shelf products. Shortly after the acquisition of ChinaSoft, CBQ founded subsidiary China
Partners, Inc. ChinaSoft and China Partners will function as an Internet trade bridge between the U.S. and Chinese markets for a host of products and services in technology and other industries.
CBQ U.S. subsidiaries are being reorganized under Quantum Net Technologies, which was acquired in August 2000, to address CBQ’s "Burn Rate". Presently, CBQ has discontinued several non-profitable non-core business subsidiaries. CBQ is presently exploring options for
the disposition of it's interests in Priority One, China Partners and China Wireless to others who have the
time and resources to devote to these ventures.
On January 7, 2000 CBQ announced filing of form 8-A with the Securities and Exchange Commission to become a fully reporting company in preparation for submission of application to NASDAQ to be listed on the NASDAQ Small
Cap Market. This is, and continues to be, a primary objective for CBQ.
3rd QUARTER FINANCIAL RESULTS
Ending On September 30, 2000
Pooling Of Interest: The Company merged with ChinaSoft, Inc. ("ChinaSoft")in January 2000 and with Quantum Technology Group, Inc. and its subsidiaries ("Quantum Group") in August 2000. Both of these business
combinations were treated as "poolings of interests". Accordingly, the Company's consolidated operating results and cash flows have been restated for all periods presented to reflect these mergers. Quantum Group
acquired dpi Net Solutions, Inc. ("DPI") on April 1, 2000. This acquisition was accounted for as a
purchase, accordingly the consolidated results of operations and cash flows include the operations of DPI only from the date of acquisition.
Results of Mergers: The results of the expansion were powered by the expansion of the company in the mid-Atlantic region as a result of the August 8, 2000 acquisition of Quantum Technology Group, the third largest
e-Business solutions provider in the Baltimore, Maryland area.
Annualized Revenue Run Rate: Approximately $13,000,000.00 by adjusting for the acquisition by Quantum of DPI Net Solutions in April 2000.
Core Business Continuing Operations: Quantum Technology Group had income in the third quarter of 4% on an EBITDA basis Total Revenues for the three-month period: Continuing operations increased to $2,754,167.00, from $311,690.00 in the same quarter of the prior year, or
by 784%.
Total Revenues for the nine-month period: Continuing operations increased to $7,844,363.00, from $1,864,905.00 in the same period of the prior year, or by 321%.
Non-Core Businesses One Time Non-Reoccurring Losses: CBQ's 3rd quarter losses resulted from the discontinued operations of Reliance Technologies, Inc. and Tophernet Inc., two Dallas-based affiliates that were eliminated
in November 2000. Certain losses suffered by Quantum Technology Group resulted from discontinued operations in the electronics division, the insurance service division, and the retail service and repair divisions.
Net Loss From Overall Continuing Operations: There was a net loss of ($1,022,131) in the third quarter of 2000, and the net loss from overall continuing operations for the nine-month period ending on September 30,
2000, of ($1,772,080), or ($.03) per share of common stock.
"We have now completed the restructuring of CBQ for success,'' said Bart Fisher, CEO and Chairman. "We are looking forward to a strong fourth quarter. What has been particularly encouraging has been the evolution of
CBQ, Inc. into an e-Business solutions provider with a significant backlog of business even before we begin offering software solutions and a trading portal from China
RECENT DEVELOPMENTS
China Mission:
China Mission Purpose: In December 2000, John Moran (CBQI President) and Bart Fisher (CBQI CEO and Chairman) departed for China on a new initiative to further CBQI's strategic objective to become a world-class off-shore
software development concern. The purpose of this trip was to add new resources and strategic partners to the ChinaSoft team in order to meet the demand for custom software development and outsourcing that the Company anticipates in the coming year. At that time, CBQ had several software projects that they expected to have developed in China at a significant cost savings vs. CBQ's
cost here in the US. Also, CBQ was in negotiations with an acquisition candidate that would add significantly to CBQ’s strategic objectives.
China Mission Results: CBQ refers to the recent mission to China as a complete success according to CBQ CEO Bart Fisher who reported that the China mission had more than fulfilled their expectations. Two primary goals were targeted.
First of all was to complete CBQ’s due diligence on software programming resources in China;
Second was to explore a potential source of new investment capital for CBQ from China.
After returning from China, CBQ performed follow-up due diligence on both the programming resource side and potential investment side. CBQ was able to complete both follow-ups by the end of the year and are aggressively
moving forward on these fronts. CBQ has stated it is very close to launching their biggest project to date utilizing their software resources in China
Financing:
In December, CBQ disclosed its evaluation efforts to secure additional financing, which would allow it to accelerate its business plan. CBQ had received an investment offer for $5.0 million and were reviewing the terms and comparing them to other similar investment opportunities. CBQ expected to finalize this round of financing by year-end of 2000, however this financing has not been finalized yet. Also CBQ met and conducted
negotiations with a potential investor group in Beijing, China that is uniquely positioned from both US and Chinese vantage points to understand and support CBQ’s software and IT integration strategy. This investor
group concurs with CBQ that it's critical to CBQ's success for CBQ to eliminate any distraction to CBQ’s core business plan, which CBQ has accomplished to a
certain degree. Therefore, CBQ must focus on software and related infrastructure strength in the Information Technology industry. CBQ believes they will be successful in obtaining a minimum of $5 million -
$10 million in new financing during the first quarter of 2001.
Acquisitions:
On November 29, 2000, CBQ disclosed that its core business is performing well and its backlog continues to grow. Currently, CBQ is either in negotiations or under letter of intent with 5 potential acquisitions, all
of which are expected to add substantially to top-line revenues and be accretive to earnings. Presently, CBQ is still in the due diligence process of these 5 acquisitions.
MISSION STATEMENT
CBQ's mission is to develop and deploy the highest quality Information Technology infrastructure products and services to business, industry and government through leverage of its intellectual property in China. Thus
CBQ's intent and pursuit is to create and enhance new revenue opportunities through leverage of the Company's Core Business competency in the IT infrastructure industry and its China Advantage. CBQ will endeavor to
focus, address and meet the current and future IT Infrastructure technology needs of our clients. Furthermore, CBQ, as part of the IT team,
will assist our clients in making sound IT business and technology decisions thus capitalizing on the benefits of Outsourcing. CBQ's offerings empower clients to rapidly implement technology strategies, and enhance business functions. By putting our clients first, and providing a challenging and rewarding environment for our employees, we believe that we can make a difference in the space in
which we compete and provide increasing shareholder value.
CORPORATE OBJECTIVES
The Company will market its expertise on an ever broadening scale, with the architecture, design specifications, project management and quality
assurance of all projects performed by our talented senior engineers located here in United States (the "US Team"). We then believe we can develop a sustainable competitive advantage by outsourcing much of the programming labor to highly skilled software engineers located in China
(the "ChinaSoft Team"). The strategy is simple; the US Team will design the applications and oversee
the projects, while the ChinaSoft team will execute the majority of the programming at the most competitive cost, globally.
Safe Harbor: This profile includes forward-looking statements related to CBQ Inc. that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, market
acceptance of certain products and other risks. These forward-looking statements are made in reliance on the ``safe-harbor'' provisions of the Private Securities Litigation Reform Act of 1995. For further information
about these factors that could affect CBQ's future results, see the company's filings with the Securities and Exchange Commission (the ``Commission''). Prospective investors are cautioned that forward-looking
statements are not guarantees of future performance. Actual results may differ materially from management expectations.
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