Home > Business > Valu-net Announces the Appointment of Mr. Ivan X. de Souza as Executive VP

Valu-net Announces the Appointment of Mr. Ivan X. de Souza as Executive VP

Added: (Thu Nov 25 1999)

Pressbox (Press Release) - David Lucatch, President and Chief Executive Officer of Valu-net Corporation (Valu-net) (ASE:VNE), is pleased to announce the appointment of Mr. Ivan X. de Souza as Executive Vice President.

Mr. de Souza has more than 25 years experience in the financial, chemical, energy and logistics industries, where he worked in both large multinational and entrepreneurial start-up environments. Currently, Mr. de Souza is also Deputy Chairman of Applied Innovations Group (AIG), and President and Chief Executive Officer of Bid Freight Logistics Corp and Bid Freight Global Logistics Systems Inc.

Prior to joining AIG, Mr. de Souza was founder of the Investcan Group and was a Senior Vice President and Director of McLeod Young Weir (now Scotia McLeod). Mr. de Souza has served as a financial advisor and financier in the transportation and logistics industry to Trailmobile and Fruehauf, and for the fixed link between the provinces of Prince Edward Island and New Brunswick. Mr. de Souza holds a Bachelors Degree from Cambridge University and a MBA from Universite Laval.

In his capacity for Valu-net as Executive Vice President, Mr. de Souza, in conjunction with Linda Willis, Valu-net's Chief Financial and Chief Operating Officer will lead the company's Public Markets initiatives.

"With Valu-net's recent agreements with Applied Innovations Group, Valu-net has the opportunity to broaden its management and operational teams." Stated Mr. Lucatch "Mr. de Souza has a wealth of knowledge in the public and financial markets. His focus in these areas will give the company more time to concentrate on core business activities and the advancement of technologies."

On November 4, 1999, Valu-net Corporation and Applied Innovations Group Inc. announced the signing of agreements expanding the business relationship between the two firms to include reciprocal equity investments, as well as the building of Computer Discount Depot Inc. (CDD). CDD will operate as a wholly owned subsidiary of Valu-net, jointly managed by both companies for the purpose of selling computer products, peripherals, electronics and related services over the Internet. The business will operate two business units, each with its own Internet presence: AiiComputers.com, a business-to-business website, and ComputerDiscountDepot.com, a business-to-consumer website. In addition, CDD will provide Internet based e-commerce services to other AI Group companies, including Bid Freight Global.

The transaction is subject to the approval of shareholders of Valu-net, receipt of all necessary regulatory approvals and certain other conditions.

About Valu-net Corporation

Valu-net is a leading online marketing and technology company providing a complete range of services to meet the growing demand for secure electronic commerce. Valu-net provides integrated Internet marketing programs, proprietary electronic commerce and secure transaction processing to both traditional and on-line businesses and to Internet Service Providers. As a founding member of The eMerge Alliance www.emergealliance.org, Valu-net offers scalable, cost effective, end to end electronic commerce services for business. Further information is available through Valu-net's corporate web site at www.vncorp.com

About Applied Innovations Group Inc.

AI Group is a private company with global business operations through offices in Canada, the United States, and Europe. The company earned in excess of $230 million in revenues in 1999 and is engaged in the supply and reallocation of large volumes of computer and related hardware. AI's management brings with it fifteen years of unparalleled computer product sourcing excellence and experience which has positioned AI Group among the top five distributors in its market sector.

AI Group also includes two leading edge e-commerce companies, Open Portal and Bid Freight. Open Portal's proprietary e-commerce software solution benefits the entire value chain for the computer technology industry, including OEM's, distributors, and VARs by providing the VAR with the ability to publish online the complete lists of products they offer, as well as automated catalog maintenance in a field where 10% to 20% of the product offering changes daily and automated electronic customer support services. Bid Freight is a transportation exchange and is in the business of transacting land, sea and air freight shipments using the Internet. Bid Freight's proprietary software provides a total logistics management solution that supplies automated methods for shipment placement, bidding, negotiation, scheduling, delivery notification and payment settlement through a centralized, real time information network. Applied Innovations can be reached online at www.aiicorp.com

The Alberta Stock Exchange has neither approved nor disapproved the information herein contained.

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